[Resolved]  Standard Chartered Credit Card — Unethical (probably illegal as well) charges charged

Address:

Ghaziabad, Uttar Pradesh

Hi,

I have got Standard Chartered Manhattan credit card with me.

Last month i had done purchasing of Rs 43700/- using this card and the due date for which was 16th June 2010. I made a payment of Rs 40000/- wel before the due date but while paying Rs 4700/-, i missed the due date. So logically/ethically/legally, Standard Chartered should have charged me interest only on Rs 4700/- but to my surprise, they have charged me interest of Rs 1367/- on whole amount (i.e. 43700/-) .
When i called at their customer care, they said that this is the only procedure of calculation of interest. But my question is why should i pay interest on the amount which i had paid on time i.e. Rs 40000/-?

Rohit
[protected]@gmail.com