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Interest calculation shown in it are wrong. Usually credit card companies charge interest @ 3.50% per month. you have applies per month interest rate to per annum and hence the cost of interest is drastically down which actually is not the case

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  • Ankit Berlia commented  ·   ·  Flag as inappropriate

    Yes instead of Rs 86 for Rs 10000 for 3 months. One would have to actually pay
    Rs 350*3=Rs. 1050 + the additional cost of late payment which would be around Rs. 500.

    So one will have to pay 1050+ 500*2(default payment for two mnths)=Rs. 2050
    Depending on the amount they charge for defaulting

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