Abstract
The present disclosure relates to estimating the interest liability when the total due amount is not repaid by the cardholder. The present disclosure describes calculating an interest amount applicable on the associated credit card of the user if they do not clear off the total due amount but instead repays only a fraction of it. The calculated interest may then be displayed on the user device to make them aware of the financial implication of not repaying the entire amount when it is due, enabling them to take informed financial decisions. This may also ensure enhanced transparency in the working of financial institutions, thus adding customer satisfaction, significantly increasing the customer base. Further, by encouraging its customers to make timely payments, the card issuing banks/ institutions would also receive the bill payments on time and chances of customers defaulting on their payment would be minimized.
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.
Recommended Citation
Roy, Alok, "AN ESTIMATION SYSTEM FOR ENCOURAGING TIMELY REPAYMENT OF CREDIT CARD BILLS AND METHOD THEREOF", Technical Disclosure Commons, (November 30, 2023)
https://www.tdcommons.org/dpubs_series/6459