Don’t charge late fees for credit cards: BB

Bangladesh Bank has asked lenders not to impose any late payment fees on credit cardholders, who are finding it difficult to clear the bills due to the ongoing movement restriction and short banking hours.

Commercial banks generally impose a fine ranging from 14% to 30% on credit card bills for of instalment delay. 

Considering the ongoing crisis, the central bank has ordered the banks not to charge any fine from March 15 to May 31, reads a BB circular issued on Wednesday.

A credit card client has the opportunity to pay the credited amount to the respective bank in 45 days without interest. But after 45 days, the banks charge a fine which increases at a compound rate.

According to the BB circular, some banks are imposing a fine on the unpaid credit card bills.

These banks have been asked to refund clients who paid late payment fees on credit card bills after March 15.

/at/teb