Winning Bizness Desk
Mumbai. Most of the time it happens that people using more than one credit card often forget to pay within the due date and later on it becomes difficult for them to manage credit cards. In such a situation, card holders do not remember every time when the due date of the cards and because of this they have to end up paying 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. According to an order of RBI, banks cannot impose a fine on you till 3 days after the due date. If your due date is 15th December then no fine will be imposed on you till 18th. RBI has given an additional 3 days window to credit card customers for bill payment. RBI had issued an order in this regard on 21 April 2022. Now if you pay the payment even after 3 days of the due date, then there will be no difference in your credit score.
Understanding of Billing cycle in important
The credit card holder decides the billing cycle of the credit card on his own free will. However, the bank decides for how many days it will be which means that the billing cycle will be of 27 days or 31 days this bank will tell you. You can set up your monthly cycle accordingly. The time between your 2 billing statements is called Billing Cycle. Suppose your credit card statement is prepared on 28th November then it means your new billing cycle will start from 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, you will get 3 additional days.
What if you don't pay on time?
If you do not pay the credit card bill on time, then it will affect your credit score. Your credit score will come down due to which it will be difficult for you to take loan or get credit card again in future. On the other hand, if you pay your credit card bill on time, you will get the loan easily and at affordable rates.
