How can Credit card comapanies charge a late fee of Rs.600/-

Guest (Querist) 27 June 2010 This query is : Resolved
I became two days late in paying a balance of Rs.400/- for my SBI credit card,they have charged me Rs. 600/- late fee and denied to waive off after three consecutice requests.
I wonder under which law they can charge me such a big penalty for such a small amount apart from the settled monthly interest.
Do RBI/Govt. permits them to do so ?
Category

Follow Query

Report Abuse

Devajyoti Barman (Expert) 27 June 2010
You can check the RBI guidelines in that direction. But most importantly the agreement at the time of applying for credit card gets your consent for such impositions.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Member Strength 995429 and growing..

Stay updated with latest Posts!

Trouble Logging in? Try following the given steps -
1. Visit your inbox to find a confirmation mail from LAWyersClubIndia.
2. Click on the confirmation link and confirm your signup

New users who have not received email verification mail click here to verify