The interest rate on outstanding balances on Platinum, Gold, Silver and Classic cards has been reduced from 24% to 22% per annum or 1.83% per month, the Bank said.

This reduction is in line with the trend of reducing lending rates, is timely in the context of the approaching festive season, and comes in addition to the many promotional benefits, discount packages and zero per cent installment benefit schemes available on Commercial Bank Credit Cards, the Bank added.