https://www.desidime.com/discussions/charges-for-missing-a-payment-of-1005-inr-on-my-cc?page=1#post_8319527
Nothing…. Generally there’s 3-4 days grace period after due date!
Charges for missing a payment of 1005 INR on my CC?
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I had a bill of 3 lakh which I paid in parts via CRED yesterday (which was also due date). I missed a payment of 1000 (transaction failed but I retried and counted it as 2 transactions 
). Today, I was just verifying my account and realised the blunder. I paid the remaining amount instantly.
The transactions were 1 lakh each and I have an interest rate of 28% pa. 1st transaction was done on 25th of Jan and last was done on 16th of Feb.
What all penalties I am looking at?
I am guessing the bank will charge me interest on full amount capping to due amount of 1005.
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https://www.desidime.com/discussions/charges-for-missing-a-payment-of-1005-inr-on-my-cc?page=1#post_8319549
TechINC wrote:Nothing…. Generally there’s 3-4 days grace period after due date!
Is this written anywhere in MITC? Similar thing happened with my brother for Axis bank (cash back adjustment) and he realised it after 10 days of next bill generation. He had to pay 350 for 1000 INR due on a total bill of 5000.
https://www.desidime.com/discussions/charges-for-missing-a-payment-of-1005-inr-on-my-cc?page=1#post_8319587
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abhishekkjain wrote:Is this written anywhere in MITC? Similar thing happened with my brother for Axis bank (cash back adjustment) and he realised it after 10 days of next bill generation. He had to pay 350 for 1000 INR due on a total bill of 5000.
There an a notification released by RBI and most banks follow this. Infact I have delayed HDFC Credit card payment by 1-2days by mistake and there was no charges/ and it was not reported as late payment. If charges happen for more delay than 3days or more, you can try to request Bank to reverse the charges as one time exception
https://www.desidime.com/discussions/charges-for-missing-a-payment-of-1005-inr-on-my-cc?page=1#post_8319646
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MrMonkey wrote:There an a notification released by RBI and most banks follow this. Infact I have delayed HDFC Credit card payment by 1-2days by mistake and there was no charges/ and it was not reported as late payment. If charges happen for more delay than 3days or more, you can try to request Bank to reverse the charges as one time exception
I remember, it was for fee and was during the COVID/lockdown. Any link to the notification?
Fee is different, Interest is different.
News link - https://www.ndtv.com/business/rbi-tightens-norm...
https://www.desidime.com/discussions/charges-for-missing-a-payment-of-1005-inr-on-my-cc?page=1#post_8319653
Grace period varies per bank, check this thread
https://www.desidime.com/discussions/credit-car...
https://www.desidime.com/discussions/charges-for-missing-a-payment-of-1005-inr-on-my-cc?page=1#post_8319662
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abhishekkjain wrote:I remember, it was for fee and was during the COVID/lockdown. Any link to the notification?
Fee is different, Interest is different.News link - https://www.ndtv.com/business/rbi-tightens-norm...
https://www.desidime.com/discussions/charges-for-missing-a-payment-of-1005-inr-on-my-cc?page=1#post_8319693
Yes late payment fee will be waived sometimes if they consider our request, but interest on balance carried forward usually won’t be waived i think
https://www.desidime.com/discussions/charges-for-missing-a-payment-of-1005-inr-on-my-cc?page=1#post_8319709
https://www.desidime.com/discussions/charges-for-missing-a-payment-of-1005-inr-on-my-cc?page=1#post_8319711
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abhishekkjain wrote:I remember, it was for fee and was during the COVID/lockdown. Any link to the notification?
Fee is different, Interest is different.News link - https://www.ndtv.com/business/rbi-tightens-norm...
https://www.rbi.org.in/Scripts/NotificationUser...
3. However, banks shall report a credit card account as ‘past due’ to
credit information companies (CICs) or levy penal charges, viz. late
payment charges, etc., if any, only when a credit card account remains
‘past due’ for more than three days. The number of ‘days past due’ and
late payment charges shall, however, be computed from the payment due
date mentioned in the credit card statement.
https://www.desidime.com/discussions/charges-for-missing-a-payment-of-1005-inr-on-my-cc?page=1#post_8319745
@bohemian meaning I can be charged approx. 7000 (interest) + GST for not paying 1005? That’s sad.
https://www.desidime.com/discussions/charges-for-missing-a-payment-of-1005-inr-on-my-cc?page=1#post_8319755
abhishekkjain wrote:@bohemian meaning I can be charged approx. 7000 (interest) + GST for not paying 1005? That’s sad.
why?, you paid within grace period
https://www.desidime.com/discussions/charges-for-missing-a-payment-of-1005-inr-on-my-cc?page=1#post_8319808
qa leke aaya jagat me
https://www.desidime.com/discussions/charges-for-missing-a-payment-of-1005-inr-on-my-cc?page=1#post_8320313
U r safe, no charges will be levied
if its SBI clear outstanding also now
https://www.desidime.com/discussions/charges-for-missing-a-payment-of-1005-inr-on-my-cc?page=1#post_8791253
abhishekkjain wrote:"@bohemian":https://www.desidime.com/users...40 meaning I can be charged approx. 7000 (interest) + GST for not paying 1005? That's sad.
hope they did not charge u
https://www.desidime.com/discussions/charges-for-missing-a-payment-of-1005-inr-on-my-cc?page=1#post_8791453
Nothing to worry bro. If they charge you such charge or fees then call customer care and politely tell them that I want to close my credit card as there are many issues. Then they will ask reason tell them the reason is charges of card that they put . They will wave off all the charges. They didn't want to let go there heavy users like you. Nothing to panic .
https://www.desidime.com/discussions/charges-for-missing-a-payment-of-1005-inr-on-my-cc?page=1#post_8791457
decideaim wrote:
Yes late payment fee will be waived sometimes if they consider our request, but interest on balance carried forward usually won't be waived i think
Everything can be waived off you just have some skill to convince customer care.
https://www.desidime.com/discussions/charges-for-missing-a-payment-of-1005-inr-on-my-cc?page=1#post_8791891
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caks2006407 wrote:Wasn't charged for this.hope they did not charge u
https://www.desidime.com/discussions/charges-for-missing-a-payment-of-1005-inr-on-my-cc?page=1#post_8791915
Some banks like HDFC have an internal grace period of about 3-4 days after due date. I can confirm that (twice faced this due to settlement issues/failed payment).
Now, not all banks are that ethical or have such internal extended grace period... which card did you miss for?
https://www.desidime.com/discussions/charges-for-missing-a-payment-of-1005-inr-on-my-cc?page=1#post_8792432
IDFC failing in cred, error message is there toast for a 1 second and then it redirects to failed page.
https://www.desidime.com/discussions/charges-for-missing-a-payment-of-1005-inr-on-my-cc?page=1#post_8812857
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kunal7121994 wrote:Everything can be waived off you just have some skill to convince customer care.
Any tips for SBI?
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