Late fee
A fixed charge the bank adds if you miss paying at least the minimum due by the due date.
A late fee is a one-time charge the bank adds when you do not pay at least the minimum due by the due date. On Indian credit cards it is slab-based on how much you owe, from nil on small dues up to around 1,300 rupees on large ones, plus GST. Check your bank’s schedule of charges for the current figure.
Questions people ask
What is a late fee on a credit card?
A one-time charge the bank adds when you do not pay at least the minimum due by the due date. It is separate from the interest on your unpaid balance.
How much is the late fee?
On Indian cards it is slab-based on how much you owe, from nil on small dues up to around 1,300 rupees on large ones, plus GST. Check your bank's schedule of charges for the current figure.
Is a late fee the same as interest?
No. The late fee is a fixed penalty for missing the due date; interest is a separate ongoing charge on the balance you did not pay.
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