Discussion Supreme Court removes 30% interest rate limit on late Credit Card bill payments

[honey95]

Supreme court ruled yesterday , all banks will now charge 30% interest on credit card bill payments, NCDRC Rules 2018 was not applied on credit card, be careful how to using credit card in doing surcharging anything. Credit card defaults will not have more troubles.

Tip for best use of credit card :
1. Always use a good value rupay credit card from govt.
2. deposits emi more than it's will take charge at every months.
3. Never lower your credit balance.

 

[Bapun]

The top court’s ruling essentially means that there is no bar on the banks from charging interest rates above 30%, and the same will not count as an unfair trade practice.

Supreme Court Strikes Down 30% Interest Rate Cap On Late Credit Card Payments

The top court has put an end to a 16-year-old litigation involving banks such as Standard Chartered Bank, Citibank, American Express, and Shanghai Bank.

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