HDFC Bank Credit Card new charges effective from April 1, 2019: Check details
New Delhi : Spending money via a credit card is not just easy but it also helps in maintaining a credit score that helps you in getting a good amount of loan with ease. All you need is to pay the dues in time. In case, you miss the deadline, the bank charges extra money on the name of late fees.
HDFC Bank is now revising the credit card late payment charges and the new fee structure will come in to effect from April 1, 2019.
The late payment charges will be applicable on all their cards except on the Infinia cards. The charge will vary depending on the outstanding balance on the account as generated in the statement.
Following are the revised charges on the HDFC cards, excluding the Infinia cards:
Statement balance: Rs 100
Late payment charges till March 31, 2019: Nil
Late payment charges from April 1, 2019:
Statement balance: Rs 100 to Rs 500
Late payment charges till March 31, 2019: Rs 100
Late payment charges from April 1, 2019:
Statement balance: Rs 501 to Rs 5000
Late payment charges till March 31, 2019: Rs 400
Late payment charges from April 1, 2019: Rs 500
Statement balance: Rs 5001 to Rs 10000
Late payment charges till March 31, 2019: Rs 500
Late payment charges from April 1, 2019: Rs 600
Statement balance: Rs 10000 to Rs 25000
Late payment charges till March 31, 2019: Rs 750
Late payment charges from April 1, 2019: Rs 800
Statement balance: More than Rs 25000
Late payment charges till March 31, 2019: Rs 750
Late payment charges from April 1, 2019: Rs 950
About Late Payment Charges by Banks
The late payment charges on any card is levied when a customer fails to pay at least the minimum amount due by the due date. On every credit card, the minimum due amount is 5 per cent of the total outstanding amount. In order to avoid the late payment charges, one should ensure that at least the minimum due amount is paid on or before the due date.
On the due date, a cardholder has three options – Either, pay a minimum of 5 per cent of the outstanding amount or make a partial payment or pay the entire credit card dues in full. Only when the card bill amount is paid in full, the interest charges not apply.
Remember, the payment made should get credited in your credit card account on or before the due date to avoid charges and penalty, subject to the grace period, if any. For a healthy credit profile and to keep the credit score high, make sure not to roll over the outstanding balance on to the next month.
