If you are holding an ICICI Bank or ABN Amro Credit Card, then it is time for you to check on your APR [Annual percentage Rate] or Interet Rate. ICICI Bank thinks that an APR of 2.5% per month is too low and has not been revised in the past 3 years. They cite that housing loans have gone up by 3%-4% and hence revision of APR on credit cards is a must. Good Grief!!! Housing Loan rates were as low as 0.65% per month and not 2.5% per month. Whom are you kidding with Mr. Sachin Kahndelwal [ICICI CC Business head] ?
Anyway, if you are a consumer trapped by this third rate Bank [ICICI] then kindly check if your APR has been revised or not because they won’t tell you and just give you a surprise in your credit card bill. The revised rates now stand at 3%- 3.25% per month on most ICICI Credit Cards.
ABN Amro India has revised interest rates on their credit cards as well depending on their customer profile and the hike can be anywhere between 1% to 3% upwards from your existing rates.
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