Are Credit cards looting ?

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Deal Newbie
sriko

They Charged me 5000 for the 800 missed payment.

Context: In March my ICICI Amazon credit card statement was 1800, and had paid 1000 through cred and totally forgot to pay the remaining 800 amount. In April I had purchased for 1,70,000 and they charged the Interest 3.4% monthly interest + 18% GST for 1,70,000 + missed 800, so  total interest + taxes was ₹5000

I felt it’s unfair, called ICICI customer care and they said they have sent reminders but never got any in my email or SMS, and charging 5K Penalties for the unbilled amount in the next cycle.

Is there any way to reduce the amount ? Or any suggestions ?

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Deal Lieutenant Deal Lieutenant
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Welcome to CC101 – the basics of credit card.


Deal Subedar Deal Subedar
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Why are they charging interest on unbilled amount of next bill cycle.
Ask them

Deal Hunter Deal Hunter
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It’s expected bro. This is normal. Once you have any past due, the new purchases also attract interest

Deal Subedar Deal Subedar
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that’s why credit cards business is so profitable that everyone entering it they want u to take cc they want u to miss date that’s their profit so either leave it or use cleaver ways to never miss any due date

Deal Newbie Deal Newbie
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Is there any way to reduce the amount ?

I have been using credit cards for the past 4 yrs and never missed any payment. My credit score is 880/900.

Could anyone suggest any ideas to reduce the amount ?

Mumbai Indians Mumbai Indians
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You did accept their terms and conditions when you took their card.

Discipline is the most important thing when you take a credit card.

That is why i always make sure to remember the due dates of my various cards and make sure i pay all of them on time.

Deal Lieutenant Deal Lieutenant
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sriko wrote:

Is there any way to reduce the amount ?

I have been using credit cards for the past 4 yrs and never missed any payment. My credit score is 880/900.

Could anyone suggest any ideas to reduce the amount ?

If your credit history has been long and clean and this is the first time it happened with you then you can ask for a onetime favor to waive it off; however it’s up to the bank to do so; some banks like Amex/Citi who are known to generally have decent customer support/experience do waive off such charges (including late fee) if they find the customer to be of value. Try sending out a couple of mails to their cc, head, nodal, escalations etc; although ask like a request/favor and not demand; do call up cc a couple of different times too (to get hold of different agents), and try your luck.

Royal Challengers Bangalore Royal Challengers Bangalore
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BlueFlash wrote:

If your history has been long and clean and this is the first time it happened with you then you can ask for a onetime favor to waive it off; however it’s up to the bank to do so; some banks like Amex/Citi who are known to generally have decent customer support/experience do waive off such charges (including late fee) if they find the customer to be of value. Try sending out a couple of mails to their cc, head, nodal, escalations etc; although ask like a request/favor and not ; do call up cc a couple of different times too (to get hold of different agents), and try your luck.

Agreed, except that comparing Amex / Citi with ICICI 😬

Sunrisers Hyderabad Sunrisers Hyderabad
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I think one day delay won’t attract interest

Deal Cadet Deal Cadet
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Same thing happened with HDFC card. I forgot to pay Rs188 for March bill, & spent around 44000+rs/45000 limit. I was shocked sew the charges. HDFC charged me 950Rs for missed bill & over limit charge. I called the HDFC customer care & requested for reversal of charges, thank god customer care guy accepted my request, she just asked why did you miss your last bill, I told her I mistakenly forgot to to pay 188rs since the bill amount was so small, I could not remember I have even credit care bill to pay. She just told it’s OK, this time I am accepting your request buy if this again I might not accept request for charges reversal. She told GST Rs177 will not be reversed in any circumstances.

Deal Newbie Deal Newbie
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BlueFlash wrote:

If your credit history has been long and clean and this is the first time it happened with you then you can ask for a onetime favor to waive it off; however it’s up to the bank to do so; some banks like Amex/Citi who are known to generally have decent customer support/experience do waive off such charges (including late fee) if they find the customer to be of value. Try sending out a couple of mails to their cc, head, nodal, escalations etc; although ask like a request/favor and not demand; do call up cc a couple of different times too (to get hold of different agents), and try your luck.

Thank you Blueflash and Mufasa for the detailed experience, I would try my luck with them. Once again Sincerely thanks smile

Cool Cool
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This is why I always pay a slightly higher amount than the bill.

Deal Newbie Deal Newbie
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Final Result: After @BlueFlash and @Mufasa experiences, i had checked with ICICI Bank customer care and their manager, they are not going to reduce any single penny at all no_mouth even after requesting them for 30min stating my credit history, cibil score it’s NO, they said we are not Citi or HDFC to reconsider the charges, we cannot able to do anything you need to pay it and it’s there in our TnC and you need to abide those. ICICI pray
Thanks Guys for the support raised_hands

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