Interest Charged even when outstanding amount was Rs 0

[Achal]

Hi
I am writing this post to know what are the next steps forward for me

On 18th May 2022, my SBI Cards statement was generated of Rs.5965


On 18th May, I received multiple refunds, total amounting to Rs.2221
While checking their app, I saw that the total outstanding amount got reduced to Rs.3744 (= 5965 - 2221)
So I paid Rs.3744 and total outstanding was showing as Rs.0.

I did not take any screenshot but luckily I had checked their balance feature in WhatsApp on 27th May


Total Outstanding: 0
Unbilled Outstanding: 0

On 18th June I received the next statement and saw that they had included some interest charges



I called customer care and asked them about this charges. They said that refunds are not considered as bill payments.

I argued that if this was the case then total outstanding should not have been reduced and Unbilled Outstanding should have been Rs.-2221

I asked them to reverse the charges. They said its not possible as my card is less than 6 months old

Although I have paid the interest charges, I have a few questions.

1. Will this affect my CIBIL score?? (I think it should not as I paid more than the minimum amount due)
2. How can they charge interest when Total Outstanding shown is Rs.0
3. If this is not my fault then I want to fight this out, how should I go about it

Thanks

 

[ashwinkashwink is verified member.]

Hi
I am writing this post to know what are the next steps forward for me

On 18th May 2022, my SBI Cards statement was generated of Rs.5965
View attachment 2018

On 18th May, I received multiple refunds, total amounting to Rs.2221
While checking their app, I saw that the total outstanding amount got reduced to Rs.3744 (= 5965 - 2221)
So I paid Rs.3744 and total outstanding was showing as Rs.0.

I did not take and screenshot but luckily I had checked their balance feature in WhatsApp on 27th May
View attachment 2019

Total Outstanding: 0
Unbilled Outstanding: 0

On 18th June I received the next statement and saw that they had included some interest charges
View attachment 2021View attachment 2022


I called customer care and asked them about this charges. They said that refunds are not considered as bill payments.

I argued that if this was the case then total outstanding should not have been reduced and Unbilled Outstanding should have been Rs.-2221

I asked them to reverse the charges. They said its not possible as my card is less than 6 months old

Although I have paid the interest charges, I have a few questions.

1. Will this affect my CIBIL score?? (I think it should not as I paid more than the minimum amount due)
2. How can they charge interest when Total Outstanding shown is Rs.0
3. If this is not my fault then I want to fight this out, how do I go about it

Thanks

No effect on CIBIL report don't worry but it's a shit by sbi🤦😡

 

[007]

Hi
I am writing this post to know what are the next steps forward for me

On 18th May 2022, my SBI Cards statement was generated of Rs.5965
View attachment 2018

On 18th May, I received multiple refunds, total amounting to Rs.2221
While checking their app, I saw that the total outstanding amount got reduced to Rs.3744 (= 5965 - 2221)
So I paid Rs.3744 and total outstanding was showing as Rs.0.

I did not take and screenshot but luckily I had checked their balance feature in WhatsApp on 27th May
View attachment 2019

Total Outstanding: 0
Unbilled Outstanding: 0

On 18th June I received the next statement and saw that they had included some interest charges
View attachment 2021View attachment 2022


I called customer care and asked them about this charges. They said that refunds are not considered as bill payments.

I argued that if this was the case then total outstanding should not have been reduced and Unbilled Outstanding should have been Rs.-2221

I asked them to reverse the charges. They said its not possible as my card is less than 6 months old

Although I have paid the interest charges, I have a few questions.

1. Will this affect my CIBIL score?? (I think it should not as I paid more than the minimum amount due)
2. How can they charge interest when Total Outstanding shown is Rs.0
3. If this is not my fault then I want to fight this out, how do I go about it

Thanks

1. No as you have paid the charges.

2. Actually refunds aren't considered as payment towards outstanding, but I do agree they should have shown it correctly.

3. I believe the mistake is on your end and partly bank's fault (for showing dues incorrectly) so can't say if you should fight back. Though I would suggest you to always pay the amount shown in bill regardless of refunds (even ₹1/2 more, to adjust the pennies hence not giving bank's a chance to charge you).

 

[Infinite]

Same thing happened to my wife's SBI CC (less than six months old) and we have raised a reversal request with the bank. Initially declined as the account was less than six months old.

I have never had this problem with HDFC or SCB.

@TechnoFino is this an issue only with certain banks?

Please let us know.

Thank you

 

[cherryj1988]

thank god for the new RBI rules

 

[BankExpertIndia]

Hi
I am writing this post to know what are the next steps forward for me

On 18th May 2022, my SBI Cards statement was generated of Rs.5965
View attachment 2018

On 18th May, I received multiple refunds, total amounting to Rs.2221
While checking their app, I saw that the total outstanding amount got reduced to Rs.3744 (= 5965 - 2221)
So I paid Rs.3744 and total outstanding was showing as Rs.0.

I did not take any screenshot but luckily I had checked their balance feature in WhatsApp on 27th May
View attachment 2019

Total Outstanding: 0
Unbilled Outstanding: 0

On 18th June I received the next statement and saw that they had included some interest charges
View attachment 2021View attachment 2022


I called customer care and asked them about this charges. They said that refunds are not considered as bill payments.

I argued that if this was the case then total outstanding should not have been reduced and Unbilled Outstanding should have been Rs.-2221

I asked them to reverse the charges. They said its not possible as my card is less than 6 months old

Although I have paid the interest charges, I have a few questions.

1. Will this affect my CIBIL score?? (I think it should not as I paid more than the minimum amount due)
2. How can they charge interest when Total Outstanding shown is Rs.0
3. If this is not my fault then I want to fight this out, how should I go about it

Thanks

Same Also Happened With Me.

They Say Pay The Due For Which Statement Is Generated (Total Amount Due).

Eg. 5965 In Your Case... Otherwise They Will Do These Activities... Now New RBI Rules Will Come Handy

 

[viveksingh1005]

I also have 7500 as bill due ..I paid 5000 and now I got refund on 2500 2 days after bill generation date?

In my axis bank app it shows total outstanding as Zero now ?

what should I do , should I pay 2500 extra to avoid such charges or Axis consider refunds towards bill payment. @BankExpertIndia @TechnoFino @007

when is the RBI policy coming in place to consider refund as bill payments?

 

[alphadark7]

I also have 7500 as bill due ..I paid 5000 and now I got refund on 2500 2 days after bill generation date?

In my axis bank app it shows total outstanding as Zero now ?

what should I do , should I pay 2500 extra to avoid such charges or Axis consider refunds towards bill payment. @BankExpertIndia @TechnoFino @007

when is the RBI policy coming in place to consider refund as bill payments?

RBI policy will come by 1st October
Till the new rules come in, you should pay full amount after the bill is generated. They don't consider refunds after Bill is generated.
HDFC doesn't consider either.

 

[BankExpertIndia]

I also have 7500 as bill due ..I paid 5000 and now I got refund on 2500 2 days after bill generation date?

In my axis bank app it shows total outstanding as Zero now ?

what should I do , should I pay 2500 extra to avoid such charges or Axis consider refunds towards bill payment. @BankExpertIndia @TechnoFino @007

when is the RBI policy coming in place to consider refund as bill payments?

10 Rules Out Of 13 Rules Of RBI New CC Policy Will Be Implemented From 1st July 2022.

Rest 3 Will Be Implemented From 1st October 2022.

So My Suggestion Is That "Pay The Total Amount Generated In Statement".

Because In Case If The Finance Charges Are Levied They Would Be Hefty To Pay.

So Let The CC Companies Rule Till 1st October 2022. Then We Will Show Them Who We Are.

 

[007]

I also have 7500 as bill due ..I paid 5000 and now I got refund on 2500 2 days after bill generation date?

In my axis bank app it shows total outstanding as Zero now ?

what should I do , should I pay 2500 extra to avoid such charges or Axis consider refunds towards bill payment. @BankExpertIndia @TechnoFino @007

when is the RBI policy coming in place to consider refund as bill payments?

You should pay the entire bill. Policy would be effective on a later date, so better be safe than sorry!

 

[TechnoFinoTechnoFino is verified member.]

Hi
I am writing this post to know what are the next steps forward for me

On 18th May 2022, my SBI Cards statement was generated of Rs.5965
View attachment 2018

On 18th May, I received multiple refunds, total amounting to Rs.2221
While checking their app, I saw that the total outstanding amount got reduced to Rs.3744 (= 5965 - 2221)
So I paid Rs.3744 and total outstanding was showing as Rs.0.

I did not take any screenshot but luckily I had checked their balance feature in WhatsApp on 27th May
View attachment 2019

Total Outstanding: 0
Unbilled Outstanding: 0

On 18th June I received the next statement and saw that they had included some interest charges
View attachment 2021View attachment 2022


I called customer care and asked them about this charges. They said that refunds are not considered as bill payments.

I argued that if this was the case then total outstanding should not have been reduced and Unbilled Outstanding should have been Rs.-2221

I asked them to reverse the charges. They said its not possible as my card is less than 6 months old

Although I have paid the interest charges, I have a few questions.

1. Will this affect my CIBIL score?? (I think it should not as I paid more than the minimum amount due)
2. How can they charge interest when Total Outstanding shown is Rs.0
3. If this is not my fault then I want to fight this out, how should I go about it

Thanks

right now, banks doesn't count refund/Cashback as Payment, according to the rule it's a fair charge.
but rules will change from July 1, 2022

 

[TechnoFinoTechnoFino is verified member.]

Same thing happened to my wife's SBI CC (less than six months old) and we have raised a reversal request with the bank. Initially declined as the account was less than six months old.

I have never had this problem with HDFC or SCB.

@TechnoFino is this an issue only with certain banks?

Please let us know.

Thank you

this is the current rule for all banks, they doesn't count refund/Cashback as payment.
but this will change from July 1st, 2022

 

[SamPtnk]

this is the current rule for all banks, they doesn't count refund/Cashback as payment.
but this will change from July 1st, 2022

Dada hdfc does
They have adjusted CB towards my outstanding multiple times . Even one time my refund too

SBI, ICICI ,axis dont do this
Glad that RBI has put an end to these shady practices

 

[Infinite]

this is the current rule for all banks, they doesn't count refund/Cashback as payment.
but this will change from July 1st, 2022

HDFC customer support confirmed that refund/cashback is counted as payment.

I was able to verify this in the latest statement. I had paid due amount minus the refund.

 

[TheTrickySid]

No effect on CIBIL report don't worry but it's a shit by sbi🤦😡

Paying only minimum amount due doesn't effect CIBIL??

 

[007]

Paying only minimum amount due doesn't effect CIBIL??

Nope.

 

[Subhash]

I have faced similar issue with one card 🤦🏻‍♂️

 

[Infinite]

For

Hi
I am writing this post to know what are the next steps forward for me

On 18th May 2022, my SBI Cards statement was generated of Rs.5965
View attachment 2018

On 18th May, I received multiple refunds, total amounting to Rs.2221
While checking their app, I saw that the total outstanding amount got reduced to Rs.3744 (= 5965 - 2221)
So I paid Rs.3744 and total outstanding was showing as Rs.0.

I did not take any screenshot but luckily I had checked their balance feature in WhatsApp on 27th May
View attachment 2019

Total Outstanding: 0
Unbilled Outstanding: 0

On 18th June I received the next statement and saw that they had included some interest charges
View attachment 2021View attachment 2022


I called customer care and asked them about this charges. They said that refunds are not considered as bill payments.

I argued that if this was the case then total outstanding should not have been reduced and Unbilled Outstanding should have been Rs.-2221

I asked them to reverse the charges. They said its not possible as my card is less than 6 months old

Although I have paid the interest charges, I have a few questions.

1. Will this affect my CIBIL score?? (I think it should not as I paid more than the minimum amount due)
2. How can they charge interest when Total Outstanding shown is Rs.0
3. If this is not my fault then I want to fight this out, how should I go about it

Thank

In my wife's case, charges (excluding GST) were reversed after request was raised this month (card is more than six months old)

 

[ashwinkashwink is verified member.]

Paying only minimum amount due doesn't effect CIBIL??

No it's not a problem..

 

[Strange]

SBI Card transaction refund after bill generation will be considered as payment against the 'payment due'? Have they implemented new RBI guidelines?

@TechnoFino @007