After a long time, got a reason to start blogging again. In a way, good that I will get into the habit of writing again. Continuation to my old blog: http://yogeshat.blogspot.com
Anyways, this time, it is to bring out the loot that the bank BARCLAYS makes when you have a relation with them. I have been having a relation with Barclays for more than 2 years now and all was fine. I had a loan from them which I switched to SCB since they were giving a better rate of interest. Little did I realize that I should also be closing the credit card.
In the last month (December 2011), I made some purchases of 18,000+ AED and I was supposed to make the payment of it in the 2nd week of Jan'2012. Unfortunately, I couldn't make the entire payment of it and hence made a payment of only 16,000+ AED and was ready to pay the interest for the balance 2,000+. What I see is that when I get the statement of the next month, I am charged the interest for the entire 18,000+ and not just for what I have not paid.
From any general market logic, the interest is always charged only on the balance amount and not on the entire amount. To this, the answer from the representative is that this is the policy... My question: There are so many free cards available in the market... do, we read rules and regulations of each and every card... apart from this, there are certain rules which are applicable to everybody 'Interest to be charged only on the balance amount'. Moreover, these policy booklets come with a disclaimer: Policies are subject to change as per bank's discretion.
I have a card from SCB and there have been instances where I could not pay the entire amount but the interest that was charged to me in the subsequent month was only for the amount that I did not pay and not for the entire purchased amount.
Moral: Please stay away from BARCLAYS and ensure that your near and dear ones come to know of this loot in the open that this bank does SHAMELESSLY.
