Hot Deal

You get three days grace period to pay your credit card dues

392°
Deal Subedar
dealenjoe

Many a times we pay credit card bills on the last date and it get reflected in the statement in the next day. HSBC always take time to credit payments to card… at least one to two days… Once i paid on or on after due date and they charged me finance charges as the payment date was two days after the due date…. I wrote to them asking them to reverse the finance charges… Mentioned them about the RBI circular in this regard…. DYK: You get three days grace period to pay your credit card dues (livemint.com) .. they did reverse the finance charges but not gst .. i called them again and asked for GST reversal as well … of total 750 GST they only reversed 500 saying some lime excuse… i didnt follow up on that .. 

Reserve Bank of India – Notifications (rbi.org.in)

I understand that not only three days grace period but also it mentions that the finance charges to be computed from teh payment due date… see this line.. “However, 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 number of ‘days past due’ and late payment charges shall, however, be computed from the payment due date mentioned in the credit card statement.”

Any experts here who knows about it.. 

Expired
Disclaimer
We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
22 Comments  |  
14 Dimers
  • Sort By
Deal Subedar Deal Subedar
Link Copied

Not all bank honors this

Deal Subedar Deal Subedar
Link Copied

But if there is a provision cant we approach the RBI ombudsman ?

View 1 more reply
Benevolent Benevolent
Link Copied

Cred payments are generally settled within few seconds.
I just now made few txns and all were credited instantly to my cc.

Deal Subedar Deal Subedar
Link Copied

This is true for any other card except HSBC in my experience. HSBC registers the payment late even if paid on the due date.

View 6 more replies
Finance Ninja Finance Ninja
Link Copied

Now soon the bank will reduce 3 days from the date of repayment to meet the guidelines of RBI.

Deal Subedar Deal Subedar
Link Copied

Means ???

View 2 more replies
Critic Critic
Link Copied

Seriously, who uses HSBC card ? Mine is lying around unused for the past 2-3 years.

View 2 more replies
Deal Cadet Deal Cadet
Link Copied

I always maintain a diary and write due dates for all cards and EMI .. and always pay 3 – 5 days before due , since inception never missed a single payment beyond due date 

Deal Cadet Deal Cadet
Link Copied

Hi. I was not aware of information previously. 

In Oct,2019 i had paid my sbi cc bill on 9th Oct (due date was 10th Oct but it was showing 13th Oct in sbi statement). I had complained to them against it but was rejected. 

When i read your post then, based on information given by you, i contacted sbi customer care again for my cibil entry (showing 3 days late payment) but they refused to correct it citing internal criteria.


Then i filed complaint against sbi cards at https://pgportal.g...n/ which i had read somewhere at desidime only. To my surprise, they corrected the entry within 3 days! 


Thanks to you & desidime so much.

Deal Subedar Deal Subedar
Link Copied
Great to know that they corrected it after two years.. I had on offer on Indusind credit card for loan on card. I accepted it with 2% processing fee. After a few days i received a call saying that there is am offer so i requested them to reduce the processing fee, the customer care executive said she can make it 1%. The same day loan was approved but charged me 2%. I took this up with Indusind and they denied saying you had once accepted it . even after multiple mails with evidence that the call happened before the loan approval. Then finally i took it up with Ombudsman and in a few days they reversed the extra 1%.

replyuser
Click here to reply
Reply