Missed Due date Axis

[Gaurav555]

Hi all,
Due date for my card was 4 Apr, I paid the bill on 8 Apr.
Card: Axis Flipkart
Amount: 20k
Till date I've paid all dues before date. I also have magnus and Ace.
Are they going to report it to CIBIL?
Is there anything I can do to prevent action from their side?
I've mailed to premium.experience@axisbank.com already.
TIA

 

[krish11]

I had a balance of -2k I.e. in January/February I had paid extra. But this amount was already adjusted in the bill Mar bill.
Does this count?

Nope. The refund/cashback has to reflect in your credit card statement between the due date (that you missed) and the bill generation date before that specific due date.

Also, did you initiate the payment on April 8 itself or you initiated the payment before April 8 and the payment settled on your card on April 8?

 

[Deleted member 26954]

Hi all,
Due date for my card was 4 Apr, I paid the bill on 8 Apr.
Card: Axis Flipkart
Amount: 20k
Till date I've paid all dues before date. I also have magnus and Ace.
Are they going to report it to CIBIL?
Is there anything I can do to prevent action from their side?
I've mailed to premium.experience@axisbank.com already.
TIA

Mark my word, Nothing will happen...People are unnecessarily scaring you....Banks provide a grace period of 7 days before reporting to CIBIL. Also, they report only habitual offenders to CIBIL...In my case, payment was missed for 7 days and it was not reported to CIBIL...Bank replied that they give 7 days grace period to people who normally pay their dues on time before reporting to CIBIL.

 

[krish11]

Mark my word, Nothing will happen...People are unnecessarily scaring you....Banks provide a grace period of 7 days before reporting to CIBIL. Also, they report only habitual offenders to CIBIL...In my case, payment was missed for 7 days and it was not reported to CIBIL...Bank replied that they give 7 days grace period to people who normally pay their dues on time before reporting to CIBIL.

I feel it all depends on bank. I missed a payment of Standard Chartered Card by 4 days from due date ...almost 4 years back before Covid and that got reported to Cibil and just because of this missed payment, my payment score is close to 100% but not 100%.

Those days, we didn't have RBI mandating 3 days grace period and reversal/non - reporting was all at the mercy of the bank.

I had been using that Titanium card for almost 3 years without any issue before missing that 1 single payment.

Again, not trying to scare, just suggesting to be cautious...

 

[Aniket]

The best solution to this is having savings account in the same bank as your credit card, and enable autopay(through bank account) on the credit card bill.
Now whenever you forget to pay the cc bill by due date, the total due amount will get automatically deducted from your bank account.
Axis has this facility, and this feature gives you a backup/fallback mechanism to avoid this issue.
As per my knowledge, ICICI, Axis, AU etc have autpay facilities on their bank accounts.

For SBI, it is through eNach facility, not from the SBI account directly, so there you have to register a form etc

But I was told from Kotak that when auto-debit is activated, refrain from paying by yourself after the generation of bill otherwise auto debit failure charges will be levied, i.e ₹500+GST.

I have no any personal experience with any bank, kindly share if you or others do have.

 

[SSV]

But I was told from Kotak that when auto-debit is activated, refrain from paying by yourself after the generation of bill otherwise auto debit failure charges will be levied, i.e ₹500+GST.

I have no any personal experience with any bank, kindly share if you or others do have.

If you enable auto debit, the whole purpose of this forum ( maximising savings) will be defeated…
Ie you won’t earn anything for the cc bill payment via paying thru different apps using rewarding DCs ..example HDFC platinum dc, millennia DC, IndusInd select/ exclusive dcs etc

 

[Aniket]

I feel it all depends on bank. I missed a payment of Standard Chartered Card by 4 days from due date ...almost 4 years back before Covid and that got reported to Cibil and just because of this missed payment, my payment score is close to 100% but not 100%.

Those days, we didn't have RBI mandating 3 days grace period and reversal/non - reporting was all at the mercy of the bank.

I had been using that Titanium card for almost 3 years without any issue before missing that 1 single payment.

Again, not trying to scare, just suggesting to be cautious...

At the time of COVID also, grace period rules were applicable (I think the rule was brought in 2015). But you had delayed the payment by 4 days instead 3 days, that's why, default was reported to Credit Bureaus.

 

[Aniket]

If you enable auto debit, the whole purpose of this forum ( maximising savings) will be defeated…
Ie you won’t earn anything for the cc bill payment via paying thru different apps using rewarding DCs ..example HDFC platinum dc, millennia DC, IndusInd select/ exclusive dcs etc

I am aware about this, auto debit doesn't offer anything, except timely payment by itself.

I was asking something else. Request you to read it again and then reply to my concern.

 

[SSV]

I am aware about this, auto debit doesn't offer anything, except timely payment by itself.

I was asking something else. Request you to read it again and then reply to my concern.

Okay got it, I don’t know about the issue you had raised..

I thought you might have missed the point I raised and also it may remind others who might have missed this point

 

[Aniket]

Okay got it, I don’t know about the issue you had raised..

I thought you might have missed the point I raised and also it may remind others who might have missed this point

@SSV My concern was:
If one has enabled auto debit and then make payment manually by himself/herself after the generation of bill/statement then auto debit failure will occur and the auto debit charges (500+GST, in case of Kotak) will be levied.

This info was conveyed by Kotak Credit Card Department team.

I have zero experience on this, that's why I asked do you guys have any experience or any info from other banks on this matter, then kindly share.

Previously, I meant to share the same thing. 👇

But I was told from Kotak that when auto-debit is activated, refrain from paying by yourself after the generation of bill otherwise auto debit failure charges will be levied, i.e ₹500+GST.

I have no any personal experience with any bank, kindly share if you or others do have.

 

[shashankrt]

Hi all,
Due date for my card was 4 Apr, I paid the bill on 8 Apr.
Card: Axis Flipkart
Amount: 20k
Till date I've paid all dues before date. I also have magnus and Ace.
Are they going to report it to CIBIL?
Is there anything I can do to prevent action from their side?
I've mailed to premium.experience@axisbank.com already.
TIA

Relax. Unless you completely miss payment for entire billing cycle (delay of 30+ days) your CIBIL will not get impacted majorly. Yes there may be few points dip.. however those will revert back in next couple of months.

Also stop worrying so much about CIBIL. Its just a score and does not impact anything unless it drops below 700. Only temporary impact will be cc applications in this month may get rejected.

 

[SSV]

@SSV My concern was:
If one has enabled auto debit and then make payment manually by himself/herself after the generation of bill/statement then auto debit failure will occur and the auto debit charges (500+GST, in case of Kotak) will be levied.

This info was conveyed by Kotak Credit Card Department team.

I have zero experience on this, that's why I asked do you guys have any experience or any info from other banks on this matter, then kindly share.



Previously, I meant to share the same thing. 👇

Sorry let me clear the confusion..
I meant to say I too have no experience in this issue…
Btw, Kotak charges even for LE s.. so I am not surprised about these charges also.. but again I don’t have any personal experiences about this in any bank..
Because I pay the bill even before the statement is generated

 

[Aniket]

Relax. Unless you completely miss payment for entire billing cycle (delay of 30+ days) your CIBIL will not get impacted majorly. Yes there may be few points dip.. however those will revert back in next couple of months.

Also stop worrying so much about CIBIL. Its just a score and does not impact anything unless it drops below 700. Only temporary impact will be cc applications in this month may get rejected.

Below 700 or 750?

Also, there will be no 100% timely payments on his report.

 

[Aniket]

Sorry let me clear the confusion..
I meant to say I too have no experience in this issue…

Ok got it.

Btw, Kotak charges even for LE s.. so I am not surprised about these charges also..

Yes ₹99+GST.😂

Sadly, I haven't received any LE in Rupay Card as of now.

but again I don’t have any personal experiences about this in any bank..

Ohh, I see.

Because I pay the bill even before the statement is generated

Even before statment is generated, any specific reason?
I think you have had mentioned somewhere for making your CIBIL score much better than paying after the bill generation.

Do you like to share, diff between paying before and after. Also, how you got benefitted from paying before and at what extent, if your due amount remain 0. I can see two major disadvantages:
-To miss total interest free period.
- If somehow, one forget to pay, his credit score will be highly impacted, because he couldn't pay MAD because of his habit.

How bank report to credit bureaus in such case?

 

[krish11]

At the time of COVID also, grace period rules were applicable (I think the rule was brought in 2015). But you had delayed the payment by 4 days instead 3 days, that's why, default was reported to Credit Bureaus.

3 days Grace period was totally at the discretion of bank before RBI issued a Circular in July 2022. During Covid, RBI and Finance Ministry had declared moratorium for loan and credit card payment...

I am only referring to the point that these things totally depend on bank on reporting someone for 4 day delay and NOT reporting someone else for 7 day delay

 

[SSV]

Do you like to share, diff between paying before and after. Also, how you got benefitted from paying before and at what extent, if your due amount remain 0. How bank report to credit bureaus in such case?

The benefit is about +10 CIBIL score…
Yes banks report 0 or negative amount also as it is

 

[krish11]

Relax. Unless you completely miss payment for entire billing cycle (delay of 30+ days) your CIBIL will not get impacted majorly. Yes there may be few points dip.. however those will revert back in next couple of months.

Also stop worrying so much about CIBIL. Its just a score and does not impact anything unless it drops below 700. Only temporary impact will be cc applications in this month may get rejected.

Totally agree on this ... I experienced a dip of some points but that was covered up in next few months itself.

 

[SSV]

Ok got it.

Yes ₹99+GST.😂

Sadly, I haven't received any LE in Rupay Card as of now.

Ohh, I see.

Even before statment is generated, any specific reason?
I think you have had mentioned somewhere for making your CIBIL score much better than paying after the bill generation.

Do you like to share, diff between paying before and after. Also, how you got benefitted from paying before and at what extent, if your due amount remain 0. I can see two major disadvantages:
-To miss total interest free period.
- If somehow, one forget to pay, his credit score will be highly impacted, because he couldn't pay MAD because of his habit.

How bank report to credit bureaus in such case?

 

[pothi]

But I was told from Kotak that when auto-debit is activated, refrain from paying by yourself after the generation of bill otherwise auto debit failure charges will be levied, i.e ₹500+GST.

I have no any personal experience with any bank, kindly share if you or others do have.

No charges on Axis.

 

[krish11]

@SSV My concern was:
If one has enabled auto debit and then make payment manually by himself/herself after the generation of bill/statement then auto debit failure will occur and the auto debit charges (500+GST, in case of Kotak) will be levied.

This info was conveyed by Kotak Credit Card Department team.

I have zero experience on this, that's why I asked do you guys have any experience or any info from other banks on this matter, then kindly share.

Previously, I meant to share the same thing. 👇

Auto Debit Failure generally happens if you have less funds than the required amount in your savings account on the date of auto debit and subsequently charges are levied for the failure

If auto debit fails just because you have made the payment before the auto debit date then all reversals/cashback on your credit card before auto debit date will trigger auto debit failure.

Also, if you made the payment in advance and the auto debit is successful, you can claim the excess amount to be transferred back to your account....again mandated by RBI in July 2022. 😎

 

[sidp]

But I was told from Kotak that when auto-debit is activated, refrain from paying by yourself after the generation of bill otherwise auto debit failure charges will be levied, i.e ₹500+GST.

I have no any personal experience with any bank, kindly share if you or others do have.

That's not how it works. Auto debit failure is nothing but bounce charge. Same for loan/cc/cheque/e-nach etc.
It will be charged only if the request is bounced I.e. you dont have enough balance in source account doesn't matter savings/current /cc.

If fetched bill is of 5k & your balance is >5k, there will be no charge. Credit to cc will be twice: once auto and once manual. The excess will be adjusted in future statements.

The issue is different bank/app have different date to fetch. Axis does before 4 days of due date. So if manual payment is settled before that, it won't attempt auto debit.
I am not sure which one( cred /mobikwik) , but someone here reported that, that app even adjusts final bill amount if you have made partial payment earlier.