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SBI Cards Charges 30rs for 1 PAISE outstanding. Be alert while paying bill.

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prem2311

prem2311

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Hi All 😉


My November bill for the BPCL card is 21,422.99. But it was rounded off to 21,423.

bpcl fin nov.png
I paid through PAYTM bill payment. It automatically fetches the bill as 21,422.99. I didn't verify with my statement and I paid with trust of PAYTM 😏

In the bill it was 21423rs.

For that 1 PAISA, They have charged around 30 rs in my next statement.

sbi bpcl fin edited.png

I mailed them the same. They have sent me Terms and conditions copy to me. 😡

SBI cards + PAYTM are building the NEXT GEN AI to take India to 1930 PAISA world. Be Ready 😎
 
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Nishan11 said:
That's why I always pay 2-3 rupees extra during credit card payment, irrespective of bank. Peace of mind is more important.
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Paytm automatically fetch the bill, lazy to verify or change the amount at that time. Once I was paid 70rs less for my RBL card without knowing. But, they didn't do anything like this s***.

need to verify all the statements now. I mostly use some bill payments systems to pay bill.

Pavan said:
Guys be careful even i observed now in gpay,paytm or any BBdesk only decimal value are fetched not the round off amount
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Card-issuers shall report a credit card account as 'past due' to credit information companies (CICs) or levy penal charges, viz. late payment charges, and other related charges, if any, only when a credit card account remains 'past due' for more than three days. The number of 'days past due' and late payment charges shall, however, be computed from the payment due date mentioned in the credit card statement, as specified under the regulatory instructions on ‘Prudential norms on Income Recognition, Asset Classification and Provisioning about Advances’ amended from time to time. Penal interest, late payment charges, and other related charges shall be levied only on the outstanding amount after the due date and not on the total amount.

This is on page 11 point V
 
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www.technofino.in

What are the finance charges for amount under 100?

Told her to pay off everything except the EMI, She completed the payment on 22nd, and it was settled on 24th. I also told her to record her calls with the cc. As per customer care 1. She was charged interest on the whole amount of previous statement and not on the new purchases. She was...
www.technofino.in www.technofino.in

This thread might help.

tldr; pay everything that's due on the card today(except the emi), call the customer care and ask them to raise a request for reversal. You can also try without paying what's due considering your amount is literally in paise instead of rupees.
 
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xywowowvw said:
Card-issuers shall report a credit card account as 'past due' to credit information companies (CICs) or levy penal charges, viz. late payment charges, and other related charges, if any, only when a credit card account remains 'past due' for more than three days. The number of 'days past due' and late payment charges shall, however, be computed from the payment due date mentioned in the credit card statement, as specified under the regulatory instructions on ‘Prudential norms on Income Recognition, Asset Classification and Provisioning about Advances’ amended from time to time. Penal interest, late payment charges, and other related charges shall be levied only on the outstanding amount after the due date and not on the total amount.

This is on page 11 point V
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This won't apply. These are not late payment or related charges. These are retail finance charges. What that essentially means is bank is not charging them any late fee, they have found them in a violation of the contract (i.e., to pay the whole due amount before or on the due date) and thus the interest free period for their previous due amount is over. Bank can charge interest on the whole due amount now and from the day of the purchase to the day of new statement.
 
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xywowowvw said:
Card-issuers shall report a credit card account as 'past due' to credit information companies (CICs) or levy penal charges, viz. late payment charges, and other related charges, if any, only when a credit card account remains 'past due' for more than three days. The number of 'days past due' and late payment charges shall, however, be computed from the payment due date mentioned in the credit card statement, as specified under the regulatory instructions on ‘Prudential norms on Income Recognition, Asset Classification and Provisioning about Advances’ amended from time to time. Penal interest, late payment charges, and other related charges shall be levied only on the outstanding amount after the due date and not on the total amount.

This is on page 11 point V
Click to expand...
What here SBI cards says

We just levied some 3.4% per month on the outstanding amount which is one paisa. Interest will be calculated at a minimum or 25 rs plus tax or 3.4% per month on the outstanding amount.

Here minimum of 25 rs plus tax is applied.

So, they sent me the terms and conditions pdf as a reply. That is what I understand.

They didn't levy any late payments or any other charges. This is just applied interest as Finance Charge on Retail.

Penal interest, late payment charges, and other related charges shall be levied only on the outstanding amount after the due date and not on the total amount. -> Here sbi only levies interest only for that outstanding of that ONE PAISE. Not the whole amount or anything. -SBI CARDS 😎

t and c.png


LOL 🤣
 
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