Think twice before availing RBI moratorium on your credit card dues

Opt to pay the minimum amount due instead of availing the moratorium
  • The RBI has given banks the option to defer the dues of credit card customers from March 1 till May 31, 2020.
  • Interest rates on outstanding dues are in the range of 40-42 per cent.
  • Deferring payment of dues could mean a massive outstanding by the time the payment starts in June. 
  • If you opt for a moratorium on one card, it will apply to add-on cards also (in case of some banks). So, interest payout will rise.
  • Opt to pay the minimum amount due instead of availing the moratorium.  




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