Will AU Small Finance Bank impose a penalty or late payment fee? How much is the late fee, and does it vary based on the outstanding amount? Will interest be charged on the unpaid balance? What is the applicable interest rate, and how is it calculated? Will missing a payment affect the cardholder’s credit score? How does it impact future loan or credit approvals? Can repeated missed payments lead to card suspension or account closure? Are there any options for waiving penalties in case of a valid reason?
If you don’t pay the minimal amount owed, you may incur in late payment fees, interest charges, and harm to one’s credit score. Increased debt, harm to one’s rating, and further penalties for failing to pay MAD can result from these charges. Maintaining a good credit profile and avoiding needless charges can be achieved with regular reminders and monitoring.
To avoid these repercussions, it’s essential to pay at least the minimum amount due by the specified due date. Regularly monitoring your account and setting up payment reminders can help maintain a healthy credit profile and prevent unnecessary charges.