Credit card int rates can be more than 30 pc: SC
New Delhi, Feb 3: Off late slashed interest rates on loans had given some relief to people. But, now there is a bad news for credit card holders. The Supreme Court has brought a stay on the order limiting the interest charged on credit cards to 30 per cent.
The National Consumer Disputes Redressal Commission last year had directed banks from charging interest rates over 30 per cent per annum to credit card holders who fail to make payment within the stipulated time.
SC stay order means that banks can now charge more than 30 per cent per annum on credit card interest.
The bench headed by Justice B N Agrawal would allow credit card issuers to allow any rate of interest they deem proper till the final verdict is pronounced.
HSBC, American Express, Citibank and Standard Chartered Bank had move the SC challenging the consumer forum order.
These MNC banks often charge more than 40 per cent interest on credit cards
OneIndia News (With inputs from Agencies)