The Hindu Business Line : Credit cards with lower interest rates

If you have been paying through your nose for your credit cards, here is some good news. The interest rate war has finally had an impact on the credit card segment too. Standard Chartered and ICICI Bank have launched new credit cards with lower interest rates.

ICICI Bank's `Easy Deposit' credit card comes with possibly the lowest revolving interest rate of 0.99 per cent. It is a free card with no annual fees and is available for the bank's fixed deposit holders — new or existing. You don't have to provide income documents to get the card. It will be available with fixed deposits of one-year tenure and above with a minimum balance of Rs 40,000 or Rs 20,000 depending on whether the variant is Gold or Silver. The catch is that you can take credit only up to 90 per cent of the amount in your fixed deposit and till the deposit is active.

StanChart Bank too has launched a global lifestyle credit card — `Manhattan'. The card offers an interest rate of 1.99 per cent against the normal 2.95 per cent.

BL Research Bureau

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