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Topic : Payment Systems in India
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Credit card charges - Justified or not

Created by : Prasad PN, Zonal Sales Manager  | 12 01 2009 12:22:04 +0000
Industry : BankingFunctional Area : India(Markets)
Keywords : credit card charges guidelines
Activity:  100 views;  last activity : 12 18 2010 13:48:27 +0000

Credit cards are forced onto employees of all companies without proper documentation on charges, penalties and interests levied. The mandatory interest calculation samples required by RBI is never given to customers along with the card.

Present charges - Interest 40% per annum when the bank rates are less than 10%

Late fee: Rs 350 to Rs 500 why this is levied extra over and above the interest?

When instead of Full payment EMI is chosen, why levy interest on all current month purchases? How many of us know about this practice?

  
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Justified Vs Not Justified
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Not justified. You have to fight with them for reversal of the charges.
By SHRIKANT MANOHAR DANKE, Project Manager, Phadnis Infrastructur Ltd  | 12 18 2010 13:48:27 +0000
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There should be some regulation from RBI or any other suitable body on the rates of interest, penalties and charges levied by credit card companies. Even in US the government is legislating to control the rates as it feels many people suffer due to such steep charges and get into debt traps.
By Prasad PN, Zonal Sales Manager  | 12 01 2009 12:26:41 +0000
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