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Monday, March 4, 2019

HDFC Bank revises credit card late payment charges, effective from April 1

Credit cards, over the years, have become a part of one’s life. But, in a bit of a setback to credit card holders of HDFC Bank, a revision of its credit card late payment charges has been announced.

According to reports, the bank will now charge more for late payment on monthly statement balances above Rs 500. HDFC credit card late payment charges are being revised by HDFC Bank from April 1, 2019. The late payment charges will be applicable on all their cards except on the Infinia cards.

The late payment charges on any card are 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 percent of the total outstanding amount. Credit cardholders on the due date have three options either, pay a minimum of 5 percent of the outstanding amount or make a partial payment or pay the entire credit card dues in full.

Statement balance: Rs 100

Late payment charges till March 31, 2019: Nil

Late payment charges from April 1, 2019: Nil

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



Source: FPJ