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Higher rate of interest charged from credit card holders by the banks issuing cards - by srini48_vasan
Using of credit cards by general public is on increase.It is a safe mode of shopping as they need not carry cash with them while going for shopping.The card holders also can draw money from the ATMs and hence the card holders when neccessity arises draw cash from ATMs as they feel shy to approach their dear and near ones for monetary assistance.But they do not realise that banks charges an exhorbitant rate of interest from them.The banks levy transaction charges and in addition interest right from the date of withdrawing money from the card holders.The interest rates ranges from 2.95% to 3.15% P.M. which ultimately drive the card holders soemtimes abscand as they are unable to bear such burden.The banks deputes uncivilized persons for collection works and the banks threaten them of serious consequence.Neither the Reserve Bank nor the govt seem to take note of this.