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

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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.. 

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Deal Subedar Deal Subedar
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Not all bank honors this

Mobile Guru Mobile Guru
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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
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MrKool_JJ wrote:

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

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

Mobile Guru Mobile Guru
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lanny25 wrote:

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

Ohh that’s strange…

Pro Shopping Friend Pro Shopping Friend
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MrKool_JJ wrote:

Ohh that’s strange…

HSBC must be following Hongkong/Shanghai time like Amex follows American time

Mobile Guru Mobile Guru
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lanny25 wrote:

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

I generally make payments on the due date itself 😰
@caks2006407 – That might be the reason.

Deal Subedar Deal Subedar
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EkdamSastaRaju wrote:

Not all bank honors this

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

Deal Subedar Deal Subedar
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dealenjoe wrote:

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

You can but its a long wait , better to pay on due date and avoid hassle 

Deal Cadet Deal Cadet
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MrKool_JJ wrote:

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

Yes cred is instant via UPI
But don’t wait for due date
Always pay 3 working days before due date

Deal Subedar Deal Subedar
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caks2006407 wrote:

HSBC must be following Hongkong/Shanghai time like Amex follows American time

HSBC is a British Bank.  Sorry, HK based not British 

Deal Lieutenant Deal Lieutenant
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caks2006407 wrote:

HSBC must be following Hongkong/Shanghai time like Amex follows American time

and SBI follows “lunch” time ?

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

Deal Subedar Deal Subedar
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abhishek012 wrote:

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

Means ???

Deal Subedar Deal Subedar
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abhishek012 wrote:

Joke tha hashlo.

Oops, I had not understood when i read it first…..

Mobile Guru Mobile Guru
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BlueFlash wrote:

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

I got Visa Platinum LTF sometime back in 2020 because of welcome offers but hardly used the card

Cashback card looks decent (1.5% CB on online spends, 1L for annual fee waiver, very good welcome offers)


Super Stud Super Stud
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BlueFlash wrote:

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

Gives back around 3.3% because of 5x multiplier if you spend 6L+ , i read somewhere.

It’s a Hard grind though

Deal Newbie Deal Newbie
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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 

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