- Credit Card Bill Payment (Due Date, grace period, billing cycle, late payment fee, overdue interest rate Statement generation date explained here.
rbi 3 emi maratorium months loan
RULE no 1: no need to pay emi for three months on loans home loan, personal loan , credit card loan and credit card bill payment.
Condition: after June you have along with accured interest during corona curfew.
Advice: if you have money pay early to avoid interest.
Credit card outstanding amount charges high 36% interest rate.
Credit card bill maratorium
Rbi maratorium on credit card bill dueThere are Mixed opinions out thre,
1.credit card bills are not term specific loans, so this maratourim not applies.
What about Bajaj finance & cashbean /payday loan app?
there still confusion among us, but these nbfc try to pull the debt in corona crisis. even if not, we have to interest rate after June.
banks & nbfc have to rollout the autodebit cancel programme for 3 months but it’s upon their own due to ni clear guidelines.
ICICI
Dear Customer, Total Amount Due on Credit Card XX7005 is INR 15381.15. Amt will be debited from your bank account on or before 31-MAR-20. Pls ignore if paid.
credit card billing cycle
ex: 17th to 16 (january) every month
//after jan 17th you pay on march 5th.
credit card statement generated date:
next day after the billing circle 18th next month
due date:
5th of next month (february)
15 days as grace period interest free
late fee:
if you late even 1 day there will be fixed amount 500 INR* GST. sometimes late fee bigger than minimum amount due. to avoid this register auto debit
either full or minimum due amount.
minimum payment:
to avoid late fee but remaining amount attract late fee at higher interest rate 3%pm or 36% annual.
remaining amount after minimum payment
ex: full due 12k minimum due 7K
overdue interest rate:
overdue interest rates higher in credit card bills 2% PM or 24% yearly gone. 3% or 3 paise per month or 36% for yearly/ check your credit billing statement description to know the exact rates & conditions.
confusion
you paid on 4/5th feb for billing cycle (upto dec 17 to jan 16). you try to count from feb 5th as new billing circle.
are you facing troubles to manage 3+ Credit cards?
you probably miss the due ended up with paying late fee, over due interest,
solutions: Register for auto debit in SBI Net Banking or use Yonosbi
HDFC: Use HDFC Mobile App.
ICICI: Use I mobile to register for auto debit
How to register autod for credit card payment?
Sbi: NetBanking biller section, add sbi credit card as biller , select Every month bill as recurring.
ICICI: open I mobile app. Select register a biller,
Select your card,
Pay current outstanding
Last statemt due.
Minimum statement due.
2nd option is correct. If you pay minimum due, outstanding amount attracts 36% 0r 3% monthly interest rate which is huge
And select the date when will it happens, select just 1 day before the due date or due date,
Now it’s automatically deducted to your ICICI savings account.
Hdfc,
With hdfc mobile app you can find your linked credit cards.
You can manually pay with your saving account balance, or register as a biller.
RBL credit card: if you don’t have rbl saving account, you can through NetBanking.
You can also use Paytm as automatic payment to credit card.
The new app cred also do this for you.
Why we can’t credit bill with another credit card?
you can do this by credit y balance transfer at 1.67% per month 20.04% * interest rate .
SBI EMI Deferment June to August
every month we have send a reply to SMS sent by bank within 5 days prior to the due date.
YES
To VMN
Loan Account number ex: ***1243
STOP1234 to VMN BY 5 days.
Defferstanding instructions
Bank sends SMS to stop/not, we have to reply within 5days.
virtual mobile number (VMN
1234>, (Where 1234 is the last 4 digits of their loan A/c no) to VMN within 5 days from the receipt of SMS.
you need to opt-in each month, at least 5 days before your Payment Due Date. E.g. for payment due on 1 Jul’20, please exercise moratorium by 25 Jun’20. Interest will accrue on your outstanding during moratorium period.
Every month you get message like This
By qpsbibnk
Due to COVID19,if you wish to defer Standing Instructions for EMI of your loan Ac x1599 upto May’20, please forward this SMS to 9223040040 by 23.04.20. But Interest liability will increase. Please do not share your OTP with anyone as Bank never asks for it.
June
Due to COVID19,if you wish to defer Standing Instructions for EMI of your loan Ac x1599 upto May’20, please forward this SMS to 9223040040 by 23.04.20. But Interest liability will increase. Please do not share your OTP with anyone as Bank never asks for it.
if your payy due on 1st juy then send it
Before 25th june.
STOP1234 to VMN BY 5 days
STOP1599 to 9223040040 BY 5 days(upon receiving sms/duedate)
Ex my due date is 11th if every month, so I have to send sms at least 5days before /within.
Emi recovery
YES TO 9223040040