I have purchased television set for Rs 31,500 from Jumbo Electronics as on 12th of October 2013 under scheme of payment by using credit card of Axis bank at 6 EMI at 0% rate of interest. Once i got credit card statement i found that Axis bank has charged me interest over Rs 31,900 because that particular transaction has not been converted into 6 EMI scheme so i approached to merchant then he told me that he has swiped my credit card by using ICICI card machine, slip that generates by swiping credit card shows 6 EMI and ICICI bank has charged merchant 5.5% of transaction because it is under 0% EMI scheme. Then he spoke with ICICI bank and he came to know that 0% rate of interest EMI scheme has been withdrawn by RBI from 1st October 2013 but communication in respect of that particular directive has not been conveyed by ICICI bank to that merchant so that’s why my transaction has not been converted int o that 6 EMI scheme.

Axis bank has charged me interest of Rs 1,478 in my November credit card statement and they will charge more in future upto the date of full payment for that transaction i.e 7th December 2013.

In this entire transaction merchant or ICICI bank are parties at fault so both of them are liable to pay that particular interest on entire transaction to Axis bank. As a consumer why should i pay interest? So at the end what i want is reversal on interest charge on credit card by Axis bank.

Complainant Information
name- kapilbehere