HDFC Bank, the market leader in credit cards, has hiked the finance charge (interest charged on rolled-over balance), late payment fee, and minimum over-limit fee from September 1, 2020. The spike in these rates, which are already quite high, has made it all the more essential for borrowers to exercise extra caution in handling their card dues.
The bank has increased the finance charge from 41.88 per cent to 43.20 per cent on most of its credit cards. The late payment fee has been raised for all credit cards (except Infinia) from Rs 950 to Rs 1,100 for credit card bill amounts of Rs ...
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