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chatugakgb chatugakgb is offline
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Angry commercial bank credit card - 01-08-2019, 04:38 PM

bros i have a question. my opening balance is rs 15949. i paid rs 14000 + auto pay rs 797 before due date 28th last month. and i have been charged rs 362 as interest charge. does anyone know how this interest charge works? thanks
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01-08-2019, 04:40 PM

Why don't you ask from the bank
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01-08-2019, 05:11 PM

If you don’t pay the full amount in due date, the interest is calculated to the whole opening balance. Not the remaining balance. But by paying the minimum pay amount, you can avoid the additional fine.
So in your case since usual monthly interest is around 2.3%
15949*2.3/100
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01-09-2019, 12:29 PM

bp
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01-09-2019, 12:36 PM

Quote:
Originally Posted by chatugakgb View Post
bros i have a question. my opening balance is rs 15949. i paid rs 14000 + auto pay rs 797 before due date 28th last month. and i have been charged rs 362 as interest charge. does anyone know how this interest charge works? thanks
This is from HSBC FAQ, Same scene for COM Bank too.

How is finance charges calculated?
If you've not settled the total closing balance by the Payment Due Date, the total Closing Balance on the Statement Date shall attract a Finance Charge, calculated daily on each card Transaction from the original date of the transaction until the date on which the total Closing Balance is settled, at a rate to be determined by the Bank. The Finance Charge shall be debited to the Card Account on the subsequent Statement Date.

Transaction Date Narration Amount
1 December 2017 Opening balance Rs150,000.00
10 December 2017 Purchase Rs10,000.00
20 December 2017 Purchase Rs25,000.00
1 January 2018 Closing Balance Rs185,000.00
10 January 2018 Payment made Rs20,000.00
22 January 2018 Payment made Rs15,000.00

Scenario 1: Calculation of interest applicable when a partial payment is made

Interest will be calculated as follows:
Interest calculation for the transactions:
a) Rs.10,000.00 X 2.33% X 12/365 X 23 days (10 December 2017 - 1 January 2018) = Rs.176.44
b) Rs.25,000.00 X 2.33% X 12/365 X 13 days (20 December 2017 - 1 January 2018) = Rs.249.32
Interest Component 1 = (a + b) Rs.425.76
Interest calculation for the statement outstanding balance:
c) Rs.185,000.00 X 2.33% X 12/365 X 8 days (2 January - 9 January) = Rs.1,135.34
Interest Component 2 = Rs.1,135.34
Interest calculation for the period after the payments was made up to the next statement date:
d) Rs.165,000.00 (Rs.185,000.00 - Rs.20,000.00) X 2.33% X 12/365 X 12 days (10 January -21 January) = Rs2,911.23
e) Rs.150,000.00 (Rs.165,000.00 - Rs.15,000.00) x 2.33% X 12/365 X 11 days (22 January - 1 February) = Rs.1,495.89
Interest Component 3 = (d +e) Rs.4,407.12
Total interest = Interest 1 + Interest 2 + Interest 3 =425.76+1,135.34+4,407.12 = 5,968.22



Scenario 2: Calculation of interest applicable for cash advances, when the Minimum Payment is made

Customer pays the Minimum Payment Due (Rs.7416.00 - 4% from the outstanding balance as at 1 January) on the due date (22 January) as stated above. Also consider that the 10 December 2017 transaction as a cash advance Rs10,400.00 (Total amount Rs10,000.00X4% (400) Cash advance fee = Rs10400.00)

Interest will be calculated as follows:
Interest calculation for the transactions:
a) Rs.10,400.00 X 2.33% X 12/365 X 23 days (10 December - 1 January) = Rs.183.50 (Cash advance)
b) Rs.25,000.00 X 2.33% X 12/365 X 13 days (20 December - 1 January) = Rs.249.32
Interest Component 1 = (a + b) Rs.432.82
Interest calculation for the statement outstanding balance:
c) Rs.10,400.00 X 2.33% X 12/365 X 20 days (2 January - 21 January) = Rs.159.56 (Cash advance)
d) Rs.175,000.00 X 2.33% X 12/365 X 20 days (2 January - 21 January) = Rs.2,684.93 (Purchases + Opening balance as at 1 January
Interest Component 2 = (c + d) Rs.2,844.49
Interest calculation for the period after the first payment on 22 January up to the next statement date:
e) Rs.2984.00 (Rs.10,400.00 - Rs.7416.00) 2.33% X 12/365 X 11 days (22 January - 1 February) = Rs.25.18 (Cash advance)
f) Rs.175,000.00 x 2.33% X 12/365 X 11 days (22 January - 1 February) = Rs.1,476.71 (Purchases + Opening balance as at 2 February)
Interest Component 3 = (e + f) Rs.1,501.89
Total interest = Interest 1 + Interest 2 + Interest 3 = 432.82+2,844.49+1,501.89=4,779.20



Scenario 3: Calculation of interest when the payment is made after the due date

Customer pays Rs.10,000.00 of the outstanding balance on 24 January (payment due date as per the example is 22 January).

Note: If the Minimum Payment is not paid on or before the due date, the credit card Account will be levied with a Late Payment Fee of Rs.990.00 along with interest.

Interest will be calculated as follows:
Interest calculation for the transactions:
a) Rs.10,400.00 X 2.33% X 12/365 X 23 days (10 December - 1 January) = Rs.183.50 (Cash advance)
b) Rs.25,000.00 X 2.33% X 12/365 X 13 days (20 December - 1 January) = Rs.249.32
Interest Component 1 = (a + b) Rs.432.82
Interest calculation for the statement outstanding balance:
c) Rs.10,400.00 X 2.33% X 12/365 X 22 days (2 January - 23 January) = Rs.175.52 (Cash advance)
d) Rs.175,000.00 X 2.33% X 12/365 X 22 days (2 January - 23 January) = Rs.2,953.42 (Purchases + Opening balance as at 1 January)
Interest Component 2 = (c + d) Rs.3,128.94
Interest calculation for the period after the first payment on 24 February up to the next statement date:
e)Rs.400.00 (Rs.10,400.00 - Rs.10,000.00) X 2.33% X 12/365 X 9 days (24 January - 1 February) = Rs.2.76 (Cash advance))
f)Rs.175,000.00 x 2.33% X 12/365 X 9 days (24 January - 1 February) = Rs.1208.22 (Purchases + Opening balance as at 1 January)
Interest Component 3 = (e + f) Rs.1210.98
Total interest = Interest 1 + Interest 2 + Interest 3 + Late Payment Fee 990.00 = 432.82+3128.94+1210.98 + 990 (Late Payment Fee) = 5,762.74

Ref : https://www.hsbc.lk/1/2/personal/cre...edit-cards-faq
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08-05-2019, 03:11 PM

how to increase the credit limit or how can we request to do so?
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08-05-2019, 03:16 PM

Quote:
Originally Posted by Kasun0 View Post
how to increase the credit limit or how can we request to do so?
If your income level has gone up or you have started few FDs in the bank, you can request the bank (by mentioning that)to increase the Credit Limit to your desired level machg.
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08-05-2019, 03:17 PM

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08-05-2019, 03:19 PM

Quote:
Originally Posted by chatugakgb View Post
bros i have a question. my opening balance is rs 15949. i paid rs 14000 + auto pay rs 797 before due date 28th last month. and i have been charged rs 362 as interest charge. does anyone know how this interest charge works? thanks
machg Have u performed a (One) transaction over Rs.15000 during the last month?
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08-05-2019, 04:16 PM

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