Charges for missing a payment of 1005 INR on my CC?

139°
Deal Cadet
abhishekkjain

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 sad). 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.

Expired
13 Comments  |  
8 Dimers
  • Sort By
Deal Lieutenant Deal Lieutenant
Link Copied

Nothing…. Generally there’s 3-4 days grace period after due date!

Deal Cadet Deal Cadet
Link Copied
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.

Deal Cadet Deal Cadet
Link Copied
Expand
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

Deal Cadet Deal Cadet
Link Copied
Expand
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...

Deal Lieutenant Deal Lieutenant
Link Copied

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

Deal Lieutenant Deal Lieutenant
Link Copied
Expand
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.

Deal Cadet Deal Cadet
Link Copied

@bohemian meaning I can be charged approx. 7000 (interest) + GST for not paying 1005? That’s sad. sad

Deal Lieutenant Deal Lieutenant
Link Copied
abhishekkjain wrote:

@bohemian meaning I can be charged approx. 7000 (interest) + GST for not paying 1005? That’s sad. sad

why?, you paid within grace period

Delhi Capitals Delhi Capitals
Link Copied

qa leke aaya jagat me

Pro Shopping Friend Pro Shopping Friend
Link Copied

U r safe, no charges will be levied

if its SBI clear outstanding also now

replyuser
Click here to reply
Reply