Credit cards to pinch your pocket more! - Business Standard

Credit card game will now squeeze your pockets more as leading Banks have got got got got got hiked the bear down per unit of involvement charged on card dues by 1-3% per calendar calendar calendar month in the last two-three months.Credit card companies usually have a measure rhythm of 30-45 days, beyond which they charge monthly involvement rate.Market leadership like ICICI Bank, SBI card game and ABN Amro have already hiked rates on reappraisal of their cost of finances or a routine demand to aline with the industry.By far, ICICI is the marketplace leader in the recognition card concern with over 80 hundred thousand recognition card game against the sum marketplace size of 2.3 crore cards.Justifying the hike, Sachin Khandelwal, recognition card concern head, ICICI Depository Financial Institution told PTI that involvement rates on place loans had increased by 3-4% and the rates on recognition card game had not been revised for almost three years."We have revised the rates after reviewing our cost of monetary fund and also to aline with the industry which is charging in the scope of 3-3.25% per month," they said.Its nearest private sector rival HDFC Bank, however, is improbable to tramp the rates in the close future."We go on to closely reexamine the industry tendencies but have no contiguous programs to raise the involvement rates on recognition card dues", Bank's functionary interpreter said.HDFC currently bear downs involvement in the scope of 2.75-2.95% per month for different class of customers.