Credit Card New Payment Rule: Three Days Post Deadline To Clear Dues

By Srikanto Mandal 15 December, 2022

 It is common for people who use multiple credit cards to forget credit card payment due dates.

Because keeping track of numerous credit card payment due dates each month is quite a challenging task.

In such a situation, if you forget to pay your credit card dues on time, then there is no need to worry.

The Reserve Bank of India has directed banks and credit card issuers to pay late penalties only three days after a payment is missed.

If you complete your payment within 3 days after the deadline, the credit score will not be affected.

If the credit card holder does not pay their dues after three days, a late payment fee will be charged.

The amount of late payment penalty is determined by the bank or credit card company.

Normally,  credit card companies and Banks charge a predetermined late payment fee based on the amount still owed.