I think that the interest should me charged on the outstanding amount beyond due date. Any purchases made in between , the interest should not me charged until the amount gets due. Kindly clarify and mention the actual practice. I believe there should be an unfirm policy for all credit card issuers. Is there any uniform policy or it varies from campany to company?
RE:Clarification!!!!!!!
by Rakish Poulose on Apr 16, 2007 09:56 PM Permalink
If you have previous outstanding on your credit card, for any purchases made subsequently, it becomes due immediately. That way, it is true that interest is charged only after the due date. The due date may not always be the due date mentioned in your statement. The due date on your statement is the date by which you have to make the minimum amount due. Read the terms and conditions of your credit card carefuly. All credit cards explicitly state these things. People take it easy and do not read these and then complain that banks are cheating. Banks are also around to make money and not for charity.
