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POSTED BY ON March 6, 2013 2:03 pm COMMENTS (4)
I have been using this HDFC Platinum credit card for nearly 4 years now.
Last month, i had a spend of about 75K on this card.
Due to certain reasons, there was a delay in the payment for about a week owing to which the bank has charged me Interest of 3.5% for the whole Month which turns out to be nearly 3,000/- bucks??
Arent they supposed to charge on a Pro-Data basis and not for th whole month?
This is not even clearly mentioned in their booklet terms and conditions, all that is mentioned in the booklet is the interest rate that they charge on late payment.
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Dear Sumitanand, credit card is nothing but an unsecured loan. The day you swiped your card, you are using this loan facility. If you pay in time, you get the benefit of healthy credit behavior. In case due to any reason you failed to pay in time, the status is you used the loan amount on a back date & thus the interest ‘ll be charged from that date only. As simple as that.
thanks
Ashal
Really?
So if your payment is delayed, then the whole “Interest Free Period” is Sham and does not apply?
The Interest Free Period applies only and only if you pay the entire due amount by the Last Date. If you do not, then it does not apply AT ALL. And, if you will look at it, you will find this is explained by an example in the booklet or even in the credit card statement. See again.
Check this: http://www.hdfcbank.com/assets/pdf/common_MITC_Sep10.pdf
The charges are applied on a daily basis from the date of purchase, and not from the last day of payment. Hope this sorts out your query.