CBQ Credit Card
Just experienced a bad incident with my CBQ credit card. I use my visa credit card very often. but i make sure i pay all the balance every month (online) to prevent for incurring interest. last month however, i made an error in making my payment. it was short by QR 0.02. i tried to pay the remaining 0.02 but the system does not accept payments below QR 100. so i did not pay the remaining 0.02 thinking that the interest for such a small amount would be insignificantly small.
by the end of the month, i was charged QR 128.88 for remaining balance charges (interest). so i complained though CBQ website. received a reply the next day but i was not satisfied with their answer. i exchanged emails with them until they called me later that day. they told me that it doesn't matter if you have QR 1 or QR 10,000 remaining. as long as they do not receive the full balance, they will charge interest for the whole amount. i told them that was ridiculous and unacceptable. but they told me that it was the same for all banks here in qatar and it is as per international standards. what a crock of S***!
you're right. my bad. just realized my mistake.
I got screwed once like this too, much bigger amount as well. Learnt only from my mistake :)
Unfortunately Philippines is not taken as a benchmark by the banking industry.
Have used banks in 4 countries, same everywhere and since I am guessing banks like HSBC, Stan C, Citibank have standardized practices across the world, I think it's the same everywhere else.
Suck it up.
usual banking practice? maybe here in Qatar. but not elsewhere. not in my home country at least.
It is usual banking practice not a crock of s***.
Banks do not make any money if you pay your outstanding in full every month...so you give them a chance and they'll take it :-) That is business..
Common guys bank is a money maker business..if you dont want any headache, stay away from your credit cards.
Guys, I had the same problem with another Bank but they reversed it for me after a long fight. I even threatened them that I will cancel the credit card and close my account with them. I used the card in India and there was a balance of 97 rupees for which they charged me an interest of Qr. 128. Fortunatley for me they did not show it on the statement which gave me advantage to fight.
I guess QAR 100 is the finance charge which unfortunately most banks in the middle east charge if you do not pay your full outstanding - whether it is 1 or 1000. The QAR 28 would be the interest.
I'm surprised that the system did not allow you to pay extra - it always allows me to pay any amount.
Go to their customer service and explain yourself. Perhaps they would reverse the finance charge for the sake of keeping a customer. All the best. Next time round up your payment - paying a couple of riyals over the o/s is no harm either
you could've paid the QR100 additional minimum, you would not loose any money for over payment.
Balderick - You have that option with most Credit cards me think..
U cant escape the credit shield for the direct debit 100% option listen to what you are saying guys
If you have a debit balance after your payment, it doesn't matter how small it is, you will be charged interest on it PLUS on whatever purchases you make during the month. (the interest charged on an average of your daily balances during the month).
If you've been charged that much interest, that probably means you've used your card quite a lot during the month.
Agree 100 %!
but if you pay OTC, it's useless to have a card!
With CBQ you have the option that they will automatically take the FULL amount every month without you having to lift a finger.
Is there Ombudsman in Qatar? I doubt...
flor..what so funny in paying it all the next month to avoid interest?
Cancel the card ,thats what i would do not pay the interest and take them to court for the same you are bound to win take your statments along.
DO NOT PAY FOR things if it was 0.2 i worked in the UAE if an OS of less than a dhiram was there we would reverse the charge.
I have a similar issue they refuse to cancell my CS but i worked with credit cards so they dont know why they are messing with I pay the amount before the bill is made i get the point and dont pay a penny xtra.
Lolz
what nonsense... QR.128 interest for .02 riayls?
All these banks S*** big time!!
it will reflect as credit. You admitted the mistake (although in very small amount). But its your mistake.
What is funny is, why use it and pay everything, what for ........only?