Hot Deal Credit card grace period - Is the concept really followed?

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Deal Cadet
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+*+**+3 days grace period after credit card payment due date+**+*+ .

Reserve bank of India has given three days as grace period for credit card holders to make the due payments from the due date shown in credit card statement.

RBI told the banks to mark the credit card accounts as “past due “if the card holder does not make any payment 3 days after the due date shown in card statement and report the same to credit rating agencies like CIBIL.

Are banks following this rule ?

67 Comments  |  
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Critic
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in the past I have made NEFT payments one or two days after due date and no charges were levied.

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Super Moderator
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Yes, no fee levied, neither credit score affected if u pay within 3 days

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suspended
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from when this was implemented?

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Deal Lieutenant
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Any link of this?

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Deal Subedar
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In December, 2018. HSBC charged me 5.5k + 800 GST for late payment. Payment was credited next day after due date from CRED due to 3-4 continuous non-working day.
So HSBC is not following this rule.

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Deal Cadet
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makeourdeal wrote:

In December, 2018. HSBC charged me 5.5k + 800 GST for late payment. Payment was credited next day after due date from CRED due to 3-4 continuous non-working day.
So HSBC is not following this rule.

Did you manage to get it reversed? How’d the negotiation go?

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Deal Subedar
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schumacher wrote:

Did you manage to get it reversed? How’d the negotiation go?

I managed to get it reversed since this was the first time. But Customer care reversed only Rs 300 for GST instead of Rs 850. Even nodal officer denied for more than 300 Rs GST reversal.. I asked for Rs 850 GST invoice which they never gave to me. Finally I complained to CRED, since the delay was from CRED. They credited Rs 550 to the card after multiple followups.

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Deal Cadet
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Personal experience
Icici 2 days grace
Hdfc 2 days grace
Citi 2 days grace
Hsbc no grace
Amex 1 days grace
Kotak 1 day grace

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Deal Subedar
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great wrote:

Personal experience
Icici 2 days grace
Hdfc 2 days grace
Citi 2 days grace
Hsbc no grace
Amex 1 days grace
Kotak 1 day grace

+kg
Thanks for sharing experience but have to ask, why do you pay your bill late, hope not just to test the grace period. stuck_out_tongue_closed_eyes stuck_out_tongue_closed_eyes

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Deal Cadet
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great wrote:

Personal experience
Icici 2 days grace
Hdfc 2 days grace
Citi 2 days grace
Hsbc no grace
Amex 1 days grace
Kotak 1 day grace

What abt sbi and axis

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Deal Lieutenant
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great wrote:

Personal experience
Icici 2 days grace
Hdfc 2 days grace
Citi 2 days grace
Hsbc no grace
Amex 1 days grace
Kotak 1 day grace

HDFC auto debits the whole amount on the due date itself around 8-9 am in the morning itself.

rolleyes
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MrKool_JJ wrote:

HDFC auto debits the whole amount on the due date itself around 8-9 am in the morning itself.

rolleyes

Even without auto debit feature being turned on?

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Deal Lieutenant
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schumacher wrote:

Even without auto debit feature being turned on?

how to do this now?

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Deal Cadet
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MrKool_JJ wrote:

how to do this now?

No, i am asking as to how hdfc auto debits?

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Deal Lieutenant
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schumacher wrote:

No, i am asking as to how hdfc auto debits?

I don’t know but generally around 8-9 am on the due date the deduction happens..

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Deal Lieutenant
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great wrote:

Personal experience
Icici 2 days grace
Hdfc 2 days grace
Citi 2 days grace
Hsbc no grace
Amex 1 days grace
Kotak 1 day grace

Are you sure about these?

Don’t want to get charged for this.. will have to try this….

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Deal Lieutenant
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makeourdeal wrote:

I managed to get it reversed since this was the first time. But Customer care reversed only Rs 300 for GST instead of Rs 850. Even nodal officer denied for more than 300 Rs GST reversal.. I asked for Rs 850 GST invoice which they never gave to me. Finally I complained to CRED, since the delay was from CRED. They credited Rs 550 to the card after multiple followups.

Oh finally it was done..
Great to know that.

Seems like i am the only one who’s not using cred now….
rolleyes

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Deal Lieutenant
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I found this review on quora…

NO, It’s not Cred is not safe. Your money is at stake. Telling this from my own experience.

I am a user of CRED since 8 months now, it was amazing to avail such glittery things. Payment notifications, due dates and all. But on 22nd July, something bad happened. I made a payment to my ICICI Amazon card which never got credited to the account.

I followed up with CRED, they provided me with an UTR number and said the payment has been made from their side and they cant do anything about it now. So I chased ICICI bank and they also denied that they do not work with/cant trace any payment via UTR number.

Don’t even get me started with the customer support of CRED, one representative wrote to me in an email that “perhaps” the payment was made to a wrong card. When I argued that I received the credit of 1INR in the same card, they had nothing to say then.

It’s all bullshit and jibbar jabbar.

At this point 26th July 2019, I am still just emailing them all the screenshots and my credit card pdf, no resolutions except, sorry.

It’s so frustrating that I am never ever gonna use that App now.

Please don’t fall into the traps of such Third party apps.

UPDATE : My payment finally got transferred to my Card after 10 days and several exhausting phone calls, chats with CRED customer cares. It’s horrific.

also i have heard that cards are also misused in some fraudulent txn’s….

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Deal Lieutenant
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This is what i was talkin about i found this on quora..

I am using Cred for last 4-5 months a lot, I have an HSBC credit card and I used it only Uber, Ola and Bookmyshow. I paid the HSBC credit card bill through CRED every time and granted the permission to read bill too. Today I lost 35K from HSBC card. some ‘google *wmgroup pub’ is the culprit. how they got the card details?

Don’t use cred..they are providing the points which are for no use. and they are selling your valuable details to the market.

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MrKool_JJ wrote:

I found this review on quora…

NO, It’s not Cred is not safe. Your money is at stake. Telling this from my own experience.

I am a user of CRED since 8 months now, it was amazing to avail such glittery things. Payment notifications, due dates and all. But on 22nd July, something bad happened. I made a payment to my ICICI Amazon card which never got credited to the account.

I followed up with CRED, they provided me with an UTR number and said the payment has been made from their side and they cant do anything about it now. So I chased ICICI bank and they also denied that they do not work with/cant trace any payment via UTR number.

Don’t even get me started with the customer support of CRED, one representative wrote to me in an email that “perhaps” the payment was made to a wrong card. When I argued that I received the credit of 1INR in the same card, they had nothing to say then.

It’s all bullshit and jibbar jabbar.

At this point 26th July 2019, I am still just emailing them all the screenshots and my credit card pdf, no resolutions except, sorry.

It’s so frustrating that I am never ever gonna use that App now.

Please don’t fall into the traps of such Third party apps.

UPDATE : My payment finally got transferred to my Card after 10 days and several exhausting phone calls, chats with CRED customer cares. It’s horrific.

also i have heard that cards are also misused in some fraudulent txn’s….

These things happens and it’s nobody’s mistake. Just bad luck.

Whenever this happens, don’t panic. The money will be refunded or credited but can take some time. Instead, make min payment for credit card bill and keep following up on stuck payment.

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HDFC – 2 Days (You can confirm this from their c.care as well)
CITI – 2 Days
Indusind – 2 Days
SBI – Earlier it was 2 days, now reduced to 1 (As per C.Care)
HSBC – Zero
Standard Chartered – 2 Days

Also if your due date or grace period days is a holiday than count the next day IN as well

But But But

Don’t push your luck so hard

As per RBI rule, if u pay the amount in those grace periods than banks are not allowed to charge you for any of the late fees …Actually, no bank can charge you for late fees if u pay the full amount within 3 days of your due date but they are allowed to charge a hefty amount of penalty on the name of interest charges

So don’t be in the dilemma that paying in grace days will save you from charges, it’s just that Bank won’t charge you late fees which is most probably 500+GST but they will charge you much bigger amount than that

Though the time I have listed above is for specific banks have been either confirmed by c.care or personally verified (non-intenionally) , you can say they are kind enough till now by not charging for any amount in grace period days but if they want they are allowed to do so going by the RBI rule

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Deal Subedar
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MrKool_JJ wrote:

Oh finally it was done..
Great to know that.

Seems like i am the only one who’s not using cred now….
rolleyes

Count me in…. never used cred…. these private data sucking mofos imp

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Deal Cadet
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I have a question
If i want to stop using cred and i am paranoia of my cards being misused like mentioned above, would it be a good idea to block them and get all my cards replaced ? Can the credit card account be still misused if a data breach happens or i would be completely safe since the cards have been blocked?

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schumacher wrote:

I have a question
If i want to stop using cred and i am paranoia of my cards being misused like mentioned above, would it be a good idea to block them and get all my cards replaced ? Can the credit card account be still misused if a data breach happens or i would be completely safe since the cards have been blocked?

That’s good enough

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Deal Lieutenant
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dgreatgambler007 wrote:

Count me in…. never used cred…. these private data sucking mofos imp

i too feel the same..

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dgreatgambler007 wrote:

Count me in…. never used cred…. these private data sucking mofos imp

What private data are you worried about?
For only paying bill, you don’t need to disclose anything other than your phone number. That’s it.

You don’t need to enable CRED protect services if you do not need it. I haven’t enabled it for any card. They don’t read my SMS or emails etc.

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