Don’t worry about the penalty for late payment of credit card bill. Penalty will not apply

Credit Card Payment: With the changing times, credit card has become an important need of the people of today. People use credit cards for all their work like electricity bill, mobile bill, shopping, buying groceries etc. The biggest advantage of a credit card is that you can shop without money immediately and pay later. If you pay the credit card bill before the due date, then you do not have to pay any fine, but if you forget to pay the bill, then you have to pay the fine.

Nowadays most people use multiple credit cards simultaneously. In such a situation, due to having more than one card, he forgets the due date of the credit card bill. If it happens to you too that you are not able to pay your bill on time, then there is no need to worry about the penalty. According to the new rules of the Reserve Bank, after the due date, you can pay the bill for a few days without penalty. Let us know about this rule-

Know what is the rule of RBI?

On May 21, 2022, RBI had implemented a new rule regarding bill payment of credit card (RBI Rules for Credit Card Bill Payment). According to this rule, any credit card holder can pay the credit card bill without penalty for three days even after the due date of his credit card. For example, if your credit card bill payment due date is 12 December 2022, then you can pay this bill by 15 December 2022 without penalty.

Credit score will not be affected

According to RBI rules, if you pay your credit card bill after 3 days of due date, then you will get rid of penalty as well as bad credit score. This will not affect your credit score and you can easily take a loan later on from anywhere.

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How much penalty will have to be paid for not paying the credit card bill on time?

Let us tell you that if you do not pay this bill within three days, then the credit card company will definitely charge you a penalty. This amount only depends on how much is your credit card bill. On higher amount, you will have to pay higher penalty. For example, SBI Card charges a penalty of Rs 400 on bills between Rs 500 and Rs 1,000. At the same time, Rs 750 is charged on the amount of Rs 1,000 to Rs 10,000 and Rs 950 is recovered as penalty on Rs 10,000 to Rs 25,000.

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