Credit cards give an individual the freedom to purchase. However, failure to make timely payments of credit card dues can lead a person into a debt trap. Also, he/she will be required to pay an extra amount on the credit card bills and it is known as the late payment charges.
Key players in the market, like HDFC Bank, SBI Card and Axis Bank have been charging up to Rs 1,300, Rs 1,300 and Rs 1,000 respectively for over Rs 50,000 balance payment. All these lenders have been charging the fees for quite some time whereas ICICI Bank will be charging Rs 1,200 for late payments of Rs 50,000 or more from February 10, 2022 onwards.
Here are the credit card late payment fees of different banks:
State Bank of India (SBI):
| Cash Advance Charges | 2.5% of amount withdrawn or Rs 500 whichever is higher | |
| Late Payment Charges | Statement Balance | Charges |
| Less than 500 | NIL | |
| Rs 501-1000 | 400 | |
| Rs1001-10000 | 750 | |
| Rs 10001-25000 | 950 | |
| Rs 25001-50000 | 1100 | |
| >Rs 50000 | 1300 | |
| Overlimit Charges | 2.5% of overlimit amount, subject to minimum of Rs 600 | |
| Auto Debit/Cheque Return Fee | 2 percent minimum 500 | |
HDFC Bank
| Cash Advance Charges | 2.5% of amount withdrawn or Rs 500 whichever is higher | |
| Late Payment Charges | Statement Balance | Charges |
| Less than 100 | NIL | |
| Rs 100-500 | 100 | |
| Rs 501-5000 | 500 | |
| Rs 5001-10000 | 600 | |
| Rs 10,001-25,000 | 800 | |
| Rs 25,001-50,000 | 1100 | |
| >Rs 50,000 | 1300 | |
| Overlimit Charges | 2.5% of over limit amount, subject to minimum of Rs 550 | |
| Auto Debit/Cheque Return Fee | 2% minimum 450 | |
ICICI Bank (wef from Feb 10, 2022)
| Cash Advance Charges | 2.5% of amount withdrawn or Rs 300 Whichever is higher | |
| Late Payment Charges | Statement Balance | Charges |
| Less than 100 | NIL | |
| Rs 100-500 | 100 | |
| Rs 501-5000 | 500 | |
| Rs 5001-10000 | 750 | |
| Rs 10001-25000 | 900 | |
| Rs 25001-50000 | 1000 | |
| More than 50000 | 1200 | |
| Overlimit Charges | 2.5% of over limit amount, subject to minimum of Rs 550 | |
| Auto Debit/Cheque Return Fee | 2% minimum 500 | |
Axis Bank
| Cash Advance Charges | 2.5% of amount withdrawn or Rs 500 whichever is higher(waived for Axis bank Burgundy private, reserve & Magnus CC) | |
| Late Payment Charges | Statement Balance | Charges |
| Less than 300 | NIL | |
| Rs 301-500 | 100 | |
| Rs 501-1000 | 500 | |
| Rs 1001-10000 | 500 | |
| Rs 10001-25000 | 750 | |
| Rs 25001-50000 | 1000 | |
| >Rs 50000 | 1000 | |
| Overlimit Charges | 3% of over limit amount, subject to minimum of Rs 500 | |
| Auto Debit/Cheque Return Fee | 2% minimum 450, maximum 1500 | |
(Edited by : Ajay Vaishnav)
First Published: IST