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It is always difficult to keep a track of all the different due dates of multiple bills each month of credit cards and if you have not paid a single due on time then the CIBIL score may go down and moreover, you may 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?
If you have missed your credit card payment due date, don’t panic, because there is good news for Credit Card payment. You can now pay credit card dues after due date also
Here is the Digital Herb Update:
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.
“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.
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