Supreme Court Lifts 30% Cap on Credit Card Interest Rates
Posted on: 21/Dec/2024 1:52:45 PM
In a landmark ruling, the Supreme Court has removed the 30% annual cap on credit card interest rates set by the NCDRC in 2008, allowing banks to charge higher rates based on market conditions.
This decision, delivered by a bench of Justices Bela Trivedi and Satish Chandra Sharma, enables banks to determine interest rates to cover operational costs, risks, and the unsecured nature of credit cards.
Experts warn that this could lead to higher financial burdens for consumers. Cardholders are advised to prioritize timely payments to avoid steep interest rates and potential debt traps.
