WordsMost important terms and conditions
MITC
Short for most important terms and conditions: the document that sets out a card’s fees, interest, limits, billing, default and closure rules, and how to complain.
RBI’s rules make every card issuer provide one with a fixed list of contents, at onboarding and each time a term changes, printed no smaller than Arial 12. At the application stage the key parts come as a one-page key fact statement; HDFC Bank, for example, publishes one Key Fact Statement cum MITC for its cards.
Where this comes from
- RBI, Credit Cards and Debit Cards: Issuance and Conduct Directions, 2025Paragraphs 5(18), 11(1), 11(2), 91 and 92, as updated 1 October 2026
- HDFC Bank, Key Fact Statement cum MITC for Credit CardsVersion 4.12, 30 September 2026, cover page
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AF
Annual fee
What a card charges each year you keep it. Many cards waive it if you spent a set amount in the year before.
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Interest on an unpaid bill
Interest on a bill not paid in full by the due date, from the day of each spend. Cash withdrawals pay it from day one.
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The least you can pay
Pay this by the due date and there's no late fee. Interest still runs on the rest, and on new spends until it's cleared.
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The extra on foreign spends
What a card adds on top of the exchange rate when you pay in another currency. Often 3.5 per cent, lower on some cards.
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What happened to members, not financial advice. Offers change, so check with the bank. Terms of use