The credit card interest rate is based on various factors such as the individual's creditworthiness, the prime rate, market conditions, and the types of credit card being offered.
The average credit card interest rate can vary depending on various factors such as the type of credit card, and the individual's creditworthiness. However, Kotak credit cards come with an interest rate of 2.49% per month or 29.88% per annum, this can be considered as a relatively nominal interest rate compared to some other credit cards in the market.
A variable interest rate is an interest rate that can change over time based on certain factors, such as fluctuations in the market or changes in a reference rate.
To lower your credit card interest rate, consider transferring your balance to a card with a lower interest rate, improving your credit score, or exploring other credit card options with better credit card rates.
To avoid paying credit card interest, you can pay your credit card balance in full and on time each month.
Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.