Credit card rate cut ?

Burpy · 1 Credit card rate cut ? Wed Jun 19, 2013 1:26 pm

Burpy

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Which bank is mostly effected by interest rate ceiling for credit cards ? NTB has 10% its loan book in credit cards! scratch

Arena · 2 Re: Credit card rate cut ? Wed Jun 19, 2013 1:44 pm

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Is There a ceiling and what is the No. 28% currently ne ?

smalta · 3 Re: Credit card rate cut ? Wed Jun 19, 2013 1:52 pm

smalta

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i heard from my friend it will come around 24% or some what

Gaja · 4 Re: Credit card rate cut ? Wed Jun 19, 2013 2:11 pm

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NTB yesterday reduce the Variable loans rates by little around 1.5%, and recently deposits rate by 3%

Arena · 5 Re: Credit card rate cut ? Wed Jun 19, 2013 4:02 pm

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NTB has reduced my total Loan installments (Variable) from 60 to 59 due to the interest rate cut. That is the way they adjust it.

I cant figure out what the calculation they did. If any body can explain plz do ...

kas · 6 Re: Credit card rate cut ? Wed Jun 19, 2013 9:05 pm

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When the rates are going up they have increased the number of rentals to be paid instead of increasing the amount paid as installment (keeping installment fixed) Now when the rates are coming down the they have reduced those installments.

smallville · 7 Re: Credit card rate cut ? Thu Jun 20, 2013 7:53 am

smallville

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CB has pressurized all the banks to cut CC rates from 28% to 24%, it was on the news a week ago. The idea was to keep the inflation below 9%.

Arena,
NTB was the highest in lending rates imo..

hariesha · 8 Re: Credit card rate cut ? Thu Jun 20, 2013 10:34 am

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But they are the first to adjust CC interest rates. They are charging 22.5% for the Master Card.

Arena · 9 Re: Credit card rate cut ? Thu Jun 20, 2013 10:49 am

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NTB offered me the best banking experience evr.

Call center is very good and no need to wait.
Loan of 15 x of my salary. Even i dint go to the bank once.
Interest was at 19.25 Floating when other banks were offering more, 3 months ago.
No personal guarantees at all.

Now I cancel my previous Credit card and opened a new one with NTB..........If there is a lease i will probably go for NTB again

This is how they capture the mkt slowly. Just give one loan at lower rate......................

Gaja · 10 Re: Credit card rate cut ? Thu Jun 20, 2013 3:12 pm

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Someone told me NTB will go ahead with the Master's Card and Amex might be changed to another Listed Bank, any idea from the Banking sector friends?

SL.Market · 11 Re: Credit card rate cut ? Thu Jun 20, 2013 3:22 pm

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Please don't pay any interest for CC transactions. Only spend for the amount you can settle. I feel that it is very stupid thing is paying interest for the credit cards.

Gaja · 12 Re: Credit card rate cut ? Thu Jun 20, 2013 3:25 pm

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SL.Market wrote:Please don't pay any interest for CC transactions. Only spend for the amount you can settle. I feel that it is very stupid thing is paying interest for the credit cards.

Agreed Friend, if you use the credit cards effectively u will win, if the credit limit is big u can even take a loan on CC and Put it to FD at higher rates if you have ability to repay monthly

suddera · 13 Re: Credit card rate cut ? Thu Jun 20, 2013 8:00 pm

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Gaja wrote:Someone told me NTB will go ahead with the Master's Card and Amex might be changed to another Listed Bank, any idea from the Banking sector friends?

Yes, NTB's monopoly is over and another listed bank has obtained license to issue Amex cards in SL.

@SL.Market
I completely agree with you. also banks gain more commission on CC transactions than overdue interest from their issued CCs.