Banks take advantage

[NewsWhore]

Credit card rates from DR banks are going up and Listin Diario reports that current rates now range from 7% to 10% per month. Credit card holders are also complaining that banks are taking advantage of cardholders by charging interest on the total value of the debt for the monthly period and not on the remaining balance. For example, if you owe RD$1,000 on your card and pay off RD$900 before the cut-off date, the bank will charge you interest on the total value of RD$1,000 and not the outstanding RD$100. This is in violation of resolution 7-2001 passed by the Banking Superintendence. What's most frustrating for card holders is that banks have yet to inform their clients about this practice and of the increase in interest rates.

More... (http://www.dr1.com/index.html#11)