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SC Smart Card -90 Days Free Interest Period
- Thread starter kushhh
- Start date
It’s only for first 90 days from card issued date
Hidden charges not sure about so in my opinion better to avoid if not required genuinely
Out of 100 users of cc the bank makes money from one or two defaulter and emi offers
So let’s not be that 2% with caution unless it’s a real emergency requirement
Fully correct it’s a cheap trick don’t fall initially they might not charge anything for 90 days but they are making you lazy by doing so and once you fall in set trap heavy charges may be levied later. Better to skip such false attractions and always pay your dues in full
Adwait
TF Premier
So do we need to pay total amount due from fourth statement or third statement onwards?
As other members mentioned it is to make the customer lazy and forget about the dues, in which case you may need to pay the interest from the day1 itself for the unpaid dues..
Which will be for 90+ delayed days..
I don't know the exact terms, but it could be the case...
Be careful..
Adwait
TF Premier
Yes I know the consequences just got the card so out of curiosity wanted to know.
Yes, once passed due date, interest will be charged from the date of transaction,could be upto 135 days not just 90.
Another thing how many will be able to pay 3-4months due at once.
It's human psychology, people think they have the time to pay so they overspend credit card.
If in normal case of 30 to 45 days, bank is making money, chances to making money on 90 days is much more.
suhasa010
TF Ace
I paid at the end of second month itself just to be safe. But yes, I 100% agree, it's slightly confusing and bound to make you miss a payment and affect your credit score.
suhasa010
TF Ace
After your third statement is generated, you'll have to start paying total amount due. But pay it off as soon as possible (after 2nd statement) just to be safe.
It's not 90 days but 3 statement cycles based on the example in any of the statements.
So for the first 3 statements I only paid the min amount. In the 4th statement, cleared off the entire amount.
No charges/interest were levied to my account/statement.
So for the first 3 statements I only paid the min amount. In the 4th statement, cleared off the entire amount.
No charges/interest were levied to my account/statement.
Yeah you're right,but rational behind this scheme, customer generally overspends thinking I have time to rupay then when time arrives they become clueless,either defaults or convert it to EMIs. That's business for bank.
The same psychology the whole credit card system relies on.
aksden
TF Buzz
I have a query specific to 90 days interest free period on standard chattereed snart credit card .Suppose ! spent 50k in first month 1k in second month 2k in third month. And by paying MAD which is 5% it would be 2500for 1st month nd 50 for second month 100 for third month the 4th month bill whs 50k +1k+2k- (2500+50+100) = 50350 or I should pay 53000
