Last Updated on March 8, 2024 by admin
Are you wondering how late you can make your RBL credit card payments? Usually, all credit cards require monthly repayment of dues unless no usage has been record in the billing cycle. This article will give you more information on how the banks process your payments. The time taken for the payments to reflect, and the associated charges (yes, some credit card payments require a fee!). We all know what happens when you fail to make timely payments – the dues can increase exponentially. Most banks, however, allow for a ‘grace period’ before the penalty is apply.
About Rbl Bank Credit Card
RBL Bank was earlier known as Ratnakar Bank. Founded in 1943 in Mumbai, it is a private sector bank offering services in six categories –
- Corporate and institutional banking
- Commercial banking
- Branch & business banking
- Retail assets
- Development banking
- Treasure/Financial Market operations
In recent years, RBL’s easy-to-apply credit card offers in India have also made its presence felt in the credit card market. Their application process can be done online with minimum paperwork, and you soon get the card deliver to your doorstep via a courier service. Once you have your card, you must make monthly RBL credit card payments to avoid paying interest or penalties.
Minimum Payment?
When you are present with a bill, the bank also suggests the ‘minimum payment due’. Avoid this as much as possible because it is only the interest amount calculate as the minimum payment. Paying this amount every month will not increase your dues, but neither will it decrease your principal amount! If you cannot clear your dues to avoid interest altogether, at least try to pay a little higher than the minimum suggested amount to slowly clear your dues. If you pay higher than the minimum amount every month, you will notice a decrease in the minimum due every month – which means your debt is clearing little by little.
Convert To Emi?
RBL also offers a convenient ‘convert to EMI’ to help you repay your credit card dues. This feature is handy if you have used a credit card to pay for substantial amounts, such as a new TV or refrigerator. The convert to EMI option allows you to split your purchase into 3, 6, 9, or 12 months with minimized interest rates. This is a good option when purchasing expensive items. You can initiate this facility while making the purchase or at a later date using the RBL credit card app, which is relatively easy to navigate.
However, the entire amount will be block out of your total credit limit, which will be reassign to your card systematically with every payment clear. The RBL app shows the credit limit in green and used credit in red in an easy-to-identify line when you open the app. Any payments made on the app are immediately reflect. If you have made a payment that does not reflect, it may be because of the mode of payment utilized. More on that below.
Why Does My Payment Not Reflect?
All RBL credit card payments should reflect immediately on the app, except for cash payments at a branch, which reflect the next day. In case you have deposit a check, needless to say, the amount will be reflect in your card statement only upon the realization of the cheque with your bank. Any payments made using online transactions with debit cards, net banking, or other apps/UPI IDs should immediately release your spending limit and reflect on your card statement by the next day. Try to use online facilities as much as possible when making RBL Credit Card payments online; you will also incur a fee of 250 rupees and 18% GST.
How Late Is Too Late?
Usually, making your RBL credit card payments within 30 days will avoid any interest whatsoever. The bank usually allows for a 1-week ‘grace’ period (sometimes two weeks) within which you can still clear your dues. But, if the next billing cycle date has reached, and you still have not made the last payment, expect an interest added to the principal amount with a new due date and compounded interest rate.
Conclusion
RBL and many other banks have brought out new and easy-to-apply credit card in India. To avoid paying additional fees or interest, making payments within 30 days of any purchase is best. Use online modes of payment to revert your RBL credit card’s spending limit immediately, and continue your use without any hiccups.
Apart from this, if you are interested to know more about healthy credit card habits to shoot up your CIBIL score then visit our Finance category
