Do SC credit cards in India charge higher interest rates compared to other countries?
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The SC credit card interest rate in India is between 3-3.75% a month (36-45% a year), which is well above that of other countries like Singapore (∼ 25% a year), or the UK (∼20%) The same applies to the UAE, where interest rates are similar to those in India, but premium banking customers enjoy preferential rates.
SC India has higher interest rates, so avoid one. If you’re stationed in another country, see if your country offers lower interest rates compared to SC before deciding on SC over any other bank.
Yes, Standard Chartered credit card interest rates in India are generally higher. They can go up to 3.5 to 3.75 percent monthly, or 42 to 45 percent annually if you carry a balance.
In places like the UK or Singapore, rates are usually lower, around 18 to 25 percent annually. This difference comes from local lending rules and risk factors. Best to pay your dues in full to avoid high interest.