Credit card payment

Sushil Karpe (Querist) 22 November 2012 This query is : Resolved
Dear Team,

Request your advise for the below..

I avail a credit card.. I wan't to know the payment options described below irrespective from the bank it is availed:

1. What r the payment options for payment of the credit card if the card holder is not in a financial position to pay the full bill amount?
2. what is the process for requesting the bank to reduce the amount?
3. Any specific format of the letter?
4. Please help the best possible wayout for the same.

Regards,
Sushil Karpe

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V R SHROFF (Expert) 22 November 2012
Bank specify conditions clearly, It differ bank to bank , & its schemes, Best option to consult bank authority.

R.K Nanda (Expert) 22 November 2012
contact bank officials.

prabhakar singh (Expert) 22 November 2012
Go in touch of the bank as it is their individual competing practice differing from each other.

Raj Kumar Makkad (Expert) 23 November 2012
The queries raised by you are not meant for legal comminity but to you and your banker. Obtain the copy of that agreement upon which you had signed and had given to your banker. The reply is contained there.

Guest (Expert) 23 November 2012
Your query relates to procedure, not as a legal problem until the bank acts beyond the terms and conditions of the agreement signed by you on the credit card application. Solution depends solely on bank's cooperation with you to act with respect to your financial problem.

ajay sethi (Expert) 23 November 2012
your credit card staement forwarded to you by the bank would contain details as to the due date of bill , amount payable , minmum amount payable . further it would also mention interest payable . in case of delay . generally interest rate is 3%per month ie 36%per annum .