Interest on card dues may drop with the intervention of RBI. The regulator asked banks to revisit the charges to ensure reasonableness, fairness and transparency in pricing.Also, fraud victims will receive succour from another directive requiring banks to formulate a 'zero liability' policy for customers in cases where negligence cannot be established.
Interest rates on credit card balances vary from 15% per annum for good customers who pay minimum amount due in time and 42% per annum for those who fail to make any payment.Since these are unsecured personal loans, there is no cap on the amount of interest that they charge.
