Min Amount due on Credit card Query
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Hi, what happens if I pay min amt due before the due date & later pay the total amt due in a week? Let’s say the total amt is ₹40000. How much interest will I be paying on an average? TIA
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Better to take money from someone and pay the whole amount, mental peace should be the priority.
just pay it off beg borrow steal but dont just pay the minimum
as soon as you pay it off reduce your cc limit from whatever it is to 20k coz you are not earning enough watever the reason may be for your spending forget what limit your cc have set it to change and set it to 20k and consider this your new limit
Paying full after due date will incur heavy interest. However many banks have seen reversing fully/partially the interest charges but again subject to approval. Better pay full if you can.
Every card caomes with a leaflet called MITC (Most Important Terms and Conditions). There they have easy to understand examples of how much you will be charged if you have so and so dues. If you have lost your leaflet, you can download it from your card's website.
If Ur Total Due Is 40k And Credit Limit Is 1 Lakh... Draw Money From Credit Card (Charges Will Be Around 1000Rs) And Pay The Bill , Interest Charged By Bank Will Be More Than 1000Rs...
Yes this is best trick
Interest will be charged from the date of purchase of all the transactions in that statement....
If u pay min due and next bill is generated u are charged interest as per bank 2.5 to 3.5% monthly.
Mininum payment fue once or max twice in a year will not bother you much. But dont make it recurring u can do min due this month and clear all next month. U will be charged 2.5% of total due and if u clear full due next month ur cibil score also is not affected.
Use wisely.
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Interest it calculated on total amount due from the beginning of transaction date. It's given in the TnC of the cards.