BOC Bank Credit Card Charges And How They Are Calculated

Unsure of which credit card option would suit you best? Weigh out your options by having a look at what the BOC Bank Credit Card option has to offer you.

Here’s a quick guide on the financial factor that you should take into consideration if you are planning on applying for a BOC credit card or even if you already have one and are unsure of the BOC Bank Credit Card charges.

What is a ‘finance charge’?

It is a fee charged on the balance that has been carried forward beyond the actual payment date.

If your BOC Bank Credit Card charges are not paid on time, you will be penalized for late payment. However, BOC Bank Credit Card charges can be avoided by paying your balance before the stipulated date. If you ensure your charges are paid you could save your valuable savings from being drained out.

Understand BOC Bank Credit Card charges – When and How it is levied

Interest Fee (27% per annum)

  1. Firstly, if you pay a portion of the due payment before/on or after the due date
  2. Secondly, if you make a minimum payment before/ on or after the due date
  3. Thirdly, for cash advances, interest will be charged from the date of withdrawal until the card balance is settled.

If you possess a BOC Credit Card you will receive a statement every month from BOC and it is up to you to ensure that you settle your dues within 22 days from the date specified on your statement. You can revel in interest-free credit period of a minimum of 22 days and a maximum limit of 52 days.

Late Payment Fee

The standard BOC Bank Credit Card late payment fee is Rs.750/-. If the minimum amount is not paid on the due date this charge will have to be incurred by you. The due date is stated in the monthly statement.

Over Limit Fee

BOC sets their over limit fee at Rs.600/-. This will be charged if you go beyond the limit allocated therefore this can occur at any stage during the statement cycle.

Cash Advance Fee

You are liable to pay 3.5% for every minimum Rs.300/- as a cash advance fee charge. On cash advances, interest will be charged from the date of withdrawal to the date of payment.

An amount greater than 5% of the total on your statement or a minimum of Rs.500/ has to be paid. If the sum owed is less than Rs.500/- the complete amount has to be settled by you.

Stamp duty

A Government stamp duty of 2.5% will be applicable for all international transactions made by you when traveling overseas. The charges would be added to your relevant billing cycle the transaction was carried out in.

BOC Bank Financial Statement

Cash Advance or Cash Withdrawal Financial Statement

How the interest fee is levied if you have made payments in full before the due date. This also considers taking a cash advance or withdrawal along with a purchase made. The interest will then be calculated by taking the balance outstanding into consideration.

Statement Details
Statement Date 31.06.2018
Statement Period 01.06.2018 to 30.06.2018
Date Description Amount
01.06.2018 Opening Balance Rs 0.00
14.06.2018 Purchase Rs 5,000.00
20.06.2018 Cash Advance Rs 10,000.00
20.06.2018 Cash Advance Fee Rs 350.00
30.06.2018 Debit Interest Rs 82.50
30.06.2018 Closing Balance Rs 15,432.50
Minimum Amount Due 771.62
Due Date 22.07.2018

Interest Calculation (Interest rate 27% per anum)

From Date To Date Balance Outstanding Time Period Interest Calculation Interest
20.06.2018 30.06.2018 10,000.00 11 Days 10000*0.27*11/360 82.50
Total Interest 82.50

Financial charges for partial payment.

Statement Details
Statement Date 31.07.2018
Statement Period 01.07.2018 to 31.07.2018
Date Description Amount
01.07.2018 Opening Balance Rs 15,432.50
22.12.2018 Payment 5,000.00 CR
29.07.2018 Debit Interest Rs 309.73
31.07.2018 Closing Balance Rs 10,742.23
Minimum Amount Due 537.11
Due Date 22.08.2018

Interest Calculation (Interest rate 27% per anum)

From Date To Date Balance Outstanding Time Period Interest Calculation Interest
30.06.2018 21.07.2018 5,000.00 22 Days 5000*0.27*22/360 82.50
01.07.2018 21.07.2018 10,000.00 21 Days 10000*0.27*21/360 157.50
22.07.2018 31.07.2018 10,000.00 22 Days 10000*0.27*10/360 75.00
30.06.2018 31.07.2018 432.50 32 Days 432.50*0.27*32/360 10.38
Total Interest 325.38

Full payment on or before the due date mentioned in your monthly statement

Statement Details
Statement Date 31.07.2018
Statement Period 01.07.2018 to 31.07.2018
Date Description Amount
01.07.2018 Opening Balance Rs 15,432.50
22.12.2018 Payment 15,432.50 CR
29.07.2018 Debit Interest Rs 157.50
31.07.2018 Closing Balance Rs 157.50
Minimum Amount Due 500.00
Due Date 22.08.2018

Interest Calculation (Interest rate 27% per anum)

From Date To Date Balance Outstanding Time Period Interest Calculation Interest
01.07.2018 21.07.2018 10,000.00 21 Days 10000*0.27*21/360 157.50
Total Interest 157.50

For BOC Bank Credit Card charges, there are plethoras of ways you can be penalized if you are accountable for it. Late payment if the amount hasn’t been paid on time. Over-limit fees if you go over your credit card limit and so on.

Safeguard your savings by circumnavigating these expenses by making certain that prompt payment is carried out for outstanding dues.

Arwa Munnaverali

Arwa is a part-time freelance writer and a pursuer of Human Resource Management. When she is not busy being occupied with switching between the two, she is a professional binge eater, avid reader and a lover of long naps.

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