Late Fee on Credit Card
Credit Cards levy late fee at 40% interest even if one is late by 1 day. Last month I had a late fee of 3000 just because of a weekend delay in payment application. On top of that they charged 18% IGST which came to over 600 rupees.
How can all this be rationalised. Otherwise best to just stop using credit cards. more
How can all this be rationalised. Otherwise best to just stop using credit cards. more
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Your Indian Banks are crooks. Write a letter to the customer service and explain to them what caused the delay. I also have am Indian Visa with ICICI bank and they tried the same thing and I told them if they did not take any action to correct it, I will ask my bank to charge it back and they can cancel my account. I was then referred to a senior Manager and they adjusted the bill. more
Jun 12
In the name of risks coverage credit card charges are exorbitant and unreasonable. Surprisingly, the government and the RBI have permitted these companies to loot the customers in such big ways. When the highest rates of interest in all other financial institutions of the country range from 8.5% to 15%pa, how these companies are allowed to charge interest at as high as 40%? Will the matter attract urgent attention of RBI & the government? more
Jun 08
First thing I donot favour the banks' exorbitant charges,. The bank already gives us free credit period of say 40 days and still faultering on the due date cannot be justified. Instead the banks should be fixed with certain charges by the Regulatory Authority. more
Jun 02
