SC ruling decoded: Banks can charge you more for late credit card payments

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SC ruling decoded: Banks can charge you more for late credit card payments - Business Standard

Quick Summary:

With the removal of the 30% cap, banks and financial institutions may have more flexibility in setting interest rates on late credit card payments.

Higher Costs for Consumers: With the cap on interest rates removed, banks can now charge late payment interest rates above 30%.

They argued that the NCDRC’s ruling didn’t consider that higher interest rates are only applied to customers who miss payments, while those who pay on time can enjoy up to 45 days of interest-free credit.