s.c on credit cards

advocate satya (Querist) 24 February 2009 This query is : Resolved
hi all
recently the hon;ble supreme court has given a verdict on credit cards company to charge the rate of intrest as they like, uncapping the national commission judgement to charge 18 percent p.a,
i want to know is this is final order or interim order and is petttion for review is going to be filed
i want to know the view of all my friend about the arbitrary charging of intrest by credit cards companys.

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PALNITKAR V.V. (Expert) 24 February 2009
Since the transactions are mostly of commerical nature, interest at commercial rate is permissible under sec. 34 of the CPC.

Manish Singh (Expert) 25 February 2009
as far as I remember the ruling says that th banks can charge only upto 49% interest on credit card transactions with due reson that those credits are given without any security. i find it a reasoned decision since if you are availing the credit card services then you willingly spend any amount, without any scutity in favour of bank, which needs to be paid backk to the bank withn a stipulated time and if not paid within time, we must be imposed with interest for smooth functioning of banks.