Indusind Charged 7000 Interest

guest_999 wrote:
CIBIL is affected only if even min due amt is not paid.

narayana1dd249 wrote:

you are missing the vital relevant lines of para 9.b.(iii) 

   "The MITC shall specifically explain that the ‘interest-free credit period’ is suspended if any balance of the previous month’s bill is outstanding."

So if you read closely, the intention behind the outstanding word in the interest free period term is, previous month's outstanding not current month outstanding. Otherwise, there is no meaning at all to the relevant lines of para 9.b.(iii) and 9.b.(v).

The intention behind RBI guidelines regarding interest free period is that, for suppose if we don't pay January bill fully (paid partly only), then we shall lose interest free benefit for February bill and thereafter transactions only. But what banks are doing is they are cancelling the interest free credit period benefit for January bill transactions too therefore instead of few tens & hundreds the financial charges are whooping to thousands of rupees.

I did see that line but if you look closely there are still contradictions there.

Note that RBI mention interest free period as "benefit" but the 2nd para mention "penal interest, late payment charges & other related charges". You are assuming interest free credit period benefit incl in 2nd para charges(penal interest is related to emi, late payment charge is obvious & related charges can be meant as gst etc on penal & late payment charge). Also, the suspension of interest free credit period for not paying previous month total due amt does not necessarily mean that previous month interest free credit period was still applicable(think logically, a warning is always for future events & not for something which has already happened in the past).

Interest being charged on entire amt from the day of txn if amt paid is even a little less than total due amt on a credit card is the "global standard practice" since the beginning.

Ragnarok77 wrote:
Didn't it be considered as late payment ?

DimeDime wrote:

balle-balle. play stupid games, win stupid prizes.

bhai, you couldn't manage 3623 from anywhere?!

+1 Valid point bro

And they've charged you for your complete cycle and not on 3k

CC is a debt trap if not used wisely

@Ramta_Jogi

Thanks for sharing .. its a learning for US ..

It really is a debt trap. They issue you ltf cards and hope that you commit such kind of mistakes. Credit card interest rates and penalties are too high too. Be careful. 

Don't pay .get the card settled.for sometime cibil will be impacted but later it will be resolved.

Ask them to waive off

Always pay extra for any card

In the past I was trapped by sbi card

I have a due of Rs.44000 and I pay Rs.40000 and I got a refund of Rs.7000 after statement generation.

I have a financial charge and GST was around Rs.6000 for the next statement.

They include interest from the previous bill to the next bill.

I contacted sbi and got a reversal after 1 hour of conversation.

Again in the next month's statement they also charged me interest and GST.

Again I contacted SBI and got a reversal.

So always be careful with credit cards otherwise we will lose our money.

This month my friend also has the same situation with HDFC

Lets wait and see the reaction from HDFC

If you want reversal then pay the whole amount including interest & threaten to close the card mention the reason for closing card. Not sure but chances are they will reverse the interest as bank do no want to lose customers specially heavy spenders.

You should have paid full bill amount, all banks chargers on the whole bill amount if not paid total. I know it is loot but you can't do anything. RBI as usual sleeping.

that is why they say in credit card industry ' never be a revolver' , you will have to pay through your nose

File complaint befor RBI complaint portel also file suit before consumer court....

i paid arround 18 k penalty to miss 10 k

Yes. its on total outstanding amount.