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Figuring out the late fee charges charged on one’s bank card is essential. When you miss a fee, you’ll be charged a penalty in addition to curiosity on the quantity you owe. Added to this it’s going to have an effect in your credit score rating. Late fee charges charged on a bank card will depend upon the kind of bank card and the quantity due.
Here’s a take a look at the bank card late fee charges expenses by ICICI Financial institution, HDFC Financial institution, Axis Financial institution, Citi Financial institution, SBI Card, and American Categorical.
SBI bank card late fee expenses
In keeping with the SBI Card web site, late fee expenses might be relevant if minimal quantity due just isn’t paid by the fee due date. The late fee charge can vary from Rs 400 to Rs 1,300.
- NIL for Complete Quantity due from Rs.0-Rs.500;
- Rs. 400 for Complete Quantity due better than Rs. 500 & as much as Rs. 1000;
- Rs. 750 for Complete Quantity due better than Rs. 1000 & as much as Rs. 10,000;
- Rs. 950 for Complete Quantity due better than Rs. 10,000 as much as Rs. 25,000;
- Rs. 1100 for Complete Quantity due better than Rs. 25,000 & as much as Rs. 50,000
- Rs. 1300 for Complete Quantity due better than Rs. 50,000
An extra Late Cost Cost of Rs. 100 might be levied on lacking fee of Minimal Quantity Due (MAD) by the due date for 2 consecutive cycles. This cost will proceed to be levied for each fee cycle till the MAD is cleared.
HDFC Financial institution bank card late fee charges
The fee due date on the bank card assertion is the date by which clear funds should be deposited to the bank card; nonetheless, three grace days are allowed to account for fee processing time.
In keeping with the HDFC Financial institution web site, late fee expenses can vary from Rs 100 to Rs 1,300 relying on the quantity due.
Axis Financial institution late fee charges
Axis Financial institution, in response to its web site, expenses between Rs 100 to Rs 1,300 relying on the kind of bank card and the quantity due. For example expenses on choose playing cards are as follows. Click on
right here to search out out concerning the expenses.
Citibank late fee expenses
Citibank bank card clients might be charged between Rs 100 and Rs 1,300 as late fee charges.
Late fee expenses for Citi Rewards Credit score Card:
Late fee expenses for Citi Status Card:
American Categorical late fee charges
In keeping with the Amex web site, a late fee or delinquency charges might be charged as follows: 30% of minimal quantity due topic to minimal of Rs 500 and most of Rs 1,000.
What occurs for those who fail to pay bank card invoice on time?
Clients who don’t pay their payments on time are frowned upon by bank card companies. They ship you reminders by mail and SMS when it is time to pay. When you miss a fee, you’ll be charged a penalty in addition to curiosity on the quantity you owe. Moreover, interest-free financing just isn’t obtainable for purchases made the next month. Probably the most vital loss is a tarnished credit score historical past and decreased credit score rating, each of which scale back your prospects of acquiring credit score sooner or later.
What to do if you’re unable to make funds earlier than due date?
Bank card corporations don’t like clients who miss funds. They ship reminders by mail and SMS, telling you when fee is due. Don’t ignore these alerts. Lacking a fee attracts a penalty in addition to curiosity on excellent dues. What’s extra, purchases made within the following month don’t get interest-free credit score. The most important loss is a blemished credit score historical past and decrease credit score rating, which adversely impacts your probabilities of availing any credit score facility sooner or later.
Instruct your financial institution to pay the cardboard invoice by a sure date each month. If you’re strapped for cash, no less than pay the minimal expenses in order that there isn’t any penalty.