ICICI Bank credit card customers will have to pay increased charges of various services related to credit cards, this includes late payment fees. These changes will come in effect from February 10, 2022. In case of cheque return, the bank will now charge 2 per cent of the total amount due with minimum of Rs 500. Late payment charges vary with total amount due. Note that if your total amount due is less than Rs 100, then the bank will not charge you. While, for higher amounts the charges keep increasing with increase in due amount. The highest amount that bank will charge is Rs 1200 for amount over Rs 50,000.
Key players in the market, like HDFC Bank, SBI Card and Axis Bank have been charging up to Rs. 1300, Rs. 1300 and Rs. 1000 respectively for over Rs 50,000 balance payment.
Here is the Comparison of the Credit Card Charges of leading players like HDFC Bank, SBI Card, and Axis Bank
SBI Credit Card Charge
There will be no charge for less than Rs 500. Rs.400 on bills up to Rs.501-1000, Late Payment Charges for Rs.1,001-10,000 is Rs 1300. Cash advance charge on SBI credit cards will be levied at 2.5 per cent on the amount of cash withdrawn or Rs 500, whichever is higher. The overlimit charge is 2.5 percent or a maximum of Rs 600. A minimum of 2 per cent or Rs 500 will be charged as auto debit or check return fee.
HDFC Credit Card Charge
There will be no charge on bills below Rs 100. There is a late payment charge of Rs 100 on a bill of Rs 100-500. Rs.500 on bills up to Rs.501-5,000, Late Payment Charges Rs.600 for Rs.5001-10000, Rs.800 on bills of Rs.10001-25000, Rs.1100 on Rs 25,001-50,000 and Late Payment Charges for bills up to Rs.50000 1300 is Rs. Cash advance charge on HDFC credit cards will be levied at 2.5 per cent on the amount of cash withdrawn or Rs 500, whichever is higher. The overlimit charge is 2.5 percent or a maximum of Rs 550. A minimum of 2 per cent or Rs 450 will be charged as auto debit or check return fee.
Axis Bank Credit Card Charge
There will be no charge on bills below Rs 300. There is a late payment charge of Rs 100 on a bill of Rs 300-500. Rs.500 for bills up to Rs.501-1000, Late payment charge for Rs.1001-10000 is Rs 1000.. Cash advance charge on HDFC credit cards will be levied at 2.5 per cent on the amount of cash withdrawn or Rs 500, whichever is higher. Overlimit charge is 3 per cent or maximum Rs.500. A minimum of 2 per cent or Rs 450 will be charged as auto debit or check return fee. Maximum 1,500 rupees will be charged.
What Happens if you Fail to Pay Credit Card Bill on Time?
Customers who do not pay their bills on time are frowned upon by credit card firms. They send you reminders by mail and SMS when it’s time to pay. If you miss a payment, you will be charged a penalty as well as interest on the amount you owe. Furthermore, interest-free financing is not available for purchases made the following month. The most significant loss is a tarnished credit history and reduced credit score, both of which reduce your prospects of obtaining credit in the future.
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