People using more than one credit card often forget to pay it by the due date or rather it becomes difficult for them to manage the credit card. In such a situation, they do not remember every time when the due date of which card came. Because of this, they have to pay a penalty. If you also use more than one credit card and often forget to pay till the due date, then you do not need to panic.
Highlights
The billing cycle of the credit card is decided by the customer himself.
Normally the due date comes 15 days after your billing date.
Bank imposes a penalty for not paying the due date.
Actually, according to an order of RBI, the bank cannot impose a penalty on you till 3 days after the due date. If your due date is 15th December then no penalty will be imposed on you till the 18th. RBI has given 3 days extension to credit card customers for bill payment. RBI issued an order in this regard on 21 April 2022. Now if you pay even after 3 days of the due date, there will be no difference in your credit score.
Understand the credit card billing cycle
The credit card holder decides the credit card billing cycle at his/her own discretion. However, for how many days it is decided by the bank. This means this billing cycle will be of 27 days or 31 days, this bank will tell you. You can schedule your monthly cycle accordingly. The time between your 2 billing statements is called a billing cycle. Suppose your credit card statement is generated on 28th November. That means your new billing cycle will start on the 29th. Now the due date will be 15 days after 28th. That is, the bank gives you an additional 15 days for payment. At the same time, now after the order of RBI, 3 more days will be available.
What happens if the payment is not made on time?
If you do not pay the credit card bill on time, it affects your credit score. Your credit score will come down which it will be difficult for you to avail loan or credit card again in the future. On the other hand, if you pay your credit card bills on time, you will get loans easily and at affordable rates.
Read More: Bank Loan Interest Rate: This bank including ICICI Bank and PNB also gave shocked the customers, increasing the loan interest rate
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