https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6063091
in the past I have made NEFT payments one or two days after due date and no charges were levied.
Credit card grace period - Is the concept really followed?
- 25390
- 75
-
- Last Comment
+*+*+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 ?
Top Comments
74 Comments
|
27 Dimers
- Sort By
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6068269
from when this was implemented?
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6068462
Any link of this?
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6068825
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.
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6068836
Did you manage to get it reversed? How’d the negotiation go?
View 10
more replies
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6068855
@panchabhut ICICI?
@cm4444 which Bank?
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6069267
what about HDFC?
View 1
more reply
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6069103
hdfc, axis, sbi
@schumacher
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6069223
+kg
Thanks for sharing experience but have to ask, why do you pay your bill late, hope not just to test the grace period. 
View 12
more replies
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6069301
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….
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6069316
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.
View 2
more replies
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6069312
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.
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6069329
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
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6070045
Dear Sir,
Pls help
Recently i paid my july sbi bill on cred on 9Aug. My due date was 10 Aug.To earn some reward money i paid it partially. Cred credited half of them instantly on same day and other on 13Aug as 10,11,12 are holiday.Sbi Didnt Charged any late fee but levied massive interest charges around 2000.
Is any chances to reverse the same or i have to contact to cred for compensation?
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6069346
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?
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6069355
That’s good enough
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6069486
I haven’t enabled Cred protect service ( haven’t given permission to read my emails ). But still I get notifications from cred about amount due, due date & all. I fu**ing really don’t know how they are fetching it 
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6069491
Then you must have screwed up somewhere.
I don’t get these notifications except only the one about paying bill. They know when I paid the last bill so they send message after a month that it’s again time to pay bill for XYZ credit card. They don’t know the amount or final date.
View 16
more replies
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6069502
Citi and Amex
ICICI is my primary account so linked to SB account.
Now for all cards, I normally create a post dated payment request as soon as the bill is received, giving 4 days prior to due date. No worry of forgetting to pay.
Not a cred user and do not intent to use also.
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6069599
How to schedule payments automatically? i have sbi cc
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6070038
Here’s the original RBI notification:
https://www.rbi.org.in/Scripts/NotificationUser...
Read Para 3., it clearly says:
"" 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 ""
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6071168
The date of this notification is July 16, 2015
Is this valid anymore?
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6437486
@ great. @all
I accidentally forgot my due date of HDFC credit card and I made payment in the morning next day after due date on Sunday.
Will it effect my Cibil/Credit Score please tell me this is first time happening with me
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_6437574
If your payment was acknowledged by HDFC on Monday itself, you are safe.
Same thing happened with me few months back.
View 1
more reply
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_7376630
@great and @RDX @schumacher
Consolidated:
Icici – 2 days grace
Hdfc – 2 days grace
Citi – 2 days grace
Hsbc – no grace
Amex – 1 days grace
Kotak – 1 day grace
Sbi – 1
Standard charted – 2 days
IndusInd – 2 days
Yes bank – ?
BoB – ?
Axis – ?
Also, if your due date or grace period days is a holiday than count the next day IN as well.
Also, if you did NEFT within these days, and these neft takes days to credit then still they will waive charge, if Neft intuited day falls within these days.
But But But
Don’t push your luck so hard.
@vickyVicky
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_8441574
My due date was 11 may and i paid on 12 may , will i be charged interest for outstanding amount alongwith late payment fee? Mine is APAY ICICI Bank credit card
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_9293135
Did they charged you in next statement.
https://www.desidime.com/discussions/credit-card-grace-period-is-the-concept-really-followed?page=1#post_9464605
Hdfc follows based on personal experience. SBI card, no. The CC didn't even listen when spoke about RBI rule
Click here to reply
Reply
in the past I have made NEFT payments one or two days after due date and no charges were levied.
Did you manage to get it reversed? How’d the negotiation go?