Credit Card Association requests for low interest rates
By siliconindia   |   Friday, 17 July 2009, 20:15 IST   |    7 Comments
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Credit Card Association requests for low interest rates
Bangalore: Chennai chapter of Credit Card Holders Association (CCHAI) of India reported an increase in number of customer complaints over high interest rates on credit cards, finance charges, late payment fee and other hidden charges, reports Rupee Times. Though, all the banks have revised their benchmark lending rates and interest rates on loans in the last few months, the rate on credit cards continue unchanged. I Arokiasamy, President, CCHAI, said, "We have asked RBI to invoke its supervisory powers and direct credit card companies to reduce the rate of interest to at least 18 percent per annum." According to a recent finding, the number of credit cards issued by the banks has decreased by 12 percent in the last one year. In early 2008, banks issuing credit cards increased interest rate on credit cards by 50 basis points on a monthly basis.

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