Good news is lined for the credit card holders. The apex bank has asked the banks to make credit card charges reasonable and instructed them not to charge any interest on card dues till the next bill date even if payment is not made before the due date. At present the bank charges the interest rates from the credit card holders at expiry of the due date. Now the banks will be providing few more interest free days to the credit card holders.
However banks have reported that if the customer does not pay the dues till the next billing date then he will be charged interest from the date of purchase. In order to enhance convenience for the customers, RBI has asked the bank to take this measure. For now, most banks and credit card companies appear reluctant to reduce credit card charges.