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Indian System
by R K on Jul 14, 2015 11:45 AM

Our Mahajans used to charge maximum 2% p.m. simple int.They were called looters, cruel and what not. What these CC companies are now doing?

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Sharad Gupta
Expensive to take credit
by Sharad Gupta on Jul 10, 2015 06:40 PM  | Hide replies

Credit card should be viewed as an instrument to Budget and online payments,to be paid off within grace period.It is not an instrument of finance.
After all no company can block its money even during grace period.Its a discount given to you ,to be met by people who use it as a financing device.

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anand sondur
Re: Expensive to take credit
by anand sondur on May 11, 2018 04:02 PM
Credit card is good to use but defaulters are too much looted. For outstanding of 53000/ the monthly min charges were 3200/ i.e 38000/ is penalty without decreasing the principle amount.

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Have a doubt... I had a standard charter bank card
by MAINAIMS on Jul 10, 2015 09:17 AM  | Hide replies

if your read back of the statement it is written 40% per year. can you please clarify

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AbhayK Y
Re: Have a doubt... I had a standard charter bank card
by AbhayK Y on Jul 11, 2015 10:00 AM
Some banks charge interest rate of 3.15% p.m. which comes out to be around 40% per annum after including service tax also.

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Ashfaq  Rashid
Be careful
by Ashfaq Rashid on Jul 09, 2015 05:51 PM

Everyone should be careful, banks , companies and telecom companies are out to get you with funny charges, all their follies and bad bets are payable by you and most of all they are supported by the ruling establishment.

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Anadi Panda
Wrong math......
by Anadi Panda on Jul 09, 2015 05:38 PM

Dear Redified scientists,

Pls correct your formula.

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