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Knowing the late payment charges on one’s credit card is important. If you miss any payment, you will be charged interest on the amount you paid along with the penalty. This will also affect your credit score. The late payment charges levied on the credit card will depend on the type of credit card and the amount due.
Here is a look at credit card late payment fee charges by ICICI Bank, HDFC Bank, Axis Bank, Citibank, SBI Card and American Express.
sbi credit card late payment fee
According to the SBI Card website, late payment charges will be applicable if the minimum amount due is not paid by the payment due date. Late payment fees can range from Rs 400 to Rs 1,300.
- Nil for the total amount payable from Rs.0-Rs.500;
- Rupee. 400 for the total amount payable exceeds Rs. 500 and Rs. 1000;
- Rupee. 750 for the total amount payable exceeding Rs. 1000 and Rs. 10,000;
- Rupee. 950 for the total amount payable exceeding Rs. 10,000 up to Rs 25,000;
- Rupee. 1100 for the total amount payable exceeds Rs. 25,000 and Rs. 50,000
- Rupee. 1300 for the total amount payable exceeds Rs. 50,000
Additional late payment fee of Rs. 100 will be levied for non-payment of Minimum Amount Due (MAD) by the due date for two consecutive cycles. This fee will continue to be levied for each payment cycle till the MAD is cleared.
hdfc bank credit card late payment fee
The payment due date on the credit card statement is the date by which clear funds must be credited to the credit card; However, three grace days are allowed for payment processing time.
According to the HDFC Bank website, the late payment charge can range from Rs 100 to Rs 1,300 depending on the amount payable.
Axis Bank Late Payment Fee
Axis Bank, according to its website, charges between Rs 100 and Rs 1,300 depending on the type of credit card and the amount payable. For example the charges on select cards are as follows. Click
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Citibank Late Payment Charges
Citibank credit card customers will be charged between Rs 100 and Rs 1,300 as late payment fee.
Late Payment Fees for Citi Rewards Credit Card
Late Payment Fees for the Citi Prestige Card
american express late payment fee
According to the Amex website, late payment or delinquency charges will be charged as follows: 30% of the minimum amount due subject to a minimum of Rs 500 and a maximum of Rs 1,000.
What happens if you fail to pay the credit card bill on time?
Customers who do not pay their bills on time are teased by credit card firms. They send you reminders by mail and SMS when it’s time to pay. If you miss any payment, you will be charged interest on the amount you paid along with the penalty. In addition, interest-free financing is not available for purchases made in the following month. The most significant disadvantages are a bad credit history and low credit score, both of which reduce your chances of getting credit in the future.
What to do if you are unable to make the payment before the due date?
Credit card companies do not like customers who miss payments. They send reminders by mail and SMS, letting you know when payment is due. Don’t ignore these warnings. In case of default in payment, interest is also levied on the outstanding amount along with penalty. Also, interest free credit is not available on purchases made in the next month. The biggest disadvantage is a bad credit history and low credit score, which adversely affects your chances of availing any credit facility in future.
Instruct your bank to pay the card bill by a certain date every month. If you are strapped for money, at least pay the minimum fee so that there is no penalty.