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 ?
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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.

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