Supreme Court removes 30% interest rate limit on late credit card payments

Supreme Court removes 30% interest rate limit on late credit card payments

The Supreme Court has set aside a National Consumer Disputes Redressal Commission's (NCDRC) 2008 decision through which it barred commercial banks from implementing an interest rate of more than 30% per year on late credit card payments. This means that now charging interest rates of over 30% per year on late payments won't be counted as an unfair trade practice.