HDFC Bank raises credit cards rates to 3.25%

Posted By: Religare
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The tough macroeconomic conditions on sourcing new customers have led the private sector lender, HDFC Bank to raise its credit cards rate to 3.25 per cent, with effect from October, said Economic Times.

"On certain cards, we were charging lower interest rates than the rest of the industry. Hence we have brought the rates on a par with the industry," senior official of HDFC Bank told media.

Currently, the bank charges a rate of 3.05 per cent and 3.15 per cent on the credit cards, which has been raised to 3.25 per cent from October, added the media report.

Moreover, the bank has reduced its monthly sourcing of new customers from a peak of 100,000 to 65,000-70,000, the official added.

Besides, it has also planned to reduce the number of inactive cards. This is an ongoing process where banks churn their portfolio.

Dion Global Solutions Ltd.

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