Credit Card: Big decision of Supreme Court on credit card, if you also use it then read this news quickly.

Supreme Court Decision On Credit Card: If you also use credit card then it is very important for you to read this news. The Supreme Court has given a big decision on credit cards, after knowing which you will be shocked as well as disappointed. The Supreme Court has today canceled the NCDRC's decision to cap the interest on credit card outstanding at 30%. After this, if you do not pay the credit card on time, you may have to pay heavy interest. A detailed copy of the judgment is awaited.

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In fact, in 2008, NCDRC had strongly criticized banks for charging interest rates between 36 percent and 49 percent on credit card dues. The consumer forum had held that the Reserve Bank of India (RBI) had failed to regulate this practice. Now the Supreme Court on Friday struck down the 2008 decision of the National Consumer Disputes Redressal Commission (NCDRC), which had said that charging more than 30 per cent interest on bank credit card outstanding would amount to unfair trade practice.

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On Friday, a bench of Justice Bela Trivedi and Justice Satish Chandra Sharma, while giving its verdict in the HSBC vs Awaaz Foundation case, said that in view of the foregoing reasons, the decision of NCDRC is set aside.

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NCDRC stressed the need for regulatory oversight to prevent financial institutions from charging excessive interest rates, which could lead to consumer exploitation. It highlighted that in a welfare state, financial institutions should not be allowed to exploit the financial vulnerabilities of consumers. The Commission also pointed out that although some states had laws preventing moneylenders from charging more than a particular interest rate, there was no such regulation for banks and non-banking financial companies (NBFCs) at the national level.

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NCDRC had said in the instructions

• It is an unfair business practice for banks to charge interest at the rate of more than 30 per cent per annum from credit card holders for failure to make full payment on the due date or to pay the minimum due amount.
• Penal interest for a period of default can be charged only once and will not be capitalized.
• Charging interest along with monthly leave is also an unfair business practice.
• Banks are therefore directed not to indulge in or repeat the above unfair trade practices.

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