Citibank
Double interest charged on EMI

Hi everyone,

I have a citibank platinum credit card that I had to use to upto its max limit in recent months. Getting lured by the links on the side of each payment (basically a marketing gimmick), I selected the EMI option for 3 payments at a 24% annual interest rate as well as extra processing charges.

Now, every month, I pay atleast the minimum balance due into my account, charged at an interest rate of 41% per year. I noticed this month that of the 17k odd I had to pay as minimum amount due, the EMI amount was close to 12k, and the annual interest of 41% had been charged on that also! The interest for the month came to a little more than Rs.3900!!

When I called up the bank, they said there was ONE LINE in the terms and conditions, saying that if I did not settle the total amount due on the card, the payments selected for EMI would be charged DOUBLE INTEREST, both the 24% as well as the 41%, in addition to the processing charges.

I'd like to know if this is even legal, as it sounds like a throwback to the zamindar times! I am definitely going to close down my citibank accounts, and advice all of you to NOT TAKE A CITIBANK CREDIT CARD ever again!

-Megha Mookim

Company: Citibank
Country: India

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