Credit Card MITC: Most Important Terms, Charges & PDFs (2026)

Search official Reserve Bank of India (RBI) mandated fee schedules, finance charges (APR), grace periods, and exclusion rules across 150+ Indian credit cards.

What is MITC in Banking? RBI Regulatory Definition

Mandate // DOR.AUT.REC.No.27/24.01.041/2022-23

MITC (Most Important Terms and Conditions) is the statutory disclosure mandated by the Reserve Bank of India (RBI) under the Master Direction on Credit Card and Debit Card – Issuance and Conduct Directions, 2022. Promotional marketing claims carry zero legal weight — the MITC is the sole legally binding schedule recognized by Banking Ombudsmen and civil courts to adjudicate fees, finance charges, and reward disputes.

Retail Finance APR
42.0% – 55.55%
3.50% – 3.75% / month
Settlement Window
18 – 50 Days
Grace on clear balance
Late Fee Ceiling
₹1,300 + GST
Waived under ₹100 balance
Cash Advance Fee
2.50% (Min ₹500)
Immediate finance interest
Audit Framework

The 6 Contract Pillars of an MITC Schedule

Mandatory regulatory clauses and hidden fee nuances cardholders must inspect in the official disclosure.

Clause 1 · APR

Retail APR & Daily Interest Rate

Annualized rate between 42.0% and 55.55% p.a. (3.50%–3.75%/mo) calculated on daily outstanding balances. The Unpaid ₹1 Trap: Revolving even ₹1 voids grace on new purchases and triggers retroactive interest on the entire statement balance from the original transaction date.

Clause 2 · Grace

Interest-Free Settlement Window (18–50 Days)

Grace applies only when prior balances are cleared in full. Billing Cycle Nuance: Up to 50 days of interest-free credit is only possible for transactions made on Day 1 of your 30-day billing cycle. Purchases made near the cycle close receive as few as 18 to 20 days.

Clause 3 · Cash

ATM Cash Advance & Immediate Interest

Withdrawing cash from ATMs incurs an upfront 2.50% transaction fee (minimum ₹500). Zero Grace Window: Cash advances carry no interest-free grace window; finance interest begins accruing immediately from the calendar day of ATM withdrawal until paid in full.

Clause 4 · Penalty

Late Payment Penalty Slabs & GST

Tiered statutory penalty fees (up to ₹1,300 + 18% GST) levied when the Minimum Amount Due (MAD) is missed by the due date. The ₹100 Waiver Rule: Under RBI rules, banks cannot levy late payment penalties if the total statement balance is under ₹100.

Clause 5 · Forex

Foreign Currency Markup & Cross-Border Fee

Standard fee of 3.50% + 18% GST charged on international cross-border transactions and overseas merchant settlements (reduced to 0%–1.5% on select travel credit cards). Dynamic Currency Conversion (DCC) markups can add extra charges if paying in INR abroad.

Clause 6 · Exclusions

Zero-Reward Merchant Categories (MCC Rules)

Contractually defined Merchant Category Codes (MCCs) where 0% rewards or cashback are earned: Fuel (MCC 5541/5542), Rental payments via third-party apps (Cred/Paytm/Cheq), digital wallet reloads, jewellery purchases, and government utility bills.

Verified Directory

Issuer Regulatory MITC Schedules

Official regulatory filings for 153 credit cards across 19 commercial issuers in India.

Showing 153 of 153 cards
ACE Credit Card
Axis Bank
Official PDF
Annual Fee
₹499 + GST
Waived at ₹2 Lakh spend
Retail APR
55.55% p.a.
Annualized
Grace Period
Up to 50 days
Interest-free
Late Fee Max
Up to ₹1,300
Statutory cap
Adani One ICICI Bank Platinum Credit Card
ICICI Bank
Official PDF
Annual Fee
₹750 + GST
Waived at ₹3 Lakh spend
Retail APR
45% p.a.
Annualized
Grace Period
Up to 50 days
Interest-free
Late Fee Max
Up to ₹1,200
Statutory cap
Air India SBI Signature Credit Card
SBI Card
Official PDF
Annual Fee
₹4,999 + GST
None
Retail APR
45% p.a.
Annualized
Grace Period
Up to 50 days
Interest-free
Late Fee Max
Up to ₹1,300
Statutory cap
Airtel Axis Bank Credit Card
Axis Bank
Official PDF
Annual Fee
₹500 + GST
Waived at ₹2 Lakh spend
Retail APR
55.55% p.a.
Annualized
Grace Period
Up to 50 days
Interest-free
Late Fee Max
Up to ₹1,200
Statutory cap
Amazon Pay ICICI Bank Credit Card
ICICI Bank
Official PDF
Annual Fee
Lifetime Free (₹0)
Zero Fee Forever
Retail APR
42% – 46% p.a.
Annualized
Grace Period
Up to 50 days
Interest-free
Late Fee Max
Up to ₹1,300
Statutory cap
American Express Membership Rewards Credit Card
American Express
Official PDF
Annual Fee
₹4,500 + GST
Waived at ₹90,000 spend
Retail APR
42% – 47.88% p.a.
Annualized
Grace Period
Up to 48 days
Interest-free
Late Fee Max
Up to ₹1,300
Statutory cap
American Express Platinum Reserve Credit Card
American Express
Official PDF
Annual Fee
₹10,000 + GST
Waived at ₹10 Lakh spend
Retail APR
42% p.a.
Annualized
Grace Period
Up to 50 days
Interest-free
Late Fee Max
Up to ₹1,000
Statutory cap
American Express Platinum Travel Credit Card
American Express
Official PDF
Annual Fee
₹5,000 + GST
None
Retail APR
42% – 47.88% p.a.
Annualized
Grace Period
Up to 48 days
Interest-free
Late Fee Max
Up to ₹1,000
Statutory cap
American Express SmartEarn Credit Card
American Express
Official PDF
Annual Fee
₹495 + GST
Waived at ₹40,000 spend
Retail APR
42% p.a.
Annualized
Grace Period
Up to 51 days
Interest-free
Late Fee Max
Up to ₹1,300
Statutory cap
AU Altura Plus Credit Card
AU Small Finance Bank
Official PDF
Annual Fee
₹499 + GST
Waived at ₹80,000 spend
Retail APR
45% p.a.
Annualized
Grace Period
Up to 50 days
Interest-free
Late Fee Max
Up to ₹1,300
Statutory cap
AU ixigo Credit Card
AU Small Finance Bank
Official PDF
Annual Fee
Lifetime Free (₹0)
Zero Fee Forever
Retail APR
42% – 45% p.a.
Annualized
Grace Period
Up to 50 days
Interest-free
Late Fee Max
Up to ₹1,300
Statutory cap
AU KOSMO Credit Card
AU Small Finance Bank
Official PDF
Annual Fee
Lifetime Free (₹0)
Zero Fee Forever
Retail APR
45% p.a.
Annualized
Grace Period
Up to 50 days
Interest-free
Late Fee Max
Up to ₹1,300
Statutory cap
AU LIT Credit Card
AU Small Finance Bank
Official PDF
Annual Fee
Lifetime Free (₹0)
Zero Fee Forever
Retail APR
45% p.a.
Annualized
Grace Period
Up to 50 days
Interest-free
Late Fee Max
Up to ₹1,100
Statutory cap
AU Zenith Credit Card
AU Small Finance Bank
Official PDF
Annual Fee
₹7,999 + GST
Waived at ₹5 Lakh spend
Retail APR
23.8% p.a.
Annualized
Grace Period
Up to 50 days
Interest-free
Late Fee Max
Up to ₹1,300
Statutory cap
Axis Bank Atlas Credit Card
Axis Bank
Official PDF
Annual Fee
₹5,000 + GST
Waived at ₹7.5 Lakh spend
Retail APR
55.55% p.a.
Annualized
Grace Period
Up to 50 days
Interest-free
Late Fee Max
Up to ₹1,200
Statutory cap

RBI Statutory Grievance Redressal // How to Dispute an Unfair Fee

RBI Master Direction Section 9.1

If your card issuer levies charges contrary to the official MITC schedule or fails to provide 30 days of advance notice before fee hikes, cardholders are legally protected under the RBI Integrated Ombudsman Scheme:

Tier 1: Bank Grievance Cell

Lodge a formal written ticket with your issuer's Credit Card Customer Care or Branch Manager. Banks have a mandatory 30-day window to investigate and respond.

Tier 2: Principal Nodal Officer

If the response is unsatisfactory or delayed beyond 30 days, escalate to the bank's Principal Nodal Officer (PNO) listed on the official MITC schedule.

Tier 3: RBI Banking Ombudsman

If the dispute remains unresolved after 30 days, file directly on the RBI Complaint Management System (cms.rbi.org.in). Rulings are strictly based on the MITC.

Statutory Q&A

Frequently Asked Questions on Credit Card MITC

Contractual, regulatory, and ombudsman guidance for Indian cardholders.

MITC stands for Most Important Terms and Conditions. It is a mandatory regulatory disclosure document mandated by the Reserve Bank of India (RBI) under the Master Direction on Credit Card and Debit Card – Issuance and Conduct Directions (2022). Every scheduled commercial bank in India (including HDFC, SBI Card, ICICI, Axis, and IndusInd) is legally required to provide this standardized schedule to cardholders, outlining all joining/annual fees, APR finance interest, grace periods, cash advance charges, reward exclusions, and grievance redressal mechanisms before or at the time of card issuance.
Vineet Verma - Lead Financial Researcher & Credit Card Analyst

Vineet Verma

Lead Credit Card Analyst

Lead Financial Researcher & Regulatory Data Auditor at CardCheck

Vineet specializes in Indian retail banking disclosures, APR finance calculations, and RBI compliance verification. This directory is audited against official bank filings across 19 scheduled issuers with zero sponsored weighting.

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