Some credit card holders are confused about interest for late payment as they received text notification from their banks for repayment in the first week of this month after the announcement of late fee waiver until June due to the coronavirus outbreak.
According to bdnews24.com, some customers said they received notification that they will not need to pay any late fees, but they are confused about the interest.
They said the central bank waiver will not come in handy if they need to pay in time to avoid being charged for interest.
One of them, “Hasan”, said he was depending on his credit card for shopping online amid the lockdown as he fears infection if he goes out to the crowded marketplaces.
“I’ve requested my landlord to wait for the rent until the banks start operating normally. But it will be a problem if I need to pay interest. Can it be called a waiver? The question of waiving late fee doesn’t arise if I have to pay in time,” he said.
Krishna Kanti Dutta, an executive’ with a private firm, has credit cards of two private banks.
He said one bank notified him about the waiver of the late fee for this month while another bank said it would charge fines for delay in repayment until May 31.
Officials of at least two private banks said, “They have implemented the instruction of Bangladesh Bank on waiver of fines, but interest will continue.”
“There is no scope of [waiving interest]. And the circular [of Bangladesh Bank] did not mention anything on interest either,” they said.
“They will start charging interest after the deadline for repayment ends. The interests of a month will add up to the credit and interest will be charged on the whole amount from the next month,” the bank officials said.
