{"id":4505,"date":"2014-06-14T14:00:51","date_gmt":"2014-06-14T08:30:51","guid":{"rendered":"http:\/\/www.apnaplan.com\/?p=4505"},"modified":"2016-05-28T21:36:02","modified_gmt":"2016-05-28T16:06:02","slug":"banks-to-charge-late-fee-of-credit-cards-dues-only-after-a-month-rbi","status":"publish","type":"post","link":"https:\/\/www.apnaplan.com\/banks-to-charge-late-fee-of-credit-cards-dues-only-after-a-month-rbi\/","title":{"rendered":"Banks to Charge late fee of Credit cards dues only after a Month \u2013 RBI"},"content":{"rendered":"<p>In major relief to credit card users Reserve Bank of India (RBI) has changed the way banks charge late fee on late bill payment.<\/p>\n<h2>What do banks charge if you pay late?<\/h2>\n<p>If you pay your credit cards beyond due date, banks usually penalize by charging the following:<\/p>\n<p><strong>1. Late Fee<\/strong> \u2013 this is fixed fee that the bank charges you. It might vary from Rs 100 to Rs 700 depending on the bill due amount. For e.g. for Citibank the charges are<br \/>\nRs.300 for current balance up to Rs.10000<br \/>\nRs.600 for current balance from Rs. 10001 &#8211; 25000<br \/>\nRs.700 for current balance above Rs.25000<\/p>\n<p><strong>2. Late Interest Payment<\/strong> \u2013 the banks also charge a interest on the late payment. This interest rate is varies from 2.5% to 3.5% per month (or 30% to 42% per year) which is huge.<\/p>\n<h2>The Good News:<\/h2>\n<p>Until now banks charged Late Fee if customers did not pay till due date but with the new direction from RBI, late fee would be charge only if the customer does not pay before next bill generation cycle. This effectively means that you got extra 15 days grace period for Late Fee.<\/p>\n<p>The picture below shows how the new system would work.<\/p>\n<figure id=\"attachment_4506\" aria-describedby=\"caption-attachment-4506\" style=\"width: 900px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4506 size-large\" src=\"http:\/\/www.apnaplan.com\/wp-content\/uploads\/2014\/06\/How-does-Late-Fee-for-Credit-Card-Works-1024x315.png\" alt=\"How does  Late Fee for Credit Card Works\" width=\"900\" height=\"276\" title=\"\" srcset=\"https:\/\/www.apnaplan.com\/wp-content\/uploads\/2014\/06\/How-does-Late-Fee-for-Credit-Card-Works-1024x315.png 1024w, https:\/\/www.apnaplan.com\/wp-content\/uploads\/2014\/06\/How-does-Late-Fee-for-Credit-Card-Works-300x92.png 300w, https:\/\/www.apnaplan.com\/wp-content\/uploads\/2014\/06\/How-does-Late-Fee-for-Credit-Card-Works.png 1482w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><figcaption id=\"caption-attachment-4506\" class=\"wp-caption-text\"><strong>How does Late Fee for Credit Card Works?<\/strong><\/figcaption><\/figure>\n<h2>The Bad News:<\/h2>\n<p>The bad news is banks would still be charge you late payment interest if you delay your payment beyond their due date.<\/p>\n<h2>Apnaplan&#8217;s View:<\/h2>\n<p>This is a good consumer friendly move from RBI as credit card providers anyway charging exorbitant interest charges for delay payments. But as a customer you should always spend with in your limits and pay back within due date. Carrying debt on credit cards is the worst kind on loan and should be paid off as soon as possible.<\/p>\n<figure id=\"attachment_4507\" aria-describedby=\"caption-attachment-4507\" style=\"width: 960px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-4507\" src=\"http:\/\/www.apnaplan.com\/wp-content\/uploads\/2014\/06\/No-Late-Fees-on-Credit-Card-Dues-for-One-Month-\u2013-RBI.png\" alt=\"No Late Fees on Credit Card Dues for One Month \u2013 RBI\" width=\"960\" height=\"720\" title=\"\" srcset=\"https:\/\/www.apnaplan.com\/wp-content\/uploads\/2014\/06\/No-Late-Fees-on-Credit-Card-Dues-for-One-Month-\u2013-RBI.png 960w, https:\/\/www.apnaplan.com\/wp-content\/uploads\/2014\/06\/No-Late-Fees-on-Credit-Card-Dues-for-One-Month-\u2013-RBI-300x225.png 300w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><figcaption id=\"caption-attachment-4507\" class=\"wp-caption-text\"><strong>No Late Fees on Credit Card Dues for One Month \u2013 RBI<\/strong><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In major relief to credit card users Reserve Bank of India (RBI) has changed the way banks charge late fee on late bill payment. What do banks charge if you pay late? If you pay your credit cards beyond due date, banks usually penalize by charging the following: 1. Late Fee \u2013 this is fixed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[366,3013,7],"tags":[2316,116,281],"uagb_featured_image_src":{"full":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2014\/06\/Credit-Cards-RBI-changes-the-late-fee-Charges.png",598,326,false],"thumbnail":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2014\/06\/Credit-Cards-RBI-changes-the-late-fee-Charges-150x150.png",150,150,true],"medium":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2014\/06\/Credit-Cards-RBI-changes-the-late-fee-Charges-300x163.png",300,163,true],"medium_large":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2014\/06\/Credit-Cards-RBI-changes-the-late-fee-Charges.png",598,326,false],"large":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2014\/06\/Credit-Cards-RBI-changes-the-late-fee-Charges.png",598,326,false],"1536x1536":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2014\/06\/Credit-Cards-RBI-changes-the-late-fee-Charges.png",598,326,false],"2048x2048":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2014\/06\/Credit-Cards-RBI-changes-the-late-fee-Charges.png",598,326,false],"yarpp-thumbnail":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2014\/06\/Credit-Cards-RBI-changes-the-late-fee-Charges.png",120,65,false]},"uagb_author_info":{"display_name":"Amit","author_link":"https:\/\/www.apnaplan.com\/author\/admin\/"},"uagb_comment_info":6,"uagb_excerpt":"In major relief to credit card users Reserve Bank of India (RBI) has changed the way banks charge late fee on late bill payment. What do banks charge if you pay late? If you pay your credit cards beyond due date, banks usually penalize by charging the following: 1. Late Fee \u2013 this is fixed&hellip;","_links":{"self":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts\/4505"}],"collection":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/comments?post=4505"}],"version-history":[{"count":0,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts\/4505\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/media\/4889"}],"wp:attachment":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/media?parent=4505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/categories?post=4505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/tags?post=4505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}