Skip to main content

What Happens When You Miss A Credit Card Payment Due Date?

Missed A Credit Card Payment Due Date? Know How You Will be Charged

Credit card bill payment: What you should know to avoid penalty

Paying the credit card bill on time should be on everyone's priority list. Failing to do so can have implications like penalty charges, high-interest rates or a drop in your credit score.

While many of us may already be familiar with these consequences, we still tend to miss the credit card payment due date because of multiple factors ranging from a month-end cash crunch to any emergency. 

If you, too, have missed the deadline to pay your credit card dues, then, as per the Reserve Bank of India's (RBI) guidelines, the credit card issuer can declare your account as 'past due to credit information companies (CICs).

This will be done if the amount remains unpaid for more than three days from the due date. In addition, the issuer can also levy a penalty charge or late payment fee. 

The RBI directions state that the issuer must calculate the number of 'days past due' and the penalty charges from the payment due date, as mentioned in the credit card statement.

In addition, the penal interest or late payment charges are levied only on the outstanding amount that the credit card holder has failed to pay and not on the total amount.

A credit card issuer can change these charges only after giving the credit card holders a prior notice of at least a month.

Moreover, if you feel that the charges levied by the issuer are not desirable, you can choose to surrender your credit card after paying all dues. In such cases, the issuer cannot levy any extra charge on you for closing the credit card account.

When you apply for account closure, the issuer must process your request within seven working days as per the RBI mandate.

If the issuer fails to complete the closure process within the mentioned period, it is liable to pay you Rs 500 per day as a penalty for the delay until the credit card account is closed.

Adblock test (Why?)



from NDTV News- Special https://ift.tt/2VEcOSK https://ift.tt/sBdCguT
via IFTTT

Comments

Popular posts from this blog

North Korea Says It Tested New Strategic Cruise Missile

North Korea test-fired a new generation of strategic cruise missile on Wednesday. (Representational) Seoul: North Korea fired several cruise missiles towards the Yellow Sea on Wednesday, Seoul's military said, the latest in a series of tension-raising moves by the nuclear-armed state. Hours later, North Korea appeared to confirm the firing, saying it had carried out its first test of a new generation of strategic cruise missiles it is developing, the Pulhwasal-3-31. Pyongyang has accelerated weapons testing in the new year, including tests of what it called an "underwater nuclear weapon system" and a solid-fuelled hypersonic ballistic missile. "Our military detected several cruise missiles launched by North Korea towards the Yellow Sea at around 7:00 am today," the South Korean Joint Chiefs of Staff said in a statement. Unlike their ballistic counterparts, the testing of cruise missiles is not banned under current UN sanctions against Pyongyang. Cruise...

18-Year-Old Killed By Friends Over Mobile Game Password In Bengal: Cops

According to cops, accused "friends" attempted to burn the victim after killing him. (Representational) Kolkata: An argument over sharing the password of an online mobile game allegedly led to the murder of a teenage boy by four of his friends in West Bengal's Murshidabad district, a senior police officer said. The body of 18-year-old Papai Das, who had been missing since January 8, was discovered near Nishindra Ghat of the feeder canal in Farakka on Monday, police said. Papai, a class 10 student, was reportedly killed by his four "close" friends after a disagreement over sharing the password for a mobile online game. The accused individuals have been arrested, police added. "These five individuals used to play online games at one of the quarters of the Farakka Barrage. The victim went out on the evening of January 8 and never returned. On January 9, the family lodged a police complaint. "Based on preliminary investigations, we discovered that...

"Jaiswal Has Run Ahead Of Gill": Ex-India Star's Massive T20 WC Verdict

Former India opener Aakash Chopra has suggested that Yashasvi Jaiswal is slightly ahead of Shubman Gill in the pecking order as captain Rohit Sharma's partner at the top in T20Is. Since making his debut last year, Jaiswal has been in stunning form in the shortest format of the game. Gill's form, on the other hand, has dipped since the ODI World Cup last year in India. With the T20 World Cup scheduled to be held later this year, Chopra feels Jaiswal will open the innings with Rohit during the tournament. "It's clear that Yashasvi Jaiswal has run ahead of Shubman Gill. Yashasvi is ahead in the two-horse race, Gill is lagging slightly behind. Gill was played in the first match, dropped in the second, and wasn't played in the third as well," Chopra said on his YouTube channel. Jaiswal helped India beat Afghanistan in the second T20I earlier this week, scoring a quickfire fifty. Considering his recent form across formats, Chopra emphasised that Jaiswal has ...