Credit Card Charges
I recently changed my account to Mashreq Bank. I was offered a free credit card. I was paying my full installment for the first few months but had to switch to minimum payment since last 2 months due to some unforseen expenses. But now when i check my cedit card bill I was surprised to see interest charged on the current months purchases also besides the old outstanding. I am clearing my current months purchases before the due date. Still interest is charged.
I would like to know whether this is the standard practice of all banks in Qatar. Is there some place where I can check the Banking regulations in force here.
The interest I am paying is about 3.06% per month which works out to almost 37% per year which is asronomical. Anyway I have no options but to bear this for another couple of months by which time I hope to repay my outstanding. i have stopped using the credit card which was convenient. Instead I am paying cash for all my purchaes. otherwise i will have to pay the above interest on every purchase i make even though i clear it before the bill due date.
Another extra expense on the cost of living now.
that's not only on credits.. any kind of loans are charge interest every month if you don't pay the outstanding balance.. and it doesn't really come out to 37%.. ask you're bank how they do their computation..
You should settle all your credit before 40 days from the date of purchase ; otherwise they will charge at 3% /month .This is only for purchase ;If you take money from the ATM machine ,interest rate is 3% from the first month.
WOW...
I have no idea...
But I'm sure what they do would be legal...
Just get it paid off...
The rich get richer...