Credit card late payment issue

POSTED BY Harsh Srivastava ON June 7, 2012 12:12 pm COMMENTS (7)

I have a standard chartered credit card. Last year I had a transaction of around Rs. 4000 which I almost forgot to pay. After one year when i got to know that my total payable sum has increased to Rs. 8000 due to late fee charges and tax. I talked to customer executive and he asked me to pay only Rs. 4000 as they can waive off the tax and late fee charges.

I wanted to know is it going to affect my CIBIL rating and if yes then up to what extent. Is it ok to pay only Rs. 4000 or I should pay the whole amount including tax and late fee charges.

7 replies on this article “Credit card late payment issue”

  1. Harsh Srivastava says:

    Just for a clarification, standard chartered had issued me a Card Enhancement Package for appx Rs 4000 which was linked with my credit card. I had to pay the amount in installments which I failed to pay due to which interest and taxes added up and it rose to Rs 8000.
    I didn’t even use that package and today only got to know that its validity was of one year only, thus i cant use it anymore. So all in all, I am paying Rs 8000 to the bank for a service that I didnt avail.

    Can anyone suggest what should i do in this case. I asked the customer care to issue me another package for this year on the payment I am making but they refused to do that. Does it mean that i am totally screwed by bank…?

    1. Dear Harsh, As you accepted the offer for package & later on forget to pay, bank is not at fault. On your part, the damage is already done by writing off those 8K Rs. towards your CIBIL score. Now it’s upto you how you want to move ahead.

      By the way, please check your CIBIL score & report now to get the current status & where this written off thing stands in your CIBIL score.



  2. Harsh

    Probably Customer care does not understand CIBIL too much , they are just following the procedures told to them . They will update your information as “SETTLED” in CIBIL , which will turn out to be very costly for you later in life .

    Better pay off Rs 8,000 as its your own mistake , and take this incident as learning . I think its the cheapest learning fees you will pay , most of the other people are paying lacs of rupees 🙂

    Also check your report and score once and see what is the status . I think most probably they must have marked you as “WRITTEN OFF”

  3. Anand says:

    If you pay just 4k, then it is settlement and it affects your CIBIL score.

    But if you pay entire amount with late fee etc, it is positive thing for future loan.

    See this article for details:

  4. Anand says:

    You didn’t receive a call when you forgot to pay the credit card bill?

    How come the bank agreed to accept payment of only 4000/- Rs?

    1. Harsh Srivastava says:

      @anand: no they didnt call me. at last i called them when i found my payable amount was almost doubled. Then they took action. They had already cancelled my credit card. Now, after closing all the account they asked me to pay only the principal amount that is Rs. 4000 appx.

      1. Dear Harsh, believe it or not but the damage has been done already. How did I come to know? From your own reply, the Bank cancelled the card & made the dues pending & as the matter is already reported to cibil, the same should be already reflecting & damaging your cibil score.

        It’s advisable to clear all dues i.e. 8K Rs. if you want to make your score clean. First of all ask the bank to reissue the card & pay the amount. As the card ‘ll be active again, the future positive actions from you on this card ‘ll create a positive impact on your cibil score.



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