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🚨 RBI’s 3 Days Grace Period - Credit Cards

Ever Missed Any Credit Card Payment?

Credit Card Deadline Disaster? RBI's 3-Day Grace Period Saves the Day! (Step-by-Step Guide)

Had a spending spree and forgot your credit card due date? Don't hyperventilate just yet! The RBI has your back with a 3-day grace period on payments. This means you can avoid those nasty late fees!

This video will walk you through everything you need to know about the RBI's 3-day grace period for credit cards:

Step 1: Check Your Due Date ️

First things first, grab your latest credit card statement or log in to your online banking. Find your credit card due date. This is the date your minimum payment needs to be received by the bank.

Step 2: The 3-Day Buffer Zone ⏱️

The RBI regulation states that banks can only report your account as "past due" to credit bureaus and charge late fees after three days following your official due date. This gives you a little breathing room to make your payment.

Step 3: Make Your Minimum Payment (ASAP!)

Even with the grace period, it's best not to wait until the last minute. Here's why:

Peace of mind: Knowing your payment is settled avoids unnecessary stress.
Interest: Interest charges typically start accruing on the day after your due date, so a prompt payment saves you money.
Step 4: Going Beyond Minimum Payment? Great!

If you can manage more than the minimum payment, that's even better! It reduces your outstanding balance and helps you pay off your credit card debt faster.

Bonus Tip: Set Up Autopay!

To truly avoid late fees and missed payments, consider setting up autopay for your credit card minimum payment. This ensures it's paid automatically on the due date.

Remember: The 3-day grace period is for late payments, not avoiding payments altogether. Consistently missing payments can still damage your credit score.

Share this video with your friends and family to help them avoid late fees too! #RBIGracePeriod #CreditCardLifehack #savemoney

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