credit cards

Credit Cards are once again hogging the limelight, with leading banks jacking up the rates. This is a consequence of the general tightening of interest rates. Typically, credit card companies charge interest if the consumer carries forward credit beyond the payment cycle. The monthly rate is 1-2.4 percent, translating to 12-42 per cent on an annualized basis. Meanwhile, banks are witnessing high losses in their credit card operations as collection of dues has become a big challenge.