Here is a list of credit card late payment charges of different banks
Hyderabad: Having a credit card gives one the financial freedom to make purchases as and when required. While it does make our purchases easier, it also has the double whammy of pushing a person into a debt trap if the payment is not made on time. And in case the payment gets delayed then the […]
Hyderabad: Having a credit card gives one the financial freedom to make purchases as and when required. While it does make our purchases easier, it also has the double whammy of pushing a person into a debt trap if the payment is not made on time. And in case the payment gets delayed then the person will have to bear the brunt of late payment charges as well.
Recently, ICICI Bank announced a revision in credit card charges which will come into effect from February 10. Some reports suggest that other banks may follow suit in terms of revising their credit card charges, although no official communication has been given by any other bank other than ICICI Bank.
Here is a list of different charges by different banks:
ICICI Bank:
As per the communication issued by the bank to the customers, credit cardholders will have to shell out 2.5 per cent of the overlimit amount, subject to minimum of Rs 550 as overlimit charges. In addition, the auto debit or cheque return fee has been set at 2 per cent with minimum Rs 500 and cash advance charges are 2.5 per cent of the amount withdrawn or Rs 300 which is higher.
Meanwhile, the late payment charges are nil for less than Rs 100 balance, Rs 100 for Rs 100-Rs 500 balance, Rs 500 for Rs 501-Rs 5,000, Rs 750 for Rs 5,001-Rs 10,000, Rs 900 for Rs 10,001-Rs 25,000, Rs 1,000 for Rs 25,001-Rs 50,000 and Rs 1,200 for more than Rs 50,000 balance.
State Bank of India (SBI):
The bank has not made any revision to its existing credit card charges. The bank charges 2.5 per cent of the amount withdrawn or Rs 500, which is higher, as cash advance charges. The overlimit charge is set at 2.5 per cent of the overlimit amount subject to minimum of Rs 600 and the auto debit or cheque return fee is set at 2 per cent with minimum of Rs 500.
Unlike ICICI Bank, SBI does not charge anything as late payment charges for balances less than Rs 500. For Rs 501-Rs 1,000 balance the charges are Rs 400, for Rs 1,001-Rs 10,000 balance it charges Rs 750, for Rs 10,001-Rs 25,000 it charges Rs 950, for Rs 25,001-RS 50,000 the bank charges Rs 1,100 and for balance more than Rs 50,000, it charges Rs 1,300.
Axis Bank
The bank charges 2.5 per cent of amount withdrawn or Rs 500 which is higher as cash advance charges and it charges 3 per cent of overlimit amount, subject to minimum of Rs 500 as overlimit charges and 2 per cent with minimum Rs 450 and maximum of Rs 1,500 as auto debit or cheque return fee.
For late payment charges, Axis Bank charges nil for less than Rs 300 balance, Rs 100 fro Rs 301-Rs 500, Rs 500 for Rs 501-Rs 1,000 and Rs 1,001-Rs 10,000, Rs 750 for Rs 10,001-Rs 25,000, Rs 1,000 for Rs 25,001-Rs 50,000 and Rs 1,000 for more than Rs 50,000 balance.
HDFC Bank
HDFC Bank charges 2.5 per cent of amount withdrawn or Rs 500 which is higher as the cash advance charges, 2.5 per cent of overlimit amount subject to minimum of Rs 550 as overlimit charges and 2 per cent with minimum of Rs 450 as auto debit or cheque return fee.
In terms of late payment charges, the bank charges nil for less than Rs 100 statement balance, Rs 100 for Rs 100-Rs 500, Rs 500 for Rs 501-Rs 5,000, Rs 600 for Rs 5,001-Rs 10,000, Rs 800 for Rs 10,001-Rs 25,000, Rs 1,100 for Rs 25,001-Rs 50,000 and Rs 1,300 for more than Rs 50,000 balance.
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