Federal charged me around 3000 saying deferred charges

[Sai Ganesh]

Hi Team,

For feb month , i got federal card bill for around 70,000 but i have paid around 58,000 as i have spent 12,000 for my friend which he paid yesterday only

For that federal bank has put me around 3000 charges saying deferred charges ? can someone pls say me what charges are those ?

i was under an assumption if we pay min amount which was due , we wont be getting any charges right ? pls correct me if i am wrong

Also 1 more bank employee said if we pay 50% of the due , we wont be getting any extra fees

Can someone correct me if i am wrong ?

Its the first time this has been happened for me , usually i pay fully so need ur guidance on the same

 

[RishiKiDev]

Hi Team,

For feb month , i got federal card bill for around 70,000 but i have paid around 58,000 as i have spent 12,000 for my friend which he paid yesterday only

For that federal bank has put me around 3000 charges saying deferred charges ? can someone pls say me what charges are those ?

i was under an assumption if we pay min amount which was due , we wont be getting any charges right ? pls correct me if i am wrong

Also 1 more bank employee said if we pay 50% of the due , we wont be getting any extra fees

Can someone correct me if i am wrong ?

Its the first time this has been happened for me , usually i pay fully so need ur guidance on the same

If you don't pay your credit card bill in full you are charged interest on the amount.
If you pay only the minimum amount due then it doesn't get reported to CIBIL as late payment but you still have to pay the interest charged.

You should have paid full if you didn't want any charges, and recovered 12000 from your friend later.
Now thanks to him you have to pay interest charged to the bank.

 

[BeingIncogBeingIncog is verified member.]

i was under an assumption if we pay min amount which was due , we wont be getting any charges right ? pls correct me if i am wrong

Also 1 more bank employee said if we pay 50% of the due , we wont be getting any extra fees

Can someone correct me if i am wrong ?

Its the first time this has been happened for me , usually i pay fully so need ur guidance on the same

Yes you are wrong here.

 

[Sai Ganesh]

If you don't pay your credit card bill in full you are charged interest on the amount.
If you pay only the minimum amount due then it doesn't get reported to CIBIL as late payment but you still have to pay the interest charged.

You should have paid full if you didn't want any charges, and recovered 12000 from your friend later.
Now thanks to him you have to pay interest charged to the bank.

ok thanks ji for your guidance

 

[hender]

Hi Team,

For feb month , i got federal card bill for around 70,000 but i have paid around 58,000 as i have spent 12,000 for my friend which he paid yesterday only

For that federal bank has put me around 3000 charges saying deferred charges ? can someone pls say me what charges are those ?

i was under an assumption if we pay min amount which was due , we wont be getting any charges right ? pls correct me if i am wrong

Also 1 more bank employee said if we pay 50% of the due , we wont be getting any extra fees

Can someone correct me if i am wrong ?

Its the first time this has been happened for me , usually i pay fully so need ur guidance on the same

Seems charges of 3000 as interest on 12k is little upside!!
25% PM 🤔, Pls check ✅ latest T&C of the card.

If you don't pay your credit card bill in full you are charged interest on the amount.
If you pay only the minimum amount due then it doesn't get reported to CIBIL as late payment but you still have to pay the interest charged.

You should have paid full if you didn't want any charges, and recovered 12000 from your friend later.
Now thanks to him you have to pay interest charged to the bank.

 

[Sai Ganesh]

Seems charges of 3000 as interest on 12k is little upside!!
25% PM 🤔, Pls check ✅ latest T&C of the card.

ok ji sure thanks

 

[RishiKiDev]

Seems charges of 3000 as interest on 12k is little upside!!
25% PM 🤔, Pls check ✅ latest T&C of the card.

The interest they charge is on the whole amount of 70k and not the remaining 12k.
Its same for almost all banks.

If you don't pay in full your "interest free" period term lapses and they charge full interest on the total amount due.

 

[RishiKiDev]

Seems charges of 3000 as interest on 12k is little upside!!
25% PM 🤔, Pls check ✅ latest T&C of the card.

Standard credit card interest rate varies from 3.5% to 3.9% per month

If you take 3.75% interest on 70k it comes at 2625 rupees.

 

[hender]

The interest they charge is on the whole amount of 70k and not the remaining 12k.
Its same for almost all banks.

If you don't pay in full your "interest free" period term lapses and they charge full interest on the outstanding amount.

That's why I refer him to see Latest T nC. So that it won't be a confusion later.

 

[hender]

Standard credit card interest rate varies from 3.5% to 3.9% per month

If you take 3.75% interest on 70k it comes at 2625 rupees.

It's very important to understand/awareness for everyone, why CC company giving free 50 days credit!!

 

[harsh_ujjwal]

They should have charged int on remaining amount, but they have charged interest on the whole amount.

 

[Manishg]

They should have charged int on remaining amount, but they have charged interest on the whole amount.

Yes I think RBI guidelines said to charge interest on remaining ampunt. If I am wrong correct me