Report Wire - Credit card late payment: What HDFC Bank, SBI Card, ICICI Bank and Axis Bank cost

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Credit card late payment: What HDFC Bank, SBI Card, ICICI Bank and Axis Bank cost

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Credit card charges compared: HDFC Bank vs SBI Card vs ICICI Bank vs Axis Bank.

ICICI Bank has revised its bank card expenses with impact from 10 February. As per the communication to the purchasers by the financial institution, credit score cardholders must pay a transaction cost on money advance which has been revised to 2.50% on superior quantities on all playing cards, topic to a minimal of ₹500. In case of cheque return, the financial institution will now cost 2% of the entire quantity due with a minimal of ₹500.

The financial institution additionally revised late fee expenses for all its bank cards besides ICICI Bank Emerald Credit Card. Late fee expenses fluctuate with the entire quantity due. If your whole quantity due is lower than ₹100, then the financial institution is not going to cost you. While for greater quantities the fees preserve rising with a rise in due quantity. The highest quantity that the financial institution will cost is ₹1200 for an impressive quantity of ₹50,000 or extra.

Other bigger gamers available in the market, like HDFC Bank, SBI Card and Axis Bank have been charging as much as ₹1300, ₹1300 and ₹1000 respectively for over ₹50,000 stability fee. 

Here is the comparability of the bank card expenses of main gamers like HDFC Bank, SBI Card, ICICI Bank and Axis Bank

 

View Full ImagePhoto: Mint

As per the most recent RBI information for the month of November, the variety of bank cards has elevated by 1.84 per cent as in comparison with October 2021. The enhance was over 2 per cent in October ‘21 and 1.7 per cent in September ‘21. On the Credit card spending, there was a decline of 11.6 per cent month-on-month in November versus a acquire of 25.79 per cent MoM in October.

 

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