Think twice before availing RBI moratorium on your credit card dues

The accumulated dues will be very high, given the high interest cost on credit cards

• The RBI has given banks the option to defer the dues of credit card customers from March 1 till May 31, 2020.
• Interest rates on outstanding dues are in the range of 40-42 per cent.
• Deferring payment of dues could mean a massive outstanding by the time the payment starts in June. 
• If you opt for a moratorium on one card, it will apply to add-on cards also (in case of some banks). So, interest payout will rise.
• Opt to pay the minimum amount due instead of availing the moratorium.