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
1 commentComments are closed
Ankit Berlia commented
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