Credit Card Moratorium Option
Credit card users got huge shock from the banks. After the announcement of moratorium Option to credit cards, EMI’s, Personal loans by RBI due to lockdown many people got relaxation. However, the same option has now given a shock to the users.
The banks are now reducing the credit card limit for customers who opt for the moratorium Option and postponing the payment of credit card and personal bills due to corona and lockdown. It is alleged that some credit card limit has been reduced by 80%. If he has a limit of 2 lakhs before the moratorium now it will be around 40 thousand.
So, These options making the customers breathing heavily. This has not only applied to the credit card bills but also who has opted moratorium for the personal loans or EMI’s will also get reduced of their credit card limits. Also, credit card holders who are using fewer amounts will also get a decrease in the limit.
Market experts say that choosing the moratorium outweighs the risks rather than benefits. It is advisable not to opt for the Moratorium option if you are willing to pay for credit card bills and personal loan EMIs. EMIs can be postponed if the Moratorium is selected. But the interest has to be paid. So, Analysts say that it is best to think twice before you choose a moratorium.