Credit cards give you the freedom to make purchases. However, failure to pay the credit card dues on time can lead to a debt trap.
Also, he has to pay an extra amount on the credit card bills and this is known as late payment fee. In case of check return, the bank will now charge 2% of the total amount payable with a minimum of Rs 500.
The bank has also changed the late payment charges for all its credit cards except ICICI Bank Emerald Credit Card. Late payment charges vary with the total amount due. If your total outstanding balance is less than Rs 100, the bank will not charge you any fee. Whereas for higher amount the fee keeps on increasing with the increase in the amount payable. For outstanding amount of Rs 50,000 or more, the bank will charge a maximum of Rs 1200.
HDFC Bank, SBI Card and Axis Bank are charging up to Rs 1300 on balance payments above Rs 50,000. All these banks have been charging fees for a long time while ICICI Bank will charge Rs 1200 from February 10, 2022, for late payments of Rs 50,000 or more.
SBI credit card charge
No fee will be charged 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. A cash advance fee of 2.5% will be levied on SBI credit cards. On the amount of cash withdrawal or Rs 500, whichever is higher. The overlimit charge is 2.5 percent or a maximum of Rs 600. A minimum of 2% or Rs 500 will be charged as auto debit or check return charges.
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 10001-25000, Rs.25,001-50,000 Rs.1100. Cash advance charges on HDFC credit cards will be levied at 2.5% on the amount of cash withdrawn or Rs 500, whichever is higher.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% or Rs 450 will be charged as auto debit or check return charges.
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.