Credit Card: If you use a credit card, then you have to deposit many types of bills including electricity bill every month. In such a situation, if you have forgotten to pay your credit card payment on the due date, then you may have to pay a heavy fine.
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But as per the new rules, you can save yourself from paying penalty charges even if you don’t make the payment on the due date. Reserve Bank of India (RBI) has provided the option of payment to the customers without any charge after the due date is out.
RBI has told banks and credit card issuers that they can take penalty only after three days of due date. It means to say that if you have missed the credit card payment due date, then you can make the payment within 3 days of the due date.
Three days chance
According to the master direction for credit cards and debit cards issued on 21 April 2022, the RBI has said that the credit information companies (CICs) that issue the cards will show the credit card account as past due. Penalty charges, late fee or other charges on delay will be applicable only then. When the credit card account remains outstanding for more than three days. That is, if you make the credit card payment within three days after the due date, then you can avoid the penalty.
Credit score will not be affected
In such a situation, if you have missed the credit card payment due date, then you can make the payment within three days of the due date. In this, you can also avoid the penalty imposed on late payment. If you pay within three days, your credit score will not be affected.
Have to pay late fees
Banks and credit card companies usually levy pre-determined late payment charges based on the outstanding balance. This results in late fees increasing in proportion to the size of the outstanding balance. The higher the amount of the bill. The more late fees are charged.
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