New Delhi: Banks and financial institutions levy hefty charges if an individual fails to settle the credit card bill by the due date. The lenders charge a fixed late payment fee based on the borrower’s total outstanding balance, and the finance charges would be the percentage of the total outstanding amount.
SBI Card credit card late payment charges
Late Payment charges will be applicable if Minimum Amount Due is not paid by the payment due date.
NIL for Outstanding Amount on payment date from Rs 0 to Rs 500
Rs 400 for Outstanding Amount greater than Rs 500 and up to Rs 1000
Rs 750 for Outstanding Amount greater than Rs 1000 and up to Rs 10,000
Rs 950 for Outstanding Amount greater than Rs 10,000 up to Rs 25,000
Rs 1100 for Outstanding Amount greater than Rs 25,000 and up to Rs 50,000
Rs 1300 for Outstanding Amount greater than Rs 50,000
The bank levies an additional late payment charge of Rs 100 on missing payment of Minimum Amount Due (MAD) by the due date for two consecutive cycles.
HDFC Bank Credit Card late payment charges
HDFC Bank, the country’s largest private sector bank’s late payment charges on credit card payments are mentioned below. HDFC offers different types of credit cards, so the charges may differ accordingly.
Less than Rs 100, the bank will not levy any charge
On Rs 100 to Rs 500 bill, HDFC Bank charges Rs 100/-
Rs 501 to Rs 5,000 charge has been fixed for Rs 500/-
If the transaction is between Rs 5,001 to Rs 10,000, the lender levies Rs 600/- as late payment fine
Rs 10,001 to Rs 25,000: Rs 800/- will be charges from the borrower
Rs 1100/- is levied on customers who have an outstanding payment of Rs 25,001 to Rs 50,000
On more than Rs 50,000 payment, Rs 1300/- will be charged
ICICI Bank Credit Card late payment charges
Cash advance transaction fee
The bank levies 2.50 per cent on advanced amount, subject to minimum of Rs 300 on all cards. The lender levies 1.99 per cent on advanced amount subject to minimum of Rs 300.
Total amount due
Charges
Less than ₹100
None
Between ₹100 and ₹550
₹100.00
Between ₹501 – ₹5,000
₹500.00
Between ₹5,001 – ₹10,000
₹750.00
Between ₹10,001 – ₹25,000
₹900.00
Between ₹25,001 – ₹50,000
₹1,000.00
More than ₹50,000
₹1,200.00
In this article we inform you about the credit card late payment charges of State Bank of India (SBI), HDFC Bank, and ICICI Bank. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
