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

 

[Aniket]

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...

Don't agree, may be you hadn't researched properly. It was mandatory, circular was published on 16 July (Friday), 2015. There're various news article on the same. I have attaching the links of one.

"Banks shall report a credit card account as 'past due' to credit information companies (CICs) or levy penal charges, viz. late payment charges only when a credit card account remains 'past due' for more than three days. The number of 'days past due' and late payment charges shall, however, be computed from the payment due date mentioned in the credit card statement," RBI said. Earlier it was to be classified as NPA if payment was not received within 90 days of next statement date".

Attaching RBI Circular also, which I found with great effort.😂

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

Yes this can be true. I don't have personal experience.

 

[Aniket]

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.

Yes but contradictory info was shared by weird n no. of customer executives from credit card department of Kotak.

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. 😎

Yes, I sm aware about this, thank you.😁

 

[Aniket]

No charges on Axis.

@Pothi Thanks 😊

 

[Aniket]

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.

Yes exactly, it is supposed to work like this. But different customer executives shared the same info from Kotak Credit Card Department to me.

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.

Yep! 😎

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.

So, if due amount (TAD/MAD) is not available on the day of fetching then also failure charges will be levied. Or, charges will get levied only get if it (failure due to insufficient funds) persists on due date.

In case of Kotak, it's written on the website that the payment will be processed on the due date

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.

Final bill amount, you meant outstanding/ due amount on statement or bill, right?

Yes, only in case, when partial payment is made before the generation of bill.

I have experienced, after the generation of bill any credit amount (in my case, refund) doesn't get adjusted against TAD. We have to pay choosing other instead MAD or TAD and then have to put the amount based on making adjustment by ourselves. Though, they can see these information on their system.

 

[sidp]

Yep! 😎

There will be bounce charge if there is low balance when they attempt. Earlier axis had written they can attempt in last 2 days( or 48hrs )before due date.
So if you had enable auto debit and try to pay bill from axis app itself in that period, it shows caution message that auto debit is on , there could be double payments.

My experience wasn't good with auto pay so I disabled it. Even though I used pay cc bill a week before due date(sometimes even earlier) it still did auto pay.

 

[pothi]

My experience wasn't good with auto pay so I disabled it. Even though I used pay cc a week before due date(sometimes even earlier) it still did auto pay.

Which bank's CC?

 

[sidp]

Which bank's CC?

Bank for nazi germany+imperial japan+socialist/fascist italy. 😆

 

[DaDarkkNight]

@#aniket for axis I can confirm, don't know abt kotak as I don't have kotak cards.

In axis I have auto-pay enabled on all cc bill payment.
I pay all axis cc bills on other platforms via different debit cards, so the purpose of saving on cc bill payment is not defeated.

Once my card 's bill wasn't paid till the penultimate day (like if due date is 15, till 14 it wasn't paid). I recieved one SMS from axis that auto-pay will be triggered on the last day (15th) as bill is not paid. I immediately made the payment with cred, bill settled, and no bank account debit as well the next day.
Similar experience I had in hdfc bank too, where till the last day they initiated autodebit.

In my case, auto debit always triggered on the last day (and it makes sense as the bank account is of same bank, so settlement is instant there), but they notify it via sms a day before only.

I am not sure if axis hdfc charge anything for insufficient balance/autpay bounces, that need to check with them

But the whole pupose of getting to know a missed payment from our end, and a failsafe automatic mechanism, is served here well. I see no harm in enabling auto debits.

 

[sidp]

Once my card 's bill wasn't paid till the penultimate day (like if due date is 15, till 14 it wasn't paid). I recieved one SMS from axis that auto-pay will be triggered on the last day (15th) as bill is not paid. I immediately made the payment with cred, bill settled, and no bank account debit as well the next day.

My experience with axis has been very different. Multiple times auto pay triggered even though bill was settled days earlier. I didnt care as amount was low.

once the bill was settled couple days before due date. I even temporarily disable auto pay, still 13/17k was deducted.

Generally they ask to mail a pic of cancelled cheque to refund excess amount but may be due to my complaint to pno/rbi they asked me to visit branch. The amount wasn't too big to stress over but thing is my usage of fkaxis isn't regular. I thought what if there is high transaction in one month for some offer, it will be stuck for months. I have kept it disabled since then.

 

[DaDarkkNight]

My experience with axis has been very different. Multiple times auto pay triggered even though bill was settled days earlier. I didnt care as amount was low.

once the bill was settled couple days before due date. I even temporarily disable auto pay, still 13/17k was deducted.

Generally they ask to mail a pic of cancelled cheque to refund excess amount but may be due to my complaint to pno/rbi they asked me to visit branch. The amount wasn't too big to stress over but thing is my usage of fkaxis isn't regular. I thought what if there is high transaction in one month for some offer, it will be stuck for months. I have kept it disabled since then.

Okay. I didn't face such issues.
But as a general course of action and something that I follow, I try to pay the bill as soon as after bill generation. And to keep things simple, I change the billing cycle to around 1st of month for all banks, so likewise you have less chances to miss any payment.
Secondly, once you make the payment yourself, I visit all banks site after a few days to reconfirm if the payments are settled and reflected in the apps or not. That is the final confirmation. If it shows there, no need to worry and auto-pay will never be triggered.

I observed banks like amex, and sbi always instantly settled the bills whenever I paid i.e immediately reflected in their banking apps too.

 

[deep@vie]

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

I assume a 70 points hit sadly

 

[sidp]

Okay. I didn't face such issues.
But as a general course of action and something that I follow, I try to pay the bill as soon as after bill generation. And to keep things simple, I change the billing cycle to around 1st of month for all banks, so likewise you have less chances to miss any payment.
Secondly, once you make the payment yourself, I visit all banks site after a few days to reconfirm if the payments are settled and reflected in the apps or not. That is the final confirmation. If it shows there, no need to worry and auto-pay will never be triggered.

I also generally pay 7-10 days earlier. Cuz once there was series of bank holidays, so bill was settled later. ( though date of credit was same as date of payment not settlement). I even make partial payment beforehand to keep utilization <20-25% during bill generation.

For me auto debit has triggered even after I paid using pay now option in axis app. Like i said most of the time due is small, so I didn't care for cash back. But I disabled it think what if same happens when the amount is high.

 

[sidp]

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

Reporting late payment is at their hands. If your payment history on their cards is good they might honour your request.

But if they wish to report, you can't do anything to stop them. I hope you haven't used threatening tone in your mail.

From where did you pay? If it is axis/cred/mobikwik etc which has instant settlement, then they might show mercy. But if it is using a method which takes days to settle, then it will be tough.

 

[vigo]

I think the best method to pay CC bills is RTGS. Not to use any apps for extra cashback or something.

 

[Gaurav555]

Hey guys, I just made another blunder 😛
I also hold the magnus card.
I have made 14.90 L Spends in my previous year. The fee waiver condition was 15L.
They have charged me 10k for annual fee as I can see in the app.
I have raised a request via Phone banking support to remove the fee.
Is there any chance that they will reverse the fee?
Could you please suggest the relevant official/email ID to contact who could make an exception?
I could find these in the forum: premium.experience@axisbank.com & nodal.officer@axisbank.com , email.services@axisbank.com, cno@axisbank.com, pno@axisbank.com

Also, Last month I had closed Axis Ace, which was kinda LTF because of the great rewards, i meet the spends criterion, in the hope of getting Airtel Axis, Which was denied.
Now I just feel like closing all my cards and living a peaceful life 😛

 

[sidp]

Hey guys, I just made another blunder 😛
I also hold the magnus card.
I have made 14.90 L Spends in my previous year. The fee waiver condition was 15L.
They have charged me 10k for annual fee as I can see in the app.
I have raised a request via Phone banking support to remove the fee.
Is there any chance that they will reverse the fee?
Could you please suggest the relevant official/email ID to contact who could make an exception?
I could find these in the forum: premium.experience@axisbank.com & nodal.officer@axisbank.com , email.services@axisbank.com, cno@axisbank.com, pno@axisbank.com

Also, Last month I had closed Axis Ace, which was kinda LTF because of the great rewards, i meet the spends criterion, in the hope of getting Airtel Axis, Which was denied.
Now I just feel like closing all my cards and living a peaceful life 😛

Isn't magnus fee reversal at 25L? If it is just a matter of 10k, they'll surely remove it. If not, there is also the option of partial reversal or rewards points against fee.

 

[Gaurav555]

Isn't magnus fee reversal at 25L? If it is just a matter of 10k, they'll surely remove it. If not, there is also the option of partial reversal or rewards points against fee.

Till last year it was 15L. So for me its 15L

 

[Gaurav555]

Can anyone confirm if closing the card reverses the fee?
I have not made any spends after fee was levied. And it is for the upcoming year i.e. Arp24 to Apr25