If you have a State Bank credit card, then there is no late fee for the due amount less than 500. There has been no change in the charge on Emerald Credit of ICICI Bank.
Different banks have different charges.
In recent times, different banks have increased the charges for different services. If you use credit card then HDFC Bank, SBI Card, ICICI Bank and Axis Bank are big players in this field. Most credit card users have one or more of these cards. The specialty of the credit card is that you get an interest free period of 50 days to pay the shopping bill. However, if you pay after the due date, you have to pay a heavy fine. This is called late payment fee. Banks have also increased late payment fees.
ICICI credit card: The bank has decided to increase the late payment fee, cash advance transaction fee, check return fee, auto debit return fee. The new charge will be applicable from 10 February 2022. However, there has been no change in the charges on the Emerald credit card. Apart from this, if the due amount is less than Rs 100, then many charges will not be applicable. Rs 100 is charged in case of outstanding between Rs 100-500, Rs 500 in case of balance up to Rs 501-5000, Rs 750 for outstanding up to Rs 5001-10000, Rs 900 for arrears up to Rs 10001-25 thousand, 25001 In case of outstanding from Rs.50 thousand to Rs.1000 and in case of outstanding more than Rs.50 thousand, Rs.1200 will be charged as late payment charge.
SBI credit card charges
If you have a State Bank credit card, then there is no late fee for the due amount less than 500. Late payment fee for 501-1000 rupees is 400 rupees, 1001-10 thousand rupees up to 1300 rupees. On cash withdrawal, this charge will be levied a minimum of Rs 500 or 2.5% of the amount withdrawn, whichever is higher. The overlimit charge is 2.5 percent which will be maximum Rs 600. The check return fee will be Rs 500.
HDFC credit card charges
If you have HDFC Bank credit card then there is no late payment charge for less than Rs.100. Late payment fee of Rs.100 for Rs.100-500, Rs.500 for Rs.501-5000, Rs.600 for up to Rs.5001-10000, Late payment fee of Rs.800 for Rs.10001-25000, Rs.25001-50000 The late payment fee is Rs 1300 for Rs 1100 and if there is more than 50 thousand dues.
Axis bank credit card charges
If you use Axis Bank credit card then there is no charge on balance up to Rs.300. Late payment fee is Rs.100 on arrears of Rs.300-500, Rs.500 on arrears of Rs.501-1000, and late payment fee of Rs.1000 for dues up to Rs.1001-10000. For cash withdrawal, 2.5% of the total withdrawal amount will be charged. This minimum will be Rs 500.
Many disadvantages of late payment
In such a situation, if you use a credit card, then pay on time in any case. Failure to do so will result in many losses. The first loss will be charged as late payment fee. Apart from this, the bank will charge you the interest separately. There is no interest free period of 50 days on late payment. You will also have to pay interest for this period. Late payment spoils your credit score.
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