Important things to know about the HDFC credit card payment and penalty charges

Your search for easy and quick HDFC credit card payment ends here. HDFC Bank, the world’s tenth-largest bank by market capitalization, offers a wide range of credit cards. Like all credit cards, it is a boon to enjoy life exploring their many benefits when paid back in time. And not doing so will result in penalty charges. It varies for HDFC cards like Infinia, Super Platinum, and Diners. Also, it varies as per the non-payment of the minimum amount due.

Check out the many important things to know about paying HDFC card dues without penalties by the best instant loan app to avail many of its discounts, offers, paybacks, etc.

What is the minimum HDFC credit card payment?

The credit card history dating back to ancient times enables financial freedom for purchasing goods when used responsibly.  But when used irresponsibly on a buying spree or not paying the dues on time will lead to huge penalties and many other issues. So, credit card issuing companies introduced the concept of minimum payment to reduce such penalties and issues. It is to pay 5% of the total outstanding amount every month to keep the credit card active and have healthy credit scores.

Only the best instant loan app like MobiKwik and others will enable you to pay such minimum credit card dues instantly.

Is paying the minimum HDFC credit card payment correct?

Though paying the minimum HDFC credit card payment avoids penalties and losing credit scores, paying the outstanding due amount is better. Even if it is not possible to pay the entire outstanding amount, it is advisable to pay in parts of it to reduce it to the minimum amount. Because paying only the minimum amount will increase the interest charges of 2 to 3.5% of the total outstanding amount will pile up to pay huge interests. Hence you need to use the credit card only if essential, not to pay large interest charges.

Are there penalty charges for not paying the minimum HDFC credit card payment?

If you have a credit score of above 750 with high salaries or IT returns, HDFC offers huge credit card limits. But using it responsibly is critical to enjoying all its benefits and paying at least the minimum amounts every month. With many instant loan apps like MobiKwik offering BNPL or buy now pay later will help make the credit card payments. Failure to do it in time will make you pay a range of late payment charges depending on the type of HDFC card you use and minimum due amounts.

A few of it as per the statement balance include.

  • Less than Rs. 100 no need to pay late payment charges
  • For minimum amount between Rs. 100 to 500, the penalty is Rs. 100
  • For statement balance between Rs. 501 to 5000, the penalty is Rs. 400
  • Between Rs 5001 to 1000, the late payment charges are Rs. 500
  • From 10000 to 25000, it is Rs. 750
  • Between 25000 to 50000, it is Rs. 1,100
  • Above 50,000, it is Rs. 1,300

What are the options to pay the HDFC credit card payment?

On average, HDFC Bank’s penalty charges for its late payments are around 5%, becoming colossal if not paid in time. Hence using the credit card responsibly and paying the minimum amount in time is essential to be financially sound and happy. There are many options to pay the HDFC credit card payment to avoid penalty charges. Gone are the offline options to pay it through customer care, ATMs, over-the-counter payments, issuing cheques, or taking drafts. Instead, there are many online options to pay it like:

  • Net banking is a direct transfer from the bank account to the credit card account.
  • Online fund transfers like RTGS, IMPS, and NEFT
  • Activating auto-debit facility to avoid penalties
  • Instant loan apps like MobiKwik with many benefits

Benefits of HDFC credit card payment with instant loan apps

Many benefits of paying HDFC credit card payment with an instant loan app, including others.

  • Can pay it instantly from anywhere anytime within the HDFC grace time of 25 days
  • Offers safe payment options
  • Convenient to pay without any effort, and saving time of offline payments
  • Get amazing offers and deals to reduce the burden of paying the minimum payment
  • Enables to make payment from multiple bank accounts
  • Reduces the offline time to pay the credit cards to do it within seconds

The above-mentioned important things will surely help you know about the HDFC credit card bill payment and how to avoid the penalty charges by paying through the best instant loan app.