Credit Card payment: Good news now can pay credit card bill after due date

It can be difficult to keep a track of all the different due dates of multiple bills each month. If you have more than one credit card, you can easily forget when a credit card payment is due. If you have missed your credit card payment due date, don’t panic. Credit Card payment: Good news now can pay credit card bill after due date.

The Reserve Bank of India (RBI) has told banks and credit card issuers that they can charge late payment fees only after three days following a missed payment. Not making payments on time could have serious implications for credit card holders.

Their CIBIL score may go down and moreover, they end up paying a late fee along with interest on the due amount. However, there are times when a customer intends to make the payment on time but fails to do so due to a personal emergency, or some even just forget the due date. Is there any relief for such credit card customers?

Yes, there is some relief for customers, who have missed the due date. However, they must make the payment within three days of the due date. According to the “Master Direction” by the Reserve Bank of India (RBI), credit card issuers can report an account as “past due” to credit information agencies or levy any penalty only if the credit card account remains “past due” for over 3 days.

“Card-issuers shall report a credit card account as ‘past due’ to credit information companies (CICs) or levy penal charges, viz. late payment charges and other related charges, if any, only when a credit card account remains ‘past due’ for more than three days,” says RBI’s Master Direction Credit Card and Debit Card Issuance and Conduct Directions, 2022.

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“The number of ‘days past due’ and late payment charges shall, however, be computed from the payment due date mentioned in the credit card statement, as specified under the regulatory instructions on ‘Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances’ amended from time to time,” it adds.