How does a credit card work?

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Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2013 What will be the interest rate?Will there be any amount credited to the account?Will interest be charged on the amount used or amount credited?

Ajay Mishra

Ajay Mishra (Expert)
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25 July 2013 Hi

Generally the Banks have their own Cred Card use Policy. So it can not be said that it will be minimum interest or maximum interest. The interest will differ, Bank to Bank.

Ajay Mishra

Ajay Mishra (Expert)
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25 July 2013 Please refer to the Master Circular The instructions on credit card operations of banks and NBFCs as well as guidelines on issuance of debit cards and co-branded pre-paid cards by banks issued upto June 30, 2013 have been consolidated in this Master Circular which has been suitably re-named.

The Master Circular has also been put on the RBI website (http://www.rbi.org.in). A copy of the Master Circular is enclosed. All the credit card issuing banks/NBFCs should adhere to these guidelines strictly.

Go to the below link:

http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=8087

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