Beware of NDB credit card balance transfer program. They say its just .09% per month interest. But the loophole is they don't reduce the interest based on capital.If the monthly rate is 0.9% annual rate should be 10.8% but they cheat and charge 19%. For example 100,000 X 3 years repayment is Rs 3600 per month. If the interest rate is 10.8% it should be Rs 3265. Don't get fooled by false advertisements. These blood sucking banks should be sued !!
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NDB Bank Scam
- Thread starter wordpress
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I think the rate is correct. I calculated that and it gave me 3677.78 per month. What's the wrong in their calculation.
If its 0.9% per month then annual rate is 10.8 % . Do your magic here https://www.ndbbank.com/calculators/loan-calculator and see..
This is a loan calculator which is used to calculate mortgages. Same theory doesn't apply with credit cards. It's same for every credit card. Until you settle the full amount, the interest is charged on the principal. NDB has nothing to do with it. (Assuming you are referring to Balance Transfer program.)
But basically balance transfer is like a loan. Even the rate they gave prior applying was not that. It was 3300 something. But all of a sudden they inform a higher rate after applying. So obviously its a Scam. . They should clearly mention 19% P.A rate. Otherwise simply a scam !
If they said a different sum at first and if they change that once you get into agreement, that is wrong. I've converted few purchases to installment plans from HSBC, NDB and SAMPATH. All the banks charged me in same manner. (Simply the interest was calculated by the basic amount into number of months. p.m. ) I think balance transfer should be the same.
As far as I know NDB is giving the lowest rate for Balance Transfers. Correct me if I'm wrong.
Even I thought NDB was great. I got offer a personal loan from another bank at 16% which I declined thinking NDB rate was 0.9% (10.8% per month) But now only found actual rate is 19%.
Best transfer I think is from Union bank or standard chartered. They tell the chargers clearly. They all charge one of payment of 7%-11% but NDB hide this and trick customers. Anyway now submitting to ombudsman.
Best transfer I think is from Union bank or standard chartered. They tell the chargers clearly. They all charge one of payment of 7%-11% but NDB hide this and trick customers. Anyway now submitting to ombudsman.
Yes, As far as I know ,getting a bank loan and settle CC balance is much better than CC balance transfer and minimum payments.
Yes, but the thing is if your CC is default due to non payment of installments and minimum balances, banks won't approve the loans as the CC owner is blacklisted at CRIB. That's why Credit Transfers are popular among CC users.
Balance transfer is a great service that should benefit customers.. But here in Sri Lanka as usual it has become a blood sucking business. In UK you just have to pay 3% one time processing fee for 2 years.
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