Credit Card Dues

Querist : Anonymous (Querist) 21 November 2010 This query is : Resolved
what is the limitation for amount due on credit cards.
By what length of time the amount cannot be recovered by banks issuing credit cards

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R.Ramachandran (Expert) 21 November 2010
Credit card transactions is a continuous transaction. If the credit card is cancelled, then the period of limitation would be 3 years from the date of such cancellation of the credit card. The limitation on the credit card is not based on the dates of transactions.

Devajyoti Barman (Expert) 21 November 2010
The lmitation is 3 years from the date when the debt first accrues unless acknowledged by the borrower on a later date.