Missed Your Credit Card Due Date? Here Is What To Do

Tired of carrying a heavy wallet every time you step out? Apply for a Credit Card. It eliminates the need to carry significant cash in your wallet. Just swipe, tap, or enter your card details to make any purchase or transaction. You can also convert your purchases into Equated Monthly Instalments. Earn cashback and reward points on your card usage.

Typically, banks approach you with Credit Cards. If not, you can apply for one by yourself. Just meet simple eligibility criteria and submit documents. The bank decides on the Credit Card approval and subsequently offers a decent line of credit based on your eligibility. Upon receiving a Credit Card, make sure you use it responsibly and at trusted merchants. Utilise the line of credit you can afford to repay.

Make sure not to default on them. However, given the hassles of everyday life, you would sometimes miss the payment due date.

What to do if you default on Credit Card dues?

When you miss out on the Credit Card due date, you get worried about incurring late payment charges. The RBI has provided some relief with their latest grace period policy in such cases. This period lasts for three days from the Credit Card payment due date. You can repay the dues during this grace period without incurring late payment charges.

If you do not repay your Credit Card dues during the grace period too, you need to pay the late payment charges. These charges depend on the card type and the owed amount. Do not miss out on Credit Card payment due dates, as it can cause immense financial stress. It also negatively impacts your credit history and score, which hinders future Credit Card and Loan application approvals.

Ways to not miss Credit Card payment dues

You can miss your Credit Card due date for two reasons. One, you have a weak memory and forget the payment date. Second, you do not have the financial resources to pay the dues. There are solutions for both. If you have a weak memory and forget the repayment date, consider automating the Credit Card bill payment. The payable amount gets automatically debited from your Bank Account on the due date. This is possible through Online Banking channels.

If you lack the financial resources to repay your total Credit Card bill, consider paying the minimum due amount. It could be a percentage of the outstanding amount or a fixed amount the bank decides. Pay the minimum amount to avoid delayed or non-payment reflected in your credit account.