credit card due date - grace period of 3 more days

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Deal Subedar
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Just an informative post
there is a grace period for paying credit card bill, 3 more days from the due date.
https://www.livemint.com/Money/dxuiTIdKe7c6nFFQ...
it is there since 2015…
Say, the due date of the credit card bill statement is 16 August. From now on, you will have a grace period till 19 August. This means if you pay the bill any day from 16 August to 19 August, a late payment fee or interest charge will not be levied. However, if you pay the bill on 20 August, the bank will calculate interest from purchase date till the day you make the payment and charge a late payment fee as well.
so chillax and pay (make sure it is credited into bank [in sms on receipt] as well) within that 3 days.
— so dont pay in hurry burry on due date, instead find offers on cred/mobikwik/phonepe/paytm.

11 Comments  |  
8 Dimers
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Deal Cadet
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Good info, thanks for sharing. Even I paid my ICICI CC bill 2 days post last date, but was not charged anything,may be because of this rule.

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Deal Lieutenant
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Better to be safe than sorry.

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Deal Lieutenant
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Good info and discussed many times earlier.
Why take risk for no gain or gain of 1/2 days interest?
Also in your example if bill is paid on 20/Aug then bank will calculate interest charges from actual purchase date, not from due date – u may correct it

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Deal Subedar
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Mine was auto debited from Savings account on last date, Auto Debited failed because of Technical reasons, 590 Rupees Charges were leveied on Next Day Morning, I am Still Fighting to Get My Gst Amount back of 90 Rupees

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Deal Lieutenant
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SunnyKh wrote:

Mine was auto debited from Savings account on last date, Auto Debited failed because of Technical reasons, 590 Rupees Charges were leveied on Next Day Morning, I am Still Fighting to Get My Gst Amount back of 90 Rupees

Only few bank will refund gst amount.

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Deal Subedar
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Not all banks give 3 days. Refer to precious posts by fellow dimers.

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Deal Subedar
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F7-Dimer-Primer wrote:

Not all banks give 3 days. Refer to precious posts by fellow dimers.

No, it’s RBI order. So all banks should follow…

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