I think it is right time the maximum interest rate should be fixed by RBI. The maxium interest one gets in banks is about 10-11%so a maximum interest rate of 13-15% should be fixed which comes to about 1.25% monthly and interest should be on reducing amount and not on the full purchase amount. Another way of alluring customers is that their agents tell you that this card is free but actually they start charging after first year without taking the consent of the customer that if they are interested in continuing it or not. If you donot pay it they make threatening phone calls etc. The whole system of credit cards needs to be looked in to closely by RBI.
