My previous credit card statement dated May 26 had an outstanding balance of 12, 674 (approx.) and the payment due date was June 12. I paid Rs.12, 000 via check and it was debited from my bank account on June 8. The balance of approximately Rs. 674 was carried forward. However, when I received my latest I.C.I.C.I. bank credit card statement dated June 26. An interest of Rs. 737.92 was reflecting on my statement along with a service charge of Rs. 76.01.
Now, I have a concern here, how can the credit card company charge Rs. 737.92 as interest when my outstanding amount was just Rs. 674 (approx). This is quiet unfair as I am not ready to pay an interest of Rs. 737.92 on Rs. 674 and that too just for a month. As per the terms and conditions, if total amount due is not paid before the payment due date; interest would be charged on the total amount due and on all new transactions till such time as the previous outstanding amounts are not paid in full. The terms and conditions are unfair and misleading. Though after a lot of follow up calls, they have reversed the interest amount. However, I want to bring into notice the unfair terms and conditions.
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