Delay in credit card payment can cause big loss, know payment rules

Delay in credit card payment can cause big loss, know payment rules

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Credit Card Bill Payment: The use of credit cards is continuously increasing. Many people hold multiple credit cards. For some people, the use of credit cards is also a fashion and a status symbol. On the basis of credit card, you can buy goods even without money. Anyone can make payments and collect bills etc. Later you can pay by credit card. The biggest advantage of credit cards is that you get up to 50 days of interest-free payment time.

The advantages of credit cards are many, but a little carelessness proves to be very harmful for you. If you do not pay the credit card bill on time, you have to pay more interest.

Credit card bill payment
While paying the credit card bill, you see three options. First – payment of total bill, second – minimum amount and third – under amount.

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The law says that the credit card bill should always be paid within time. This improves your credit score, you do not have to pay extra interest and the biggest advantage is staying away from tension. If you are not able to pay the entire credit card bill due to any reason, then you must pay the minimum amount.

You can avoid fines by making the minimum payment. The minimum amount is 5 percent of the total bill. In this the monthly installment payment is different. If the EMI of any of your goods is Rs 2000 and you have done any shopping worth Rs 5000 during this period, then you will have to pay a minimum of Rs 5200.

However, the EMI amount will be additional. For example, if the EMI of a phone is Rs 5000 every month and you have shopped for 10 thousand in that month, then the minimum amount will be Rs 5500 (5000 + 500).

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payment cycle
There is an opportunity for credit card payment till three days after the due date of payment. Even after this, if you do not make the payment, then late payment is charged. This charge is very high and this charge is included in the next bill.

Loss of delay in payment
Once the credit card bill is generated, you get three weeks to make the payment. If you make the minimum payment, you will not get the benefit of the free interest period. You will not get the interest free period until the full payment is made. After that every payment will attract monthly interest.

You will have to pay the interest as applicable till you make the full payment. In this way, you can avoid penalty and late payment charges by paying the minimum amount.

Tags: credit card, credit card limit

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