OK. Lemme say this current credit card that i have from HDFC is my first cc so maybe i dont really understand the legalities or any of the fine print. And this post is totally about my personal experience and opinion.
BUT WHAT THE FUCK DOES ONE MEAN WHEN THEY SAY IT"S 50 DAYS INTEREST FREE???
allow me to explain further- i got my very first credit card bill of 7059.36rs with the minimum amount due as 360. i paid 4600, feeling very happy with myself that i have repaid more than 50% of total due. But in my second bill, i'm charged 318.98 as Interest!!! WTF??? which btw it may be a small amount but it's money i have definitely not spent and have no interest in handing out my hard earned monies to any Tom, Dick or Harry.
Confused, i call up customer care- asking them to verify and this is what i'm told by the smarty-pant female customer care executive.
1) the 50 day Interest- free period occurs from the date of billing. For example, in my case is on 14th Dec and i get interest free period till 1st Feb. BUT my billing period is 14th of every month. So in reality i get maybe 30days grace period im lucky. In fact, Luck, is not the issue, it's only if i use my card on the 14. if i was to use my credit card on the 13th of the next month and my bill is generated on the 14th then i will have to pay it within the payment due date 3rd Feb. that like appx 17th days and not the advertised 50 days!
BUT GET THIS, YOU HAVE TO PAY IT IN FULL. WTF!!!!!!!!! well of course you have to pay it in full, you idiot- eventually. After all no one has a Gun point at your head ready to blast off your brains. Duh! And the minimum repayment amount due is so fucking little. maybe just 0.05% or lesser!
Well you idiot, the gun is pointing at your feet because see that tiny amount?? That's just a teaser to CON you into repaying the least amount so that you fucking get charged on the TOTAL AMOUNT. Because as the customer care executive was so kind enough to explain to me when i "didnt get it", as per the Bank policies if the total amount is not repaid you get charged Interest on the due amount as it crosses the repayment due date. Well that should be OK, right??? after all the due date was 3rd Feb.
2) if you dont repay the total amount, you will be charged on unbilled future transactions too!!!! WTF. in fact make it a double WTF!!! So in fact as i did not repay the entire amount of 7059 by 3rd Feb, i got charged interest on the remaining balance of statement I, ie 3% interest on 2459. im fine with that. But i'm not FINE is when i get charged Interest on unbilled future transactions too after 3rd Feb. WTF? what ever happened to the highly advertised 50 days Interest-free period???
Instead of me getting charged 73.77rs i got charged an interest of 273.98rs plus taxes. extra 200.21rs. Almost 3 times my actual interest. WTF??
So what do you guys think?? Is this Fraud by HDFC??? what sort of fucking bank policy is it that if a customer doesnt repay the full amount due within the stipulated time frame, the Bank will be legally right to forget about the entire 50 day grace period and in fact be able to go renegade and start charging interests on any unbilled amounts too!!!! Like hell and dammnation, you are not even billed but you have to start paying interest??? In my humble opinion this is utter Bullshit and HDFC is not only cheating the gullible public who doesnt bother checking their bills, they are misleading conning the public too by advertising 50 days grace period and implying that the customer will be getting the 50 day grace period. When in fact the 50 day grace period is applicable only if you are consistently repaying All you due amount within the due date then you are inviting the devil to start charging you interest immediately as soon as you swipe the f$$% credit card.
so will advise to 1) Cancel your credit card. 2) repay full amount within the due date. 3) Curse HDFC and hope they all die from STDs. ok. cancel no. 3 I was just venting my anger. HA! I will be praying for that but hey, it's your choice whether you wanna be a meanie like me but meawhile take a careful look at your credit card bills because trust me, i think you have been cheated too.
No wonder these Bankers, get so many Bonuses per year!!! i am goin to go do some "da xiao ren" on HDFC! which is nothing but a Chinese custom making paper doll, writing the person you wanna defeat and beat the shit out of it!!! (very very popular in HK) Preferably with my most dirtiest slippers. >_<
HAHA.... i had fun. of course HDFC is not alone in this matter. All banks at any given point engage in such underhand tatics to fool gullible people - like ME, into parting ways with their monies. That's how they show a healthy profit margin. =_=
FYI: it's cheaper to get money from a booker than it is from a Bank. of course, not that im advising you to do the same... it's just.... you know.... for you infor.... T__T
but the best is....