What happens if we left some Paisa (₹0.46) balance on credit card ?

[StanRoute66]

I'm curious to know what affect does it have on CIBIL , if any . Will it be considered as Late payment or 0 due ?
I am okay with 3% interest per month for that month on ₹0.46 and usually in all banks there is no late payment fee for balance under ₹100.
I'm looking to break some myths here . Come in with your points and let's have a discussion on it .

Mind you this Topic is not about me being stupid not to pay a rounded off sum , but this question is about the fundamentals of Credit card .
If anyone has experience in this by doing it by mistake , do share the story .

 

[Extrovert🌃]

+1

 

[swastik2233]

Someone here reported that doing such caused late payment report on Cibil. Personally, I always pay something extra just to be safe. Wouldn't put my Cibil in jeopardy just for some experimentation.

Cred does that for me. After each bill payment , i spin the jackpot wheel to get 5-10 rupees that gets deposited in card

 

[StanRoute66]

Cred does that for me. After each bill payment , i spin the jackpot wheel to get 5-10 rupees that gets deposited in card

But that isn't the question here .
I'm talking about the fundamentals of Credit card and are we clear about it

 

[StanRoute66]

Someone in this forum has already posted about this

You are our Naarad Muni . Please Find away that thread and post here !
Being damn active in this Community , you know about all the threads here

 

[prc1990]

As per my understanding and RBI rules, anything less than 50 paisa is not considered as outstanding 🤗.

 

[StanRoute66]

Thread 'Late payment marked in Cibil for 30 paisa difference!! 🤦'
https://www.technofino.in/community/threads/late-payment-marked-in-cibil-for-30-paisa-difference-🤦.445/

Well there you go

Thanks a lot for Finding it !
I think Technofino Concluded it well , that it was a wrong report by the Card issuer to CIBIL .

 

[souvikdey2002]

I guess it depend on the card issuer & kind of card you are issuing.
Let's say IDFC First Wealth up to 100 RS they will not consider as late fine while for OneCard they have no such terms of conditions.

 

[souvikdey2002]

1

You are our Naarad Muni . Please Find away that thread and post here !
Being damn active in this Community , you know about all the threads here

100% agreed.
He knows all threads, when posted, by whom it was posted, where posted.
Sumanta should give him a designation like "Technofino Google" instead of Pro Member.
@TechnoFino this coming on Public demand, please consider

 

[prc1990]

1

100% agreed.
He knows all threads, when posted, by whom it was posted, where posted.
Sumanta should give him a designation like "Technofilo Google" instead of Pro Member.

Anirban be like: Free me baache se itna kam karaoge kya! 😂

 

[AllSeeker]

Don't risk it, banks have crazy ways to get to you for even this. Eventually it might effect you as banks might find ways to push that amount above 100 by applying some stupid charges. 🤣

I'm not joking but while closing my oldest cc, bank clerk had a very strange discussion with me because I had extra 0.75 paise in it. He was arguing we can't close the card till you make it 0.00. I had to argue for 10 minutes.

Imagine what they will do if you actually had 0.75 paisa less. They will suck your blood.

 

[souvikdey2002]

Don't risk it, banks have crazy ways to get to you for even this. Eventually it might effect you as banks might find ways to push that amount above 100 by applying some stupid charges. 🤣

I'm not joking but while closing my oldest cc, bank clerk had a very strange discussion with me because I had extra 0.75 paise in it. He was arguing we can't close the card till you make it 0.00. I had to argue for 10 minutes.

Imagine what they will do if you actually had 0.75 paisa less. They will suck your blood.

Agreed, we should not keep any outstanding at all.

 

[V5689]

Don't risk it, banks have crazy ways to get to you for even this. Eventually it might effect you as banks might find ways to push that amount above 100 by applying some stupid charges. 🤣

I'm not joking but while closing my oldest cc, bank clerk had a very strange discussion with me because I had extra 0.75 paise in it. He was arguing we can't close the card till you make it 0.00. I had to argue for 10 minutes.

Imagine what they will do if you actually had 0.75 paisa less. They will suck your blood.

I have seen this happen for my friend as well. But actually the front end bank employees are not the ones responsible for this.
They are provided with a crappy software which is hard coded to work that way.
My wife also works in a bank and I keep hearing her frustration of customers coming and complaining about these kind of issues which they are not able to solve easily. For these kind of issues they have to get approval by email from their zonal offices to fix them. And guess what, these zonal office guys also have no clue on fixing these. They just do it at their own risk.
The IT infrastructures in most banks are pathetic and the low level employees don't have administrative privileges to override any of this software limitations.
Its always better to keep things clean from our side so that we don't get into any trouble....

 

[V5689]

Also if you are planning to close a CC account make sure you keep the outstanding amount to 0.00.
Don't have negative balance also.
This happened a few yrs back, I had read in a forum about a case where there was -5 rupees as outstanding amount while closing a CC account.
the '-' was not reported in his Cibil and got highlighted as a default in payment for 5 Rs.

 

[Harry1]

Thanks a lot for Finding it !
I think Technofino Concluded it well , that it was a wrong report by the Card issuer to CIBIL .

Maybe he didn't pay those 0.5 rs even in next month, when minimum due maybe same as 0.5rs.

 

[Harry1]

I'm curious to know what affect does it have on CIBIL , if any . Will it be considered as Late payment or 0 due ?
I am okay with 3% interest per month for that month on ₹0.46 and usually in all banks there is no late payment fee for balance under ₹100.
I'm looking to break some myths here . Come in with your points and let's have a discussion on it .

Mind you this Topic is not about me being stupid not to pay a rounded off sum , but this question is about the fundamentals of Credit card .
If anyone has experience in this by doing it by mistake , do share the story .

Somewhere I read that if you don't pay full and later buy anything, interest is levied even on that. So, if u leave 0.5 rs and then buy 1 lakh worth of stuff, you would be charged interest on that even though this is actually part of next billing cycle.

 

[StanRoute66]

Somewhere I read that if you don't pay full and later buy anything, interest is levied even on that. So, if u leave 0.5 rs and then buy 1 lakh worth of stuff, you would be charged interest on that even though this is actually part of next billing cycle.

Damn , is it true @TechnoFino ?

 

[TechnoFinoTechnoFino is verified member.]

Damn , is it true @TechnoFino ?

Yes... someone reported this... but it should not be so...

 

[Harry1]

Interest is always charged on any outstanding after interest free credit period
That's how CCs work

But here this 1 lakh is a new spend, so it is like u r not getting any interest free period for any spends in current billing cycle when u don't payback the full amount of previous billing cycle.