Regarding Late Payment Fee & Credit Score Impact On Paying On-Or Before Due Date But Bill Payment Posted / Settlement Date Is After Due Date

[mail2jampa]

Hai
example:-
suppose My bill date is every month 11th
and due date is every month end date let us assume 31st is due date
so now I paid using some 3rd party payment application for cc bill 29/ 30 /31 any of the dates
sure we all know some apps settle same day, some takes time like 3-4 days.

so now let us suppose, I paid on 31st August i.e on the final due date, The transaction got posted/settled on 5th September of next month, but it shows the date of payment as 31st Aug only

Now my questions is
whether the credit company consider this situation for late payment charges, defaulter in CIBIL as missed payment , or it banks wish , or differently fallowed by different banks ???
WHAT will Banks consider for calculating of late payment charges , reporting default payment ------- Transaction date (or) Posting date ???

I also know that RBI guidelines gave 3 days of grace period from due date, but please answer my question in both ways if banks consider Posting date for late payment charges.
---what if the transaction posted between due date and grace period ( Transaction Date is ON-OR BEFORE DUE DATE) ??
----what if the transaction posted after the Grace period but (Transaction Date is ON-OR BEFORE DUE DATE) ??

or banks only consider the Transaction date or Payment Date for calculating of late payment charges / reporting default. - ( so in my case nothing should happen ) ???




transaction date or Payment Date :- date on which we did the debit transaction for paying cc bill or bill paid date
posting date or settlement date :- Date on which bill payment received by the card company when actual addition or subtraction of outstanding amount actually changes.

 

[ARCHISMAN_DAS]

For ICICI i have personal experience that they charged late fee if minimum due is not settled with in due date ... Even if ur transaction settlement date is within in due date later ...they would charge anyway. So stay away from those practice...And i hope all the banks consider the same..

 

[helloworld]

Didn't researched these many combinations but based on experience..

due date: 31st aug
in netbanking of that bank shows payment date as: 31st aug

but same update on 5th sep (where grace period ends on 3rd sep)..

even if bank report late payment to CICs, you can safely contact them and remove the remarks. Failed to do that you're eligible for ombudsman complaint and they'll make sure it removes that late payment.

bold ones are important, and only considered others bank wont care.

but, I advice you 99% time try to pay 5 working days before because bank won't responsible if 3rd apps report later date (like what if they send the payment on 1st sep), it avoids unnecessarily escalations or wasting time.

and most importantly never trust 3rd party apps, always make sure payment reflect in netbanking before due date.