Need Clarification regarding the financial charge on retail-Credit Card?

Question

Hello Sir, My name is Bhargav Koushik  I have received the statement from bank  credit card on 9/12/2015 with financial charge on retail transaction for the amount 701.17 .Late payment might be the reason.Previous bill's Rs.7737 transaction out of that I paid Rs.7377(which is the case of overlooked) left out with almost 360 rs but I paid it before this statement is generated i.e., yesterday dec 8th, 2015.Though I'm ready to accept the financial charge but as per my knowledge its just 3.35% is the charge but I dont understand why I've received financial charge of Rs.701.17. Can anyone please look into this issue and clarify me?

Answer 1

Mr.Koushik,

At the outset, let me clarify that this site is designed by a group of senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

Whenever you make payment of your credit card dues please pay it in full. Even if a small balance is left, banks charge late payment fee/interest on the entire outstanding balance and not on actual overdue. You have become a victim of such industry practice. 

You may take up with your bank for waiver or recovery of interest/late payment fee only on Rs.600/- and not the entire amount of Rs.7737/-  They may or may not consider. Become wiser from this experience. Share your  experience with  your friends and relatives also so that they will act wiser.  

Regards

 

J R Mohandas