What are the finance charges for amount under 100?

[Pankhuri]

My friend made some calculation error and ended up paying 80 rupees less than the due amount on her simplysave credit card. Today she received next statement and got 4.5k worth of finance charges. She contacted CC but they said that since the statement was generated on 20th, 24hrs haven't passed so they can't raise the request for reversal of these charges. She was advised to call tomorrow. So wanted to know what are RBI guidelines regarding such small payment dues? Her total bill was over 50k.

 

[Deleted member 21942]

Unfortunately OP's friend will have to pay on behalf of 3 SBI credit card customer's instant discount offers that they availed on their SBI credit card, in the form of finance charges.

 

[akshayhs]

Usne khud calculate hi kyu kiya ?

Statement se dekh kr bharna hota h bill

Khud se count krke thode hi bill bhara jata h

Toda girl maths ke bare mai pad le. Tab pata chalega. Dekhne mai amusing lagta hai lekin mera cousin bhi aisi hi galati karke 5000 ki fine bad mai pay karna pada.

 

[Walter White]

Unfortunately OP's friend will have to pay on behalf of 3 SBI credit card customer's instant discount offers that they availed on their SBI credit card, in the form of finance charges.

At the end of the day, jo banda time pe bills bharega vo liability hi hota hai bank ko 🤣

 

[AritraSaha]

At the end of the day, jo banda time pe bills bharega vo liability hi hota hai bank ko 🤣

We all are the worst customer for the bank..🙂

 

[Walter White]

We all are the worst customer for the bank..🙂

@Abhishek012 kis category me aata hai? 😜

 

[AritraSaha]

She paid the minimum, she missed part of the payment, some 93 rupees.

Agree with your other comment that credit card is double edged sword.

So, she have paid (full amount - 93)rs ?

 

[AritraSaha]

@Abhishek012 kis category me aata hai? 😜

Nightmare 🤣 .

 

[Pankhuri]

So, she have paid (full amount - 93)rs ?

yup, 40802(due) - 40709(paid) = 93

 

[AritraSaha]

yup, 40802(due) - 40709(paid) = 93

5k for that seems to very high..(though i don't have much knowledge about late fees)
Can you share the statement...

 

[Pankhuri]

5k for that seems to very high..(though i don't have much knowledge about late fees)
Can you share the statement...

Thread padho yaar, pure calculate hue hain.

TLDR - interest free credit period ends when you don't pay the full amount. So if you make more purchases after that you incur interest from the day you made the purchase.

 

[helloworld]

Thread padho yaar, pure calculate hue hain.

TLDR - interest free credit period ends when you don't pay the full amount. So if you make more purchases after that you incur interest from the day you made the purchase.

Just ask her to clear the balance to '0'. Then escalate and request bank based on your luck. But first clear whole balance, billed + unbilled + pending and until it settles (takes 2 or 3 days) do not purchase anything.

Once, its showing '0' outstanding, now deal with the bank.

 

[Pankhuri]

Just ask her to clear the balance to '0'. Then escalate and request bank based on your luck. But first clear whole balance, billed + unbilled + pending and until it settles (takes 2 or 3 days) do not purchase anything.

Once, its showing '0' outstanding, now deal with the bank.

She apparently has an EMI on this card, should that be closed too? There aren't any unbilled transactions. It is billed + pending EMIs.

 

[helloworld]

She apparently has an EMI on this card, should that be closed too? There aren't any unbilled transactions. It is billed + pending EMIs.

did not know about that, do check with customer support and if required, close everything. Mostly, you have to close because you break the wall, now until that wall fixed do not keep anything. Check with support and let us know, it will be helpful.

 

[Pankhuri]

View attachment 38131View attachment 38132
View attachment 38133


did not know about that, do check with customer support and if required, close everything. Mostly, you have to close because you break the wall, now until that wall fixed do not keep anything. Check with support and let us know, it will be helpful.

I have instructed her to pay everything else apart from emi and to contact customer care.

 

[Deleted member 11974]

what is the rbi guidelines for the same?
interest would only be computed only on the amount outstanding correct?

 

[Deleted member 11974]

what is the rbi guidelines for the same?
interest would only be computed only on the amount outstanding correct?

@Pankhuri @Shubham Yadav @helloworld

 

[imdjay]

what is the rbi guidelines for the same?
interest would only be computed only on the amount outstanding correct?

yes. but as you missed the payment. all the expenses including billed, unbilled, pending purchases after the statement date are also counted as the total remaining outstanding.

 

[Deleted member 11974]

i didnt miss it
due to reversal of annual fee there was a error in computation
also kindly share the rbi guidelines pdf if you find it

 

[Walter White]

i didnt miss it
due to reversal of annual fee there was a error in computation
also kindly share the rbi guidelines pdf if you find it

Shayad yeh tha

https://www.rbi.org.in/commonperson...rmally become,that would otherwise be charged.

 

[helloworld]

Also, this was suggested by RBI in above PDF.. And same available in our monthly statements (shared few earlier).

"The method of calculation of APR should be given with a couple of examples for better comprehension. The APR charged and the annual fee should be shown with equal prominence. The late payment charges, including the method of calculation of such charges and the number of days, should be prominently indicated. The manner in which the outstanding unpaid amount will be included for calculation of interest should also be specifically shown with prominence in all monthly statements."


RBI said
"Interest is charged on the unpaid balance after the payment is due."

And banks has to define what is 'unpaid balance in this case'? based on above statement.

As general rule, AFAIK if we missed payment then everything (billed, unbilled, pending) attracts interest fee.