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.
Manish Pandey is an internet marketing strategist and likes to write about tech, search engines and social media. To stay updated you can subscribe to the RSS Feed or follow him on twitter.
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