WHAT WILL HAPPEN IF I PREPAY MY CREDIT CARD VIA CRED SCHEDULED FOR AUTO PAY
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I have auto debit mandate on last day from my bank account
what will happen if i pay prior to that date
will the bank will also auto debit on last day and deduct charges for cash advance
or they will not debit on last day
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Bank will auto debit only the amount that will show up in your monthly credit card statement. Assume it as if you didn’t use credit card in any particular month and then what will the bank auto debit do? So, if your cred payment clears before your bill is generated then there’s nothing to worry.
ok i have paid my hdfc and icici bill destined for auto debit
will update what happens.
thanks for your prompt replies dimers
Better confirm with CC or disable auto debit.
No charges for early payment of CC bills.
Bank will auto debit for both HDFC, ICICI and AXIS – This was my exp although I paid total dues 2-3 days before last date.
In case of HDFC balance was not available so txn declined – audto debit rejection charges email received.
In case of ICICI Rs30k+ auto debited(total bill) and I had to use it in the next month.
Auto debit for credit card happens as per the amounts mentioned in bill and it does not take into account the latest payments after bill generation.
You will have to pay auto debit charges like 400+GST etc in case of HDFC…if auto debit did not go through for no balance.
@akash2009 Which bank?
make sure you pay at least 10 days before due date. otherwise, their systems may not be updated withe the credit and autodebit will be initiated.
PS: Based on experience with Amex and ICICI.
I have 1 doubt..
My last month bill due was ₹700 and I paid the same on 15/02. Last Payment date was 05/03 but in CRED its still showing ₹700 due from last bill…
How is it so? Can anyone explain?
PS – I haven’t paid the amount via Cred.
Cred will only get to know when you will receive next email from your credit card issuer. I assume you have given Cred your email access. That’s why they know what’s the bill amount. If you had paid the bill via Cred then they would have changed the due amount to 0 but now they don’t know if you have paid the bill or not as your credit card issuer is not feeding any information directly to Cred.
Have had experiences with 3-4 banks, auto debit will happen irrespective of credits to card, however you can call the cc and get it reversed….
I suggest u call and have your auto debit cancelled
If you prepay then the amount will not debit automatically…I have setup auto debit as well…when all my dues are paid auto debit do not happen