Lowest Credit Card APR! Gimmick or A really useful feature?
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Hello Dimers,
Recently i received communication from My bank that They have reduced my Credit Card APR to 9% p.a. (earlier it was 12%). It is definitely the lowest Credit Card APR in india, probably the interest rate is even comparable to lowest personal loan interest rate of some banks.
Credit Card APR is the least talked topic as we generally don't think about APR until emergency strikes.
Should other banks also adopt the same strategy to promote credit revolving facility in emergency situations instead of forcing a customer to Pay High interest and fall into debt trap, or you think Lower APR is just a gimmick?
Please share your opinion and experience if any of you have willingly used Credit Revolving facility and how you paid it off without falling into debt trap.
Recently i received communication from My bank that They have reduced my Credit Card APR to 9% p.a. (earlier it was 12%). It is definitely the lowest Credit Card APR in india, probably the interest rate is even comparable to lowest personal loan interest rate of some banks.
Credit Card APR is the least talked topic as we generally don't think about APR until emergency strikes.
Should other banks also adopt the same strategy to promote credit revolving facility in emergency situations instead of forcing a customer to Pay High interest and fall into debt trap, or you think Lower APR is just a gimmick?
Please share your opinion and experience if any of you have willingly used Credit Revolving facility and how you paid it off without falling into debt trap.
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3 Dimers
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https://www.desidime.com/comments/permalink/10574473
btw if possible please share 3 things:)
1. How many "credit accounts" showing in your cibil (i mean total number of "active" accounts)
2. what is your cibil score?
3. your limit in IDFC cc?
only if you are comfortable do share, so that I or someone else also can compare it with my/their situation to analyze it:)
no compulsion:)
https://www.desidime.com/comments/permalink/10574601
Yes, i thought about it too but as per my observation they are playing it safe by targetting the customers who are paying regularly but not making profits for bank as most of their cards are LTF as well, so probably a good marketing and business strategy. Coming to risk profile factor, Banks treat delinquent accounts and the MAD payments differently, so if i dont make payment and let the credit card dues revolve to next month automatically i am sure they will increase interest rate in upcoming months but not if MAD is being Paid. I Will update if i opt for this for short term need and share my experience. Thanks for sharing your opinion.
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Great, first of all congrats:))
hmm for non rotators its NOT AT ALL USEFUL
they are just wanting to make customer revolve
so that they can earn interest on you:)
just a gimmik for normal REGULAR PAYING users:)
regular paying user wont mind 50% APR interest too for emergency as well:) as they will repay in 2nd month during emergency