I’ve been using my HDFC credit card for a while, but I still don’t fully understand how the grace period works. Is it like a free pass to delay my payment without getting charged interest? I have heard some banks give 3 days of grace period don’t know about Hdfc.Can some one enlighten me here…
Transactions cleared to the account vary by upto 3 days which is why RBI had introduced this rule.
Even I have also missed the due date by one (half a dozen of times, maybe) or two days (only a couple of times) and never really faced any issue. The banker is ICICI.
But about 6-7 years back my Manhattan card used to punish me for even missing a day.
And also it Won’t be reported to CIBIL. But some cards charge late payment fee
So in a case where you made delayed payment make sure you use the savings account of the same bank to clear your dues. The tat or the turnaround of that transaction is 24 hour.
Happy swiping!!! 