If you missed the credit card payment deadline, don't worry! The Reserve Bank of India (RBI) has a rule that can save you from late fees. Here's how it works in simple words'
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Credit Card Payment Deadline
Credit card companies usually set a specific due date for your credit card bill payment each month. It's essential to pay at least the minimum amount due on or before this date to avoid any penalties or late fees.
RBI's Grace Period Rule
The RBI has introduced a rule that mandates all credit card issuers to provide a grace period for credit card bill payments. This grace period is usually between one to three days, depending on the bank or credit card company.
How the Grace Period Helps You
Let's say your credit card payment deadline is on the 15th of every month. If you missed making the payment on the 15th, the grace period would give you an additional one to three days to make the payment. If you do so, there will be no late fees or penalties.
Remember the Minimum Amount Due
While the grace period can save you from immediate late fees, it's essential to know that you must pay at least the minimum amount due within the grace period. Failing to pay the minimum amount can still lead to late fees and negatively impact your credit score.
Remember, being responsible with credit card payments is crucial for maintaining a healthy credit score and financial well-being. The RBI's grace period rule provides some leeway in case you miss the payment deadline, but it's best to pay on time to avoid any hassles.
