Hi here’s something to open your eyes -
In the regime of low interest rates where the bank interest rate is around 4-4.5% p.a. for savings a/c citibank is charging usurious interest rates
of 2.95% PER MONTH on their credit cards. Their interest rates have not come down ever since they set foot in india. Why haven’t Indian credit card companies brought their interest rates down? Why is RBI letting them charge such high interest rates even in the times of low interest rates? Doesn’t RBI have the welfare of the citizens formost in its policies? Aren’t there any laws to curb usurious interest rates?
Anything above 25% p.a. is usually labelled as usurious interest rate. Look at these people they are charging 2.95% per month = 35.4% interest rate COMPOUNDED MONTHLY. How come these people are allowed to COMPOUND MONTHLY??? Don’t you think its illegal?
What will be the effective rate of interest if one COMPOUNDS MONTHLY? won’t it be astronomical and usuriously high??
In Tamilnadu usury is a non-bailable offence attracting rigorous imprisonment. Why can’t the credit card companies be booked under the same?
Will someone let us know the laws under which these credit card companies are allowed to operate by charging such interest rates?
Aren’t there people to question this? The Indian public is naive, unaware and gullible. These companies are using psychological tactics in advertising like positioning, NLP etc. to entice the gullible people.
I say lets get things rolling, lets protest the usurious practices by the credit card companies.
Lodge your protest by signing up for the following Yahoo Group -
Group name: ccCustomersIndia
Group home page: http://groups.yahoo.com/group/ccCustomersIndia
Group email: ccCustomersIndia@yahoogroups.com
Lets bombard these companies with protest emails and emails signature campaigns.
Lets shake them loose - lets make them bow to the Indian Consumer!
Jai Hind!
Vijay