Does banks really allow 3 grace days for cc payment
or is it just a rule not implemented by banks ??
My due date is today ... if at all i pay now and it gets credited tomo ... what happens ??
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Pay now, the payment rec'd date will be of 21st. No interest would be charged
Date of payment is considered and some banks do consider 3 days grace period. IDFC didn't charge me anything in past when I missed.
Cheq/CRED have been always instant or max 1-2 mins (for me) and the received date in bank statement is always the date when you paid via CRED/Cheq
I missed 0.60 rupees payment on the hdfc card (bill generated of 1 lac and yes in that case even 60 paise matters). Paid next day and was afraid they would charge interest on whole 1L amount. Buy they did not charge. So yes I think the 3 days Grace period works with hdfc card
for me, it's always better to have some 10-15Rs extra paid as some times if you secure your card then Rs 2 will be deducted and refunded later/airport lounge access for Rs2 for Visa type etc..and if this Rs2 is the only charge for the month..
Has happened many times to me. Especially if the due date is around long weekends or Holidays.
SBI is most accommodative in this. I have paid full amount upto 5 days late in SBI and they have not charged any penalties accept a red mark for next 3-6 months on my cibil. 2-3 days does not even register as late payment ... But I have been their customer since last 10 years now..
HDFC charged hefty penalty for 3 day late payment. It was around the time my son was hospitalised. stopped using HDFC for anything other then offer based purchases after that..
ICICI gives 2-3 days grace. but I have not tested them as I have auto debit for minimum due active.
Axis charged penalty plus whole months interest for a 15 minute late payment. Payment was made on 12:15 am after due date.
But they were nice enough to revert back everything other then GST after I wrote to them regarding the waiver...
Despite so many experiences I have this bad habit of forgetting the dates...
For icici Amazon card, I had horrible experience on this. I paid entire amount on 3rd day after due date. Somehow amount reflected in their banking system on 4th day. Had to pay 20k+gst as fine. And could get back only 5k when raised a ticket with customer care. Same happened for axis flipkart card as well.
In axis my due date was 5th june and i paid on 8th june, still charged me 1800 included taxes for the o/s of Rs 2350,,,,, where as i already made the payment of 15400 on the bill generation date, total o/s was 17750
Standard chartered has 3 days Grace .. but that's not transparent to customer.. for customer it's due date as per system but backend .. +3 days is also allowed