The hassle of paying EMIs for multiple credit card holders is beyond words. If the installment is overdue, it will have to be paid along with the fine. Thus, the new notification of the RBI has received a great response in order to eliminate this kind of difficulty faced by the installment holders every month.
According to the Credit Card and Debit Card – Issuance and Conduct Guidelines, the Reserve Bank of India issued an important notification in its statement issued on April 21. In it, “If you forget to pay the credit card installment on the due date, next three days will be given for it.
If you pay the EMI within those three days, no late payment penalty will be charged and your credit score will not be affected if you pay the installments within the specified time frame. But after those additional three days late payment will be charged.
Thus the next billing cycle usually includes a late fee. The amount of these late payment penalties is determined by the banks or credit card companies.” mentioned as