SBI vs HDFC Financial institution vs ICICI Financial institution vs Axis Financial institution: How a lot bank card late price do they cost

New Delhi: Bank cards give a person the liberty to buy. Nonetheless, failure to make well timed funds of bank card dues can lead an individual right into a debt lure. Additionally, he/she might be required to pay  an additional quantity on the bank card payments and it is called the late cost expenses.

In case of cheque return, the financial institution will now cost 2% of the overall quantity due with a minimal of Rs 500.

The financial institution additionally revised late cost expenses for all its bank cards besides ICICI Financial institution Emerald Credit score Card. Late cost expenses fluctuate with the overall quantity due. In case your whole quantity due is lower than Rs 100, then the financial institution won’t cost you. Whereas for increased quantities the fees hold growing with a rise in due quantity. The very best quantity that the financial institution will cost is Rs 1200 for an excellent quantity of Rs 50,000 or extra.

Key gamers available in the market, like HDFC Financial institution, SBI Card and Axis Financial institution have been charging as much as Rs. 1300, Rs. 1300 and Rs. 1000 respectively for over Rs 50,000 stability cost. All these lenders have been charging the charges for fairly a while whereas ICICI Financial institution might be charging Rs 1200 for late funds of Rs. 50,000 or extra from February 10, 2022 onwards.

Right here is the comparability of the bank card expenses of main gamers like HDFC Financial institution, SBI Card, ICICI Financial institution and Axis Financial institution

SBI bank card cost

There might be no cost for lower than Rs 500. Rs.400 on payments as much as Rs.501-1000, Late Cost Prices for Rs.1,001-10,000 is Rs 1300. Money advance cost on SBI bank cards might be levied at 2.5% on the amount of money withdrawn or Rs 500, whichever is increased. The overlimit cost is 2.5 p.c or a most of Rs 600. A minimal of two% or Rs 500 might be charged as auto debit or verify return price.

HDFC bank card cost

There might be no cost on payments under Rs 100. There’s a late cost cost of Rs 100 on a invoice of Rs 100-500. Rs.500 on payments as much as Rs.501-5,000, Late Cost Prices Rs.600 for Rs.5001-10000, Rs.800 on payments of Rs.10001-25000, Rs.1100 on Rs 25,001-50,000 and Late Cost Prices for payments as much as Rs.50000 1300 is Rs. Money advance cost on HDFC bank cards might be levied at 2.5% on the amount of money withdrawn or Rs 500, whichever is increased. The overlimit cost is 2.5 p.c or a most of Rs 550. A minimal of two% or Rs 450 might be charged as auto debit or verify return price.

ICICI Financial institution bank card cost

From February 10, 2022, ICICI Financial institution bank card prospects should pay a transaction cost on money advance has been revised to 2.50% on superior quantities on all playing cards, topic to a minimal of Rs 500. In case of cheque return, the financial institution will now cost 2% of the overall quantity due with minimal of Rs 500.

Late cost expenses fluctuate with whole quantity due. Be aware that in case your whole quantity due is lower than Rs 100, then the financial institution won’t cost you. Whereas, for increased quantities the fees hold growing with improve in due quantity. The very best quantity that financial institution will cost is Rs 1200 for quantity over Rs 50,000.

 

Axis financial institution bank card cost

There might be no cost on payments under Rs 300. There’s a late cost cost of Rs 100 on a invoice of Rs 300-500. Rs.500 for payments as much as Rs.501-1000, Late cost cost for Rs.1001-10000 is Rs 1000.. Money advance cost on HDFC bank cards might be levied at 2.5% on the amount of money withdrawn or Rs 500, whichever is increased. Overlimit cost is 3% or most Rs.500. A minimal of two% or Rs 450 might be charged as auto debit or verify return price. Most 1,500 rupees might be charged.

As per the most recent RBI information for the month of November, the variety of bank cards has elevated by 1.84 per cent as in comparison with October 2021. The rise was over 2 per cent in October ‘21 and 1.7 per cent in September ‘21. On the Bank card spending, there was a decline of 11.6 per cent month-on-month in November versus a achieve of 25.79 per cent MoM in October.

What occurs should you fail to pay bank card invoice on time?

Clients who don’t pay their payments on time are frowned upon by bank card corporations. They ship you reminders by mail and SMS when it is time to pay. Should you miss a cost, you can be charged a penalty in addition to curiosity on the quantity you owe. Moreover, interest-free financing is just not accessible for purchases made the next month. Essentially the most important loss is a tarnished credit score historical past and lowered credit score rating, each of which cut back your prospects of acquiring credit score sooner or later.