credit card due date - grace period of 3 more days

credit card due date - grace period of 3 more days

71°
Pikachu
Deal Subedar
111
1209
48

Just an informative post
there is a grace period for paying credit card bill, 3 more days from the due date.
https://www.livemint.com/Money/dxuiTIdKe7c6nFFQ...
it is there since 2015…
Say, the due date of the credit card bill statement is 16 August. From now on, you will have a grace period till 19 August. This means if you pay the bill any day from 16 August to 19 August, a late payment fee or interest charge will not be levied. However, if you pay the bill on 20 August, the bank will calculate interest from purchase date till the day you make the payment and charge a late payment fee as well.
so chillax and pay (make sure it is credited into bank [in sms on receipt] as well) within that 3 days.
— so dont pay in hurry burry on due date, instead find offers on cred/mobikwik/phonepe/paytm.

11 Comments  |  
8 Dimers
Up
Deal Cadet
487
693
54

Good info, thanks for sharing. Even I paid my ICICI CC bill 2 days post last date, but was not charged anything,may be because of this rule.

75pe
Deal Lieutenant
257
3191
41

Better to be safe than sorry.

Bal ganesh
Deal Lieutenant
94
3984
50

Good info and discussed many times earlier.
Why take risk for no gain or gain of 1/2 days interest?
Also in your example if bill is paid on 20/Aug then bank will calculate interest charges from actual purchase date, not from due date – u may correct it

Missing
Deal Cadet
172
927
10

Mine was auto debited from Savings account on last date, Auto Debited failed because of Technical reasons, 590 Rupees Charges were leveied on Next Day Morning, I am Still Fighting to Get My Gst Amount back of 90 Rupees

Up
Deal Lieutenant
682
4605
209
SunnyKh wrote:

Mine was auto debited from Savings account on last date, Auto Debited failed because of Technical reasons, 590 Rupees Charges were leveied on Next Day Morning, I am Still Fighting to Get My Gst Amount back of 90 Rupees

Only few bank will refund gst amount.

Gsedufof 400x400
Deal Cadet
181
228
9

Not all banks give 3 days. Refer to precious posts by fellow dimers.

Pikachu
Deal Subedar
111
1209
48
F7-Dimer-Primer wrote:

Not all banks give 3 days. Refer to precious posts by fellow dimers.

No, it’s RBI order. So all banks should follow…

Missing
Deal Cadet
108
770
15
Expand
vickyVicky wrote:

No, it’s RBI order. So all banks should follow…

Try this stunt with HSBC laughing

Gsedufof 400x400
Deal Cadet
181
228
9
Expand
vickyVicky wrote:

No, it’s RBI order. So all banks should follow…

Should follow but don’t follow.

Pikachu
Deal Subedar
111
1209
48

sbi – only 2 days (i did on 3rd day, charged all finance charges, later they reversed back incl gst after speaking to them).
icici – 3 days.

amount should credit into these cards within these days after due date.
@ F7-Dimer-Primer @makeourdeal @Archie @SunnyKh @Simbha3 @caks2006407 @amit.mint

Missing