Help me - HDFC charges 8k finance charge for 700rs missed payment on Tata neu infinity cc.

bank give 3 days grace period

Call customer care and negotiate they can reduce or waive off depending on your relation

THE_TRADING_MAN wrote:

bank give 3 days grace period

As i wrote sadly i missed that grace period. My due date was 12 sep. I saw the charges today only in the new statement generated today 😪

Immediately make the payment for the "missed amount. Speak to them over a call and explain them the situation. If it's your first ever accidental missed payment, they are likely to reverse that.

Source: Personal experience from 2016.

I missed 10k payment on icici and was charged 1100

How you hit charged 9k for 700

r3d-d3v1l wrote:

Immediately make the payment for the "missed amount. Speak to them over a call and explain them the situation. If it's your first ever accidental missed payment, they are likely to reverse that.

Source: Personal experience from 2016.

Already paid today as soon as I saw. And yes it's my 1st mistake. Card is just few months old, I just hope they understand. 

mjuneja13 wrote:

I missed 10k payment on icici and was charged 1100

How you hit charged 9k for 700

THE_TRADING_MAN wrote:

bank give 3 days grace period

Same happend with me for onecard.

Bill due on 8th

Paid on 11th

Mailed them , they are not ready to waive off

Only one way, beg threat and appeal.

OP,

something is missing, Below are the details from businessinsider

https://rbidocs.rbi.org.in/rdocs/notification/P... 

Check Page 11 - penalty is on outstanding amount

KartikDD98 wrote:

As i wrote sadly i missed that grace period. My due date was 12 sep. I saw the charges today only in the new statement generated today 😪

Nothing to worry write a mail to hdfc cc telling them you forgot to pay the bill because of some reasons, tell them to reverse the charges they'll return charges+gst also

Last month happened to me with idfc cc

Actual bill is 76500, I thought it's 74500 and paid 75k on time but for that 1500 they charged me for 4200, wrote one mail after 2weeks(22sep) charges reversed

Altius wrote:

OP,

something is missing, Below are the details from businessinsider

https://rbidocs.rbi.org.in/rdocs/notification/P... 

Check Page 11 - penalty is on outstanding amount

BANKS	INTEREST RATE	LATE PAYMENT FEES FOR OUTSTANDING AMOUNTS
SBI	3.50%	₹0-₹500: Nil₹500 - ₹1000: ₹400₹1000 - ₹10,000: ₹750₹10,000 - ₹25,000: ₹950₹25,000 - ₹50,000: ₹1100Greater than ₹50,000: ₹1300
Axis Bank	3.60%	₹0- ₹500: Nil₹501 - ₹5,000: 500₹5,001 - ₹10,000: 750Greater than ₹10,000: ₹1200
HDFC Bank	3.60%	₹0- ₹100: Nil₹100 to ₹500 : ₹100₹501 to ₹5,000: ₹500₹5,001 to ₹10,000: ₹600₹10,001 to ₹25,000: ₹800₹25,001 to ₹50,000: ₹1,100Greater than ₹50,000: ₹1,300
ICICI Bank	3.4-3.67%	₹0- ₹100: Nil₹100 - ₹500: ₹100₹501- ₹5,000: ₹500₹5,001-₹10,000: ₹750₹10,001-₹25,000: ₹900₹25,001- ₹50,000: ₹1000Greater than ₹50,000: ₹1200
Kotak Mahindra Bank	3.50%	₹0- ₹500: Nil₹500- ₹10,000: ₹500Greater than ₹10,000: ₹700

HDFC Bank

3.60%

₹0- ₹100: Nil₹100 to ₹500 : ₹100₹501 to ₹5,000: ₹500₹5,001 to ₹10,000: ₹600₹10,001 to ₹25,000: ₹800₹25,001 to ₹50,000: ₹1,100Greater than ₹50,000: ₹1,300

kiranparepally wrote:

Nothing to worry write a mail to hdfc cc telling them you forgot to pay the bill because of some reasons, tell them to reverse the charges they'll return charges+gst also

Last month happened to me with idfc cc

Actual bill is 76500, I thought it's 74500 and paid 75k on time but for that 1500 they charged me for 4200, wrote one mail after 2weeks(22sep) charges reversed

mjuneja13 wrote:

I missed 10k payment on icici and was charged 1100

How you hit charged 9k for 700

I think it's calculated based on previous total bill amount

Op same  thing I also faced i missed 1400 by mis calculating the amount i also had same 2 lakhs , for me financial charges of 5k had been levied sadly at that time there is no limit on that card again over limit fee of 750 plus gst has been levied but one thing if this is ur first time late fee then they will first tell u that they will refund u some 50%. If they said so then straight away say I will speak to nodal officer if I didn't get positive response then I will close like that then they will take request and give 100% fee amount but they won't reverse the GST

KartikDD98 wrote:
yeah i also saw that, it seems they charge fees on all complete unbilled amount not just 700rs. ill call tomorrow and understand 

Yeah, seems so - Check the PDF on RBI's website page 11 - link shared above

If it was a genuine spend of 2L on trusted platforms, hdfc can consider you are a genuine person, so they can either waive off or reduce the charges. If it was just rotation of money to get few chindis , then unfortunately you have to pay the full 8k. Anyways, contact the customer care and use SAAM DAAM DAND BHED strategy

Agar aap log doge nahi aise fine to hanare jaise log kaise fayda lenge..

Thats how cc business run bcz of those miss payments ..

Jitne log miss karenge utne good rwds aayenge cc me.. if everyone become smart no more rwds🤷

Cc use karte ho to.. miss mat karna.. pura cibil kharab ho jayega.. and reverse works onlyy 1st time maybe

sushrutji29544 wrote:

If it was a genuine spend of 2L on trusted platforms, hdfc can consider you are a genuine person, so they can either waive off or reduce the charges. If it was just rotation of money to get few chindis , then unfortunately you have to pay the full 8k. Anyways, contact the customer care and use SAAM DAAM DAND BHED strategy

I was charged rs. 5+gst for just paying 6 paise less.

Bhai, first of all, just call cc and politely request them to reverse... don't forget to mentioned that you actually paid almost 100% of 2 lac bill timely, but due to some calculation mistake, you missed only 700rs. And it isn't fair to charge this much heavy penalty for missing only 700rs out of 2 lac.

Its quite good probability that they'll consider and reverse the interest amount. Late fee has anyway not been charged since you paid more than min due by due date.

------------------

But do remember that it doesn't matter if you miss 700 or 7k, all txns of whole statement are charged interest if full amount is not paid by due date. Understand it like this, assume your billing cycle is 1st to 30th of a month and u did 4 txns in Aug cycle:
1. 50000 on 1st Aug,
2. 50100 on 5th,
3. 50200 on 15th, and
4. 50300 on 20th.

Statement of 200600 generated on 30th Aug, and due date 20th Sep & min due is 10030.

Now you paid 2 lac on 18th Sep and missed 600, which you paid on 2nd Oct (deliberately keeping this date to count 11 days late payment like same in your case). In this case, you paid more than min due by due date, so no late fee will be levied, but u did not pay full due (600 short), so finance charges (interest) will be levied on ALL txns of the billing cycle, till the payment is cleared for each txn. So here is for how much days each txn will get charged:
1. 50000 -> for 48 days (count from date of txn i.e. Aug 1 to date of payment for this txn i.e. Sep 17) 
2. 50100 -> 44 days (Aug 5 to Sep 17)
3. 50200 -> 34 days (Aug 15 to Sep 17)
4. 49700 (50300 - 600 (amount that was left)) -> 29 days (Aug 20 to Sep 17)
5. 600 (remaining unpaid amount) -> 43 days (Aug 20 to Oct 2)

Take interest rate as 3.6% per month, lets assume 48 days = 1.55 month and so on, then interest for each txn will be:
1. 50000 -> 2790 (50000x(3.6/100)x48/31)
2. 50100 -> 2560
3. 50200 -> 1982
4. 49700 -> 1675
5. 600 -> 25

And guess what, this calculation is also actually a bit incorrect, because actual interest will be slightly higher.
Reason: I counted 48 days as 1.55 month directly, but that is simple interest. I did that only for sake of simplicity. In reality, banks charge you compound interest, so the sum will be a little bit higher.

Now if short payment was 700 instead of 600, it'd have hardly made any difference as that'd have affected only last 2 components of calculation. Now even if 25k was missed, still only last 2 components would have changed and total would have been 9432 instead of 9032. So remember, when you miss some part of payment, it won't be the part missed that'll cause you pain, but uske corresponding txn ke pehle ke kiye hue paap rulaayenge.

mjuneja13 wrote:

I missed 10k payment on icici and was charged 1100

How you hit charged 9k for 700

U have no idea how credit card system works, do u? I suggest u know all bad things about cc fall into more traps.

will this affect the cibil also ?

sumit031 wrote:

will this affect the cibil also ?

No. He paid Min Amount Due. They won't report it as Late Payment. These are interest charges for the money he used on the credit card

neel648 wrote:

U have no idea how credit card system works, do u? I suggest u know u fall into more traps.

Late penalty is on full statement amount, not on remaining amount. Banks are smart in milking money, they are modern day thieves but second to government. 

That is why I ALWAYS triple check for payment for each card. Credit card is like trap young people don't know that.