If the credit card companies ask the retailers/ shopkeepers to pay for the transaction charges, why dont they stop this practice. The credit card companies want to provide each and every Indian with a "FREE" credit card but actullay it is not "FREE" when you are paying the transaction charges or the high interest rates when they don't pay the full amount. GOI should also ask the companies to stop this practice or the people will stop purchasing the things on cards and will revert back to purchasing on cash. If the people will revert back to cash, then the credit card companies will loose lot of money which they earn as interest fees and it will effect the market as people will then buy when they have sufficient cash to buy. Now it is high time for banks to think on Transaction fees or to loose lot of money as interest rates.
RE:Transaction Fees
by nitin khare on Nov 26, 2007 11:39 AM Permalink
You are absolutely right mr. Gautam. Big retailer keep included the transaction charges already in the price of items. So knowingly-unknowingly we are paying that charge by our pockets. We can not do anything about this. It all depends on the honesty of retailer, which is very less among indians.
RE:Transaction Fees
by venkat on Dec 03, 2007 04:54 PM Permalink
Is there any legal clause or point we can produce before them and ask for refund of the extra amount/transaction charges ? Is there any provision for this in our judiciary?
