| Credit Card interest rates to come down if you pay annual charges |
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| Written by Site Administrator |
| Wednesday, 21 October 2009 09:47 |
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State Bank of India, the second largest Credit Card provider in India is offering cheaper interest rates to credit card consumers if they opt to pay annual charges. The existing 3-odd% per month will come down if you pay an annual fee of anything between Rs.500 to Rs. 1500. Tha Bank has already stopped issuing free Credit Cards to consumers. All new credit card now come under the compulsory annual charge bracket at cheaper interest rates. A spokesperson from the Bank mentioned that this initiative is mutually benefitial and would also limit the number of cross subscribers of Credit Cards. They said if a sizeable number of existing credit card holders opt for this new initiative then there is a chance that all credit cards may be put under this initiative making annual charges compulsory thereafter for all SBI Credit Card holders. As we all know, SBI has ventured into credit cards in a big way and now has 30 lakh subscribers. It is adding 30,000 new consumers every month. So, in the futre, credit cards are not going to come for free. What is more, there is a risk that your existing credit cards may also become chareable for annual charges soon. Comments (0) |