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Don't fall prey to impulse purchases

A credit card does have some virtues; it can be beneficial in an emergency

Topics
Credit card loans | Credit card charges | Credit card bills

Harsh Roongta 



A friend, Jayesh, recently sent me a notice received by him from his credit card issuing bank (a foreign one) titled “Illustration of change in interest calculation methodology.” He feared it was yet another way to gouge more money out of him. I studied the notice. As I suspected, for those who had not paid 100 per cent of the amount due, it would now calculate interest not just till the statement date but up to the payment date. To be able to pay off the full amount, the client had to calculate the interest between the statement date and payment date himself and pay it off on his own.

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First Published: Wed, December 04 2019. 22:09 IST

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