If you have an outstanding in the card say just 100/- then what ever purchases u make will attract 2.99% interest from the day you mak a purchase. The 50days interest free is only when u dont have any outstanding. THIS IS NOT MENTIONED ANYWHERE BUT IT IS TRUE
RE:never use plastic
by a saravanan on Apr 16, 2007 07:24 PM Permalink
its not emi. NEMI Never Ending Monthly Instalment. when you pay by instalments most of your instalments are interest, only a minimum amount goest towards your intial amount.
RE:never use plastic
by Rakish Poulose on Apr 16, 2007 10:01 PM Permalink
All these are mentioned in the Terms and Conditions. At least for Citibank, ICICI Bank and SBI, I know it is because I use those cards and I have read it. People who are lazy to read the documents that come along with the card compain that Banks are cheating!!!
RE:never use plastic
by BRIJ MIMANI on Apr 16, 2007 12:17 PM Permalink
Agreed. We have to understand finer points also. Once an emi is running in card any further purchase on any date would be attracting interest. So don't purchase form the card which is runnig an emi.
