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.

 

[Pankhuri]

Told her to pay off everything except the EMI, She completed the payment on 22nd, and it was settled on 24th. I also told her to record her calls with the cc.

As per customer care

1. She was charged interest on the whole amount of previous statement and not on the new purchases. She was charged interest from the day of the purchase till the dec statement date.

2. She was not charged any interest on the EMI installment.

I don't know how much of it is right as I don't think customer care was knowledgeable. My friend asked for breakdown of the charges and he essentially said that he doesn't have the breakdown in front of him so can't tell. She asked to raise the reversal of charges considering that it was under 100, she said RBI rule and unfair and what not. Today she got this message

Dear SBI Cardholder, your request xyz for Finance Charges Reversal of Rs. 4118.5 on your SBI Credit Card ending XXXXXXXXXXXXXXXX has been processed successfully. Download SBI Card App: https://sbicard.com/mobile-app

What does this message mean, service request is closed or it is accepted?

@helloworld @Walter White @AritraSaha @Shubham Yadav

 

[varun__goel_]

Told her to pay off everything except the EMI, She completed the payment on 22nd, and it was settled on 24th. I also told her to record her calls with the cc.

As per customer care

1. She was charged interest on the whole amount of previous statement and not on the new purchases. She was charged interest from the day of the purchase till the dec statement date.

2. She was not charged any interest on the EMI installment.

I don't know how much of it is right as I don't think customer care was knowledgeable. My friend asked for breakdown of the charges and he essentially said that he doesn't have the breakdown in front of him so can't tell. She asked to raise the reversal of charges considering that it was under 100, she said RBI rule and unfair and what not. Today she got this message



What does this message mean, service request is closed or it is accepted?

@helloworld @Walter White @AritraSaha @Shubham Yadav

Check in the app, you should be able to see reversal

 

[imdjay]

What does this message mean, service request is closed or it is accepted?

yes. it means it's accepted. the charges have been posted back i.e. refunded to your friend's card.

 

[helloworld]

What does this message mean, service request is closed or it accepted?

accepted. let us know CIBIL impact on this.

 

[TheGuy]

accepted. let us know CIBIL impact on this.

truly!
once i was late for payment on my SBI Card (balance around 10K) was charged ~1.3k. I accepted it as penalty. Got reported in CIBIL (3 Days). CIBIL was down by 50-60 points (~785 to 790 earlier). Bounced back by 40 points (~760 now).

Seems non issue for everything else. Was rejected for SBI CB (8 months later) tho.

 

[Shubham Yadav]

Told her to pay off everything except the EMI, She completed the payment on 22nd, and it was settled on 24th. I also told her to record her calls with the cc.

As per customer care

1. She was charged interest on the whole amount of previous statement and not on the new purchases. She was charged interest from the day of the purchase till the dec statement date.

2. She was not charged any interest on the EMI installment.

I don't know how much of it is right as I don't think customer care was knowledgeable. My friend asked for breakdown of the charges and he essentially said that he doesn't have the breakdown in front of him so can't tell. She asked to raise the reversal of charges considering that it was under 100, she said RBI rule and unfair and what not. Today she got this message



What does this message mean, service request is closed or it is accepted?

@helloworld @Walter White @AritraSaha @Shubham Yadav

Processed successfully mean service accepted

 

[Pankhuri]

accepted. let us know CIBIL impact on this.

There should be no CIBIl impact no? Considering minimum was paid back?

 

[Pankhuri]

truly!
once i was late for payment on my SBI Card (balance around 10K) was charged ~1.3k. I accepted it as penalty. Got reported in CIBIL (3 Days). CIBIL was down by 50-60 points (~785 to 790 earlier). Bounced back by 40 points (~760 now).

Seems non issue for everything else. Was rejected for SBI CB (8 months later) tho.

You made the minimum payment?

 

[varun__goel_]

There should be no CIBIl impact no? Considering minimum was paid back?

There will be no cibil impact...

 

[COSMOCRAT]

Well, learning from others' mistake.
Things to do from now on: Always pay the next whole number.
Ex: If the bill due is 42,123.89. Pay 42,500 or 43,000.
The overpaid amount will balance out and be reflected in the next month's available credit and nothing will be lost.

 

[TheGuy]

You made the minimum payment?

Nopes. I was unable to (due to some emergent issue). I was unaware we can request them to waive them off. And accepted my fate.

 

[Pankhuri]

Nopes. I was unable to (due to some emergent issue). I was unaware we can request them to waive them off. And accepted my fate.

It never hurts to try tbh. Should have tried, would have been harder though considering the non-payment of minimum due. Also payment of minimum due would have saved your credit score from taking a hit at the very least.