HDFC Credit Card: Late payment charge revised; Do this to save money

The late payment charge on any card is levied when the cardholder 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. Pixabay

HDFC Bank has announced a revision of its credit card late payment charges. The bank will now charge more for late payment on monthly statement balances above Rs 500. The new rates will be applicable from April 1, 2019. Hence, Credit card users of the HDFC Bank should try to clear dues before the due date. The late payment charge on any card is levied when the cardholder 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. In doing so, one will not be required to call the HDFC credit card customer care to either waive the charges or explain the reasons for the delay.

Here are the revised charges on the HDFC cards, excluding the Infinia cards:

1. Statement balance: Rs 100

Late payment charges till March 31, 2019: Nil

Late payment charges from April 1, 2019: Nil

2. Statement balance: Rs 100 to Rs 500

Late payment charges till March 31, 2019: Rs 100

Late payment charges from April 1, 2019: 100

3. 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

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4. 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

5. 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

6. Statement balance: More than Rs 25000

Late payment charges till March 31, 2019: Rs 750

Late payment charges from April 1, 2019: Rs 950

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.

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