New Delhi, July 3 -- While credit cards have a lot of benefits and convenience, they come with a measure of responsibility. Forgetting the payment due date is one of the most common yet costly mistakes cardholders make. A day late can unleash a cascade of consequences, including penalties, late fees, and a deterioration of your credit.
This guide will explain late payment fees, the repercussions late payment fees may have on your finances, and some common-sense tips to avoid on time charges.
When you do not pay the minimum amount due by the billing due date, banks charge late payment fees or penalties. The late payment fees depend upon:
Every late payment is reported to credit bureaus, and there will be repercussions.
One late payment...
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