Credit Card: In today’s world, credit cards are used a lot. Nowadays, people only make significant payments through credit cards. If you also use credit cards, then important news is coming for you. Now the country’s top court has taken a big decision for credit card users.
If you delay paying your credit card bill, you must pay bumper interest. Credit card customers may now have to pay 36 to 50 per cent interest.
The Supreme Court, while hearing a petition n, altogether cancelled the National Consumer Dispute Commission’s decision of 2008. At that time, this decision ordered a maximum of 30 per cent interest as a late feeUnder thehe new decision, banks can charge 36 to 50 per cent interest on late payment fees for credit card payments.
What is the whole matter?
In 2008, the NCDRC ruled that charging 36 to 50 per cent interest per annum to credit card users was excessive. Terming this decision wrong, the interest limit for late payment of fees was set at 30% only. The Supreme Court has wholly cancelled this NCDRC decision, which was considered a significant relief for the banks. Which customers will be affected by this decision?
Which customers will be affected?
This is a big shock for customers who delay paying their credit card bills. For such customers, 36-50% interest can be charged on late payment of bills. The court has also issued an order in this regard on December 20. While hearing in court, the bench headed by Justice Bela Trivedi and Justice Satish Chandra Sharma made this decision.
A petition was filed
The Supreme Court did not give this decision without reason, and a 16-year-long case is also being seen. On July 7, 2008, NCDRC gave its verdict in this case that those who do not pay the entire credit card bill by the last date will not be charged more than 30% interest. In this regard, many banks like HSBC, Citibank, and Standard Charge Bank have filed an appeal against this decision, and now the Supreme Court has shocked customers by providing its verdict.