Skip to main content

Credit Card Late Payment Charges

 

Credit card is loved by many, as you get to borrow money and yet have sufficient number of days to pay the bill and even an option to pay minimum balance. In addition to this, there are many benefits offered by card issuers to their customers such as discounts while shopping online, cashback, reward points, fuel surcharge waiver and many more. For those who pay credit card bills on-time the benefits are further more. But there are individuals who miss paying the credit card bills before the due date. There could be many reasons for this missed payment such as:

  • Paucity of funds: This is the most common reason for credit card late payment. Again this condition can arise due to medical emergency, lay-off and many other reasons.
  • You did the payment on the last date but through cheque/demand draft which took time in processing.
  • You made the payment but due to technical reason the same was not processed. Again this can be a fault at your end or at the bank's.
  • You are travelling at the time of due date and did not have access to make payments.
  • You forgot to make the payment. Check out how to avoid missed payments.

What happens when credit card payment is made late?

Frequently missing your card payment knowingly or unknowingly is an invitation to the lenders to tag you as a defaulter.

Effects of late credit card payment are:

  • Credit score is impacted increasing the chances of loan or credit card application denied. A poor or low CIBIL score is an invitation to future financial trouble. Read tips on getting credit card when you have poor score.
  • Credit limit is slashed
  • Credit card can get cancelled
  • Interest rate will be increased
  • Your card account will be classified as a non-performing asset (also called as delinquent in banking terminology).
  • You will be blacklisted by the banks.
  • Recovery agents (in-house by the banks or third party agencies recruited by the banks) will start harassing you over phone any time during the day. This mostly happens when the overdue payment is very high.

Apart from the above effects, late payment charges are levied by the banks as follows.

CARD ISSUING BANKCREDIT CARD NAMETOTAL AMOUNT DUELATE PAYMENT CHARGES
State Bank of IndiaSignature Card/Platinum Card/Signature Contactless Card/Gold Card/Advantage Gold Card/Advantage Plus Card/SimplySAVE/SimplySAVE Advantage SBI CardRs. 0 to Rs. 200
No Charge
""Between Rs. 200-Rs.500
Rs.100
""Between Rs. 500-Rs.1000
Rs.200
""Between Rs. 1000-Rs.10,000
Rs.500
""Rs. 10000+
Rs.750
Citibank
Rewards Card/Cash Back Card/Rewards Domestic CardUpto Rs. 10,000Rs. 300
""Between Rs. 10,001- Rs. 25,000Rs. 600
""Rs. 25,000+Rs. 700
CitibankPremierMiles/Prestige CardNARs. 100 per month
ICICI Bank
For most of the cards
Less than Rs. 100
No Charge
Between Rs. 100-Rs.500
Rs.100
Between Rs. 500-Rs.10000
Rs.500
Between Rs. 10000-Rs.20,000
Rs.600
Rs. 20000+
Rs.700
Axis BankPrivée Infinite Credit Card/Wealth Signature Credit Card/Signature Credit Card/Platinum Advantage/Platinum/Titanium/Gold/SilverUpto Rs. 2000
Rs.300
""Between Rs. 2001-Rs.5000
Rs.400
""Rs. 5001+
Rs.600
Kotak Mahindra Bank
Royale/Privy League/League/Delight/PVR Platinum/NRI Card/Aqua/PVR Gold/Urbane/Feast/Easyday/Easyday-TitaniumNA
Rs.550
HSBC
Visa Platinum Card/Advance Platinum Credit Card/Platinum50% of the minimum paymentMinimum Rs. 400 to Maximum Rs. 750
per month)
Showing 1 to 19 of 19 entries

As mentioned in the above table, as the due amount increases the late payment charges also increase. the charges also depend on the due amount and type of card you have chosen. Readers are requested to verify the details as card companies often keep on changing their terms and conditions.

Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

Top 10 Tax Saving Mutual Funds to invest in India for 2016 or Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

Invest in Best Performing 2016 Tax Saver Mutual Funds Online

Invest Online

Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

---------------------------------------------

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Leave a missed Call on 94 8300 8300

Popular posts from this blog

SBI Magnum Tax Gain Scheme 1993 Applcation Form

    https://sites.google.com/site/mutualfundapplications/tax-saving-mutual-funds-elss     Investment Details Basics Min Investment (Rs) 500 Subsequent Investment (Rs) 500 Min Withdrawal (Rs) -- Min Balance -- Pricing Method Forward Purchase Cut-off Time (hrs) 15 Redemption Cut-off Time (hrs) 15 Redemption Time (days) -- Lock-in 1095 days Cheque Writing -- Systematic Investment Plan SIP Yes Initial Investment (Rs) -- Additional Investment (Rs) 500 No of Cheques 12 Note Monthly investment of Rs 1000 for 6 months and quarterly investment of Rs 1500 for 4 quarters.

Birla Sun Life Tax Plan Online

Invest Birla Sun Life Tax Plan Online   An Open-ended Equity Linked Savings Scheme (ELSS) with the objective to achieve long-term growth of capital along with income tax relief for investment.   After a bad patch from 2008 to 2010, Birla Sun Life Tax Plan has made a big comeback in the last five years, with a particularly good run since 2014. The fund's rankings, which had slipped to two stars in 2011-12, recovered sharply to three-four stars in the last three years. The fund has delivered a particularly large outperformance over its benchmark and peers in the last couple of years. The fund's investment strategy focuses on a diversified and high-quality portfolio, with parameters such as capital ratios and balance-sheet strength used to judge quality. It uses a combination of top-down and bottom-up approaches to take sector/stock positions. The fund avoids highly leveraged plays. Staying more or less fully invested at all times, the fund parks roughly half of its portfoli

Should you Roll Over 1 year Fixed Maturity Plans?

The period between January and March typically sees an uptick in the launch of fixed maturity plans, or FMPs. Not this year. Instead, fund houses are busy rolling over or extending the tenure of their one- year FMPs launched last year to three years. Investors in one- year FMPs have a choice. Either redeem units or roll over to three years. If you exit now, your gains will be added to your income and taxed in line with your individual slab rate of 10, 20 or 30 per cent. If you stay invested for two more years, you pay 20 per cent tax with indexation benefit. Yields have softened in the past few months on expectations of a rate cut. If the central bank continues its soft monetary stance, yields are likely to fall further. In such a scenario, it makes sense for investors, particularly those in the 30 per cent tax bracket, to roll over their investments and lock in at a higher yield now. In a surprise move, the Reserve Bank of India cut repo rate by 25 basis

Mutual Fund Review: IDFC Premier Equity Fund

  IDFC Premier Equity Fund, which falls under the presumed high risk group of mid- and small-cap schemes, can rely on astute and timely equity picks. These make it less vulnerable to fluctuations compared with others in the category   IDFC Premier Equity Fund is designed to invest in upcoming, but promising businesses available at cheap valuations, and hold on to these businesses until they reap desired returns. The experiment has been successful so far, and IDFC Premier Equity has emerged as one of the top performing mutual fund schemes in the mid- and smallcap category of equity schemes.    While the scheme is an open-ended equity fund, i.e. open for subscriptions throughout the year, it has a unique philosophy to limit fresh inflows. Thus, while an investor can always take the systematic investment plan ( SIP ) route to invest in the scheme throughout the year, inflows through a lumpsum investment have been restricted. Since inception, IDFC Premier Equity has been opened for l

IDFC Premier Equity Fund dividend

  IDFC Mutual Fund   has announced dividend under the dividend option of   IDFC Premier Equity Fund Direct-D . The quantum of dividend shall be   R 4.3464 per unit.   The record date has been fixed as May 06, 2015. Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015 1. ICICI Prudential Tax Plan 2. Reliance Tax Saver (ELSS) Fund 3. HDFC TaxSaver 4. DSP BlackRock Tax Saver Fund 5. Religare Tax Plan 6. Franklin India TaxShield 7. Canara Robeco Equity Tax Saver 8. IDFC Tax Advantage (ELSS) Fund 9. Axis Tax Saver Fund 10. BNP Paribas Long Term Equity Fund You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds Invest in Tax Saver Mutual Funds Online - Invest Online Download Application Forms For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call --------------------------------------------- Leave your comment with mail ID and we will answer them OR You can write to us at PrajnaCapital [at] Gmail [dot]
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now