General Knowledge · General Awareness
According to RBI guidelines on credit card issuance, a customer has a billing cycle from the 10th of a month to the 9th of the next month. On March 11, the customer makes a card purchase; on March 15, withdraws cash from an ATM; and on April 5, makes another purchase. Which statement accurately reflects the interest rules?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The interest-free period applies to both retail purchases and the cash withdrawal if paid by the due date.
- 2The purchase on March 11 enjoys a longer interest-free period than the one on April 5, while the cash withdrawal attracts interest from the transaction date.✓
- 3If Minimum Amount Due is paid, no interest is charged on the remaining balance.
- 4Interest-free periods are fixed at exactly 30 days for all transaction types.
Correct answer
The purchase on March 11 enjoys a longer interest-free period than the one on April 5, while the cash withdrawal attracts interest from the transaction date.
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