Updated Jan 2022 : Late payment fees by banks for various Credit cards

Possessing a credit card enables one to make purchases as and when required. While this simplifies our purchases, it also has the unintended consequence of pushing a person into debt if the payment is not made on time. Additionally, if the payment is delayed, the individual will bear the brunt of late payment charges.

ICICI Bank recently announced a revision to credit card fees that will take effect on February 10. According to some reports, other banks may follow suit in terms of revising their credit card fees, although no official communication from any bank other than ICICI Bank has been issued.

The following is a list of various charges levied by various banks:

ICICI Bank Limited:

According to the bank’s communication to customers, credit cardholders will be required to pay 2.5 percent of the overlimit amount, subject to a minimum of Rs 550, as overlimit charges. Additionally, the auto debit or cheque return fee is set at 2% with a minimum of Rs 500, and cash advance fees are set at 2.5 percent of the amount withdrawn or Rs 300, whichever is greater.

Meanwhile, late payment charges are waived for balances less than Rs 100, Rs 100-Rs 500, Rs 500-Rs 5,000, Rs 750-Rs 10,000, Rs 900-Rs 25,000, Rs 1,000-Rs 50,000, and Rs 1,200-Rs 50,000 balances.

SBI (State Bank of India):

The bank has not altered its existing credit card fees. Cash advance fees are 2.5 percent of the amount withdrawn or Rs 500, whichever is greater. The overlimit charge is 2.5 percent of the overlimit amount, with a minimum of Rs 600, and the auto debit or cheque return fee is 2%, with a minimum of Rs 500.

In comparison to ICICI Bank, SBI does not charge late payment fees on balances less than Rs 500. The bank charges Rs 400 for balances between Rs 501 and Rs 1,000, Rs 750 for balances between Rs 1,001 and 10,000, Rs 950 for balances between Rs 10,001 and 25,000, Rs 1,100 for balances between Rs 25,001 and 50,000, and Rs 1,300 for balances greater than Rs 50,000.

Axis Bank

The bank charges 2.5 percent of the amount withdrawn or Rs 500, whichever is greater, as cash advance fees; 3% of the overlimit amount, subject to a minimum of Rs 500; and 2% of the overlimit amount, subject to a minimum of Rs 450 and a maximum of Rs 1,500, as auto debit or cheque return fees.

Axis Bank charges nil for balances less than Rs 300, Rs 100 for balances between Rs 301 and 500, Rs 500 for balances between Rs 501 and 1,000 and Rs 1,001 and 10,000, Rs 750 for balances between Rs 10,001 and 25,000, Rs 1,000 for balances between Rs 25,001 and 50,000, and Rs 1,000 for balances greater than Rs 50,000.

HDFC

HDFC Bank charges a cash advance fee of 2.5 per cent of the amount withdrawn or Rs 500, whichever is higher, a fee of 2.5 per cent of the overlimit amount subject to a minimum of Rs 550, and a fee of 2 per cent with a minimum of Rs 450 for auto debit or cheque return.

Late payment charges are waived for balances less than Rs 100 in the statement, Rs 100-500 in the statement, Rs 500-5,000 in the statement, Rs 600 in the statement for balances between Rs 5,001 and 10,000, Rs 800 in the statement for balances between Rs 10,001 and 25,000, Rs 1,100 in the statement for balances between Rs 25,001 and 50,000, and Rs 1,300 in the statement for balances greater than Rs 50,000.