Sbi credit card finance charges reversal possible?
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@ op, let us know if this works for you.
1 reversal of any charges per year possible for min. 6 months old card
Call cc for reversal
Hdfc not reversed to me
Missed payment by 1 day and axis bank charged penalty + interest + tax. Didn't reverse after the call/email request.
I was charged 5.4k for 30-40k amount... Is this a matter to dispute
No dispute won't work, since you missed deadline by 12 days. You can't request for waiver but it's upto the bank on whether to give it or not.
But banks are charging the interest from the date of transaction i.e. from 17th December 2022. This is the violation and exploitation i am stressing
With second month onwards, the interest rate gets calculated from Day 1. But with first month, they do it only from the date of transaction provided the customer fails to repay full outstanding before due date (+ 1 to 3 days depending on bank)
Edit: It is ~2%+GST (total due) per billing cycle for any month. Interest-free period gets suspended even for first billing cycle if we fail to pay full due amount
The para 9.b.(iii) says interest free period benifit of current month will be lost only when previous month bill not fully paid. And in sample scenario December 2022 bill dues fully paid so levying interest on January bill transaction from their date of transaction is nothing but deprival of interest free period benifit to January bill transaction even though December 2022 bill was fully paid. Is it not violation of the above guideline? And moreover, the para 9.b.(v) says interest to be applied on the outstanding after the due date so if you levy all the wayback from the date of transaction, is it not another violation? For a while we assume that initial bill transactions also lose interest free period benifit then what's the meaning to last line of 9.b.(v) of that circular remain?
The para 9.b.(iii) says interest free period benifit of current month will be lost only when previous month bill not fully paid.
This isn't mentioned anywhere? From what i understand, 9 (b).iii is all about implications of paying only min amount due (subsequent months)
And moreover, the para 9.b.(v) says interest to be applied on the outstanding after the due date so if you levy all the wayback from the date of transaction, is it not another violation? For a while we assume that initial bill transactions also lose interest free period benifit then what's the meaning to last line of 9.b.(v) of that circular remain?
Date of transaction got significance right? And the last line is related to additional charges (for those who skipped paying even Min due) on top of default 2%+GST (total due)?
Call customer and ask them to reverse, they will do, I made mistake of paying 1k from my due and got reversal after calling them