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Author: Munish Aggarwal writes on a variety of  topics including finance, technology, edication, travel to name a few. The articles are well researched and written in simple language for easy comprehension by the layman.

Meaning for Fin Charge

Sir,
I am Using SBI Credit card more than five years now i am getting sbi credit card statement with FIN CHARGE ON RETAIL(GST 39.19). Please let me know what is meaning of FIN CHARGE.

S.Nagalinga,
nagaprathul@yahoo.co.in

email

2 comments to Meaning for Fin Charge

  • Finance Charges are the charges levied and payable at the monthly percentage rate on all transactions done by the card holder from the date of transaction in the event of the Cardholder choosing not to pay his balance in full, and on all cash advances taken by him, till they are paid back. Card Interest Rate will be based on the Card holder’s usage and payment patterns and is subject to periodic review. The rate of finance charges may increase to a maximum of 3.35% per month [40.2% per annum] from the transaction date. Finance charges, if payable, are subject to levy of Service Taxes and are debited to the Card holder’s account till the outstanding on the card is paid in full.

    for more info with examples visit the link below in fees and section:-
    http://www.sbicard.com/header_footer_pages/most_important_terms__conditions_0_011914.html

  • Definition of ‘Fin Charge’
    A fee charged for the use of credit or the extension of existing credit. May be a flat fee or a percentage of borrowings, with percentage-based finance charges being the most common.

    A fin charge is often an aggregated cost, including the cost of the carrying the debt itself along with any related transaction fees, account maintenance fees or late fees charged by the lender.

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