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Credit card grace period - Is the concept really followed?

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schumacher

+*+**+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 ?

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Deal Cadet 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
Deal Subedar 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.

Critic 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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Elite Elite
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nimod wrote:

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 ""

The date of this notification is July 16, 2015
Is this valid anymore?

Deal Subedar 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

is this applicable for interest charges as well?

Critic Critic
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makeourdeal wrote:

is this applicable for interest charges as well?

No,only late payment fees.

Deal Newbie Deal Newbie
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@ 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

Deal Subedar Deal Subedar
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firozkhan480472176 wrote:

@ 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

If your payment was acknowledged by HDFC on Monday itself, you are safe.
Same thing happened with me few months back.

Benevolent Benevolent
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firozkhan480472176 wrote:

@ 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

Am also in same situation now.
Bill due date was yesterday 3rdMay-SUNDAY, paid in parts of 5k each(1stMay) and missed one 5K, today(MON) checked and paid by 8.45AM and rcvd instant credit SMS from HDFC.
Still credit is not updated in card unbilled credits, just CC limit increased by 5K.
Hope they do not hit me with interest charges!
@nimod

Deal Subedar 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

Great comment.
SBI 1 day, but only once a year.

Pro Entertainer Pro Entertainer
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vickyVicky wrote:

Great comment.
SBI 1 day, but only once a year.

@great
HDFC grace is 3 days
Even RBI circular days 3 days grace for all cards for not charging late payment fee

Deal Subedar Deal Subedar
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@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

Mobile Guru Mobile Guru
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vickyVicky wrote:

@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

My Amazon Pay ICICI Card due date was yesterday and I paid today. Hope late fees is not charged and it falls in the grace period instead.

Deal Subedar Deal Subedar
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vickyVicky wrote:

@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

For yes Bank credit card – what’s Grace period!?

Critic Critic
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schumacher wrote:

@panchabhut ICICI?
@cm4444 which Bank?

I had made delayed payment to different cards in the past as following but not charged anything.

ICICI 1 day
CITI 2 days
Indusind 2 days
Amex 3 days
days counted to when the credit actually hit the account

Like Magnet Like Magnet
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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

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