SC Smart Card -90 Days Free Interest Period

[kushhh]

Can anyone comment on the 90dqys interest free period offered by smart card

 

[aksden]

Yeah same here. I paid off the entire amount in the 4th month calculating in the second method and now I have a credit balance of Rs.530 on the card.

Second method ??

 

[prc1990]

I'm on the second month right now (only paid MAD). No charges yet. Will pay it off soon. Don't want to incur any charges.

So you paid the total amount of 1st and 2nd statement after generating 2nd statement? Any fee they charged?

 

[suhasa010]

So you paid the total amount of 1st and 2nd statement after generating 2nd statement? Any fee they charged?

No they didn't. I was careful to pay beforehand.

 

[prc1990]

No they didn't. I was careful to pay beforehand.

Paid after 2nd statement or when?

 

[RAMESH BABU N]

AVOID SUCH FREE OFFERS
(INTEREST FREE OFFERS)

Practically, treat CCs as Convenience Cards - replacement for carrying cash. NEVER keep any amount outstanding n pay IN FULL about a week before the due date.

READ completely and understand the examples they give in the monthly statement on part payments or MAD.

Even if One Rupee is not paid by due date n is outstanding, then, all the subsequent transactions are ALSO treated as in default. And, attract interest.

So, BE CAREFUL and BE FULLY INFORMED about the way they charge MAD n outstandings.

Better be safe than sorry.

 

[suhasa010]

Paid after 2nd statement or when?

I think after 3rd statement generation. It was an year ago.

 

[bhaveshS]

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 it's basically 135 days free interest period??