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Credit Card: Bill payment has become easier with digital payments, but it can be inconvenient to pay many bills in a single month. On the other hand, if you have more than one credit card, then you can forget to pay the bill of any credit card. In such a situation, there is no need to worry if there is no credit card bill payment.
According to the Reserve Bank of India (RBI), the credit card issuing institution or bank can only charge for late payment. Banks can recover this charge only after three days of missing the late payment.
What does the RBI rule say
According to the instructions related to credit cards and debit cards issued on 21 April 2022, RBI says that card issuers can impose Credit Card Late Payment Charge only if the payment of the outstanding in the credit card account is more than three days. Haven’t done it yet. In such a situation, if you are not able to pay till the last date, then you can pay even after three days and avoid the fine.
Late payment on new credit card, know what are the rules and charges
Late payment charges will be levied if you fail to pay the outstanding amount even after three days from the credit card payment due date. This late payment charge can usually be added to the next billing. Whereas the banks or credit card issuers decide the amount of late payment fee. Banks and credit card issuers usually charge a fixed amount as late payment fee depending on the outstanding balance. Higher the bill amount, higher will be the late fee.
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Understand with example how much is charged
Suppose if someone has SBI card and the outstanding amount is more than Rs 500 and less than Rs 1000 then SBI card will charge a late fee of Rs 400. If the balance is more than Rs 1,000 and less than Rs 10,000, Rs 950 will be charged for the balance above Rs 10,000 and Rs 25,000. Similarly, a charge of Rs 1,100 will be levied for the outstanding amount of more than Rs 25 thousand and less than Rs 50 thousand and Rs 1 thousand 300 for the outstanding amount of more than Rs 50 thousand.
Read this also- Credit Card: If you are planning to take a credit card for the first time, then take care of these things, there will be no problem later
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