SC cc late fee and interest not getting reversed

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Deal Newbie
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The payment got delayed by 3 days, infact it was paid before next statement got generated. But a refused to reverse the charges. I am sick of this bank, they didn’t give money back when govt gave the interest on interest benefit. Now this. How do such banks even survive?

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You already mentioned some fine details about how these banks survive.

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The payment got delayed by 3 days, infact it was paid before next statement got generated

A payment if delayed by 3 days, it is well before the next statement is generated. Are we missing something here from the later part of your statement?

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Are you paid after due date? If yes then why will they reverse penalty amount.?

Am i missing any details here?

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please msg them from you sc mobile app and try to call if didnot do. Sometimes they do

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andromeda wrote:

The payment got delayed by 3 days, infact it was paid before next statement got generated

A payment if delayed by 3 days, it is well before the next statement is generated. Are we missing something here from the later part of your statement?

We are missing everything smile
Paying late and expecting reversal is not customer’s previlege but only request and up to bank to honor or not but some people do not understand this
OP more details pls, when was ur payment credited in Bank? and due date

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mae ye card 3 saal se use kr rha but aaj tk jb bhi reversal ke liye bola hai kbhi nhi krte.
hdfc…citi bank…sbi…indusind…ye sb bank mae fine lgne mae reverse kr lete

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Looks like habitual offenders.. experience of reversal with every bank joy joy

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andromeda wrote:

You may use this for reference https://www.livemint.com/Money/dxuiTIdKe7c6nFFQ...
So is the payment reflected at bank’s end on 4th day after the due date or on the 3rd day?

Some of the authors write articles without knowing the full details.

For example see the below excerpt from the above link:

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This means if you pay the bill any day from 16 August to 19 August, a late payment fee or interest charge will not be levied. However, if you pay the bill on 20 August, the bank will calculate interest from 17 August till the day you make the payment and charge a late payment fee as well.

Do you notice something wrong in this statement?

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ramadesidime wrote:

Some of the authors write articles without knowing the full details.

For example see the below excerpt from the above link:

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This means if you pay the bill any day from 16 August to 19 August, a late payment fee or interest charge will not be levied. However, if you pay the bill on 20 August, the bank will calculate interest from 17 August till the day you make the payment and charge a late payment fee as well.

Do you notice something wrong in this statement?

I did notice, but then I only take the necessary content out for the given situation. Those 3 days is what I wanted the OP to be aware.

I tried searching for that particular circular from RBI, but couldn’t unfortunately. So had to retort sharing the above.

Most authors write half baked information.

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Yes, other banks revers if kts before next stmt generated date based on history of timely payment. SC hi chu hai

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Goodquestion wrote:

4th day after the due date

ask them to close the card – see if it helps?

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SC may reverse the charges once if you ask them very nicely but not more than once

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ramadesidime wrote:

Some of the authors write articles without knowing the full details.

For example see the below excerpt from the above link:

-
This means if you pay the bill any day from 16 August to 19 August, a late payment fee or interest charge will not be levied. However, if you pay the bill on 20 August, the bank will calculate interest from 17 August till the day you make the payment and charge a late payment fee as well.

Do you notice something wrong in this statement?

You need to look at the particular banks policy.. For my HDFC payments, if full amount is not paid by due date then they charge interest on a rolling basis so you end up paying a lot.. I ended up paying 2500 on a balance of 10000 even though I had paid 40000 by due date and the rest 10000 before the next statement was generated.. they take your unbilled balance as well and add it to the old balance so you get charged interest on almost 1L bill due to their rolling balance.. It was my mistake as I did not notice the last minute charge on the day of the statement which got added and I did not look at the statement..

They print this on the front page of the statement page.. and you get hit pretty badly with this.. I think its far cheaper to convert something to EMI than miss full payment as you wont get hit with interest on both the last month and current months charges..

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Have asked nicely already, they declined. I will threaten cancwllation today and see

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threaten them to close the card.
only thing that works with sc bank.
mahachor bank.

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