what happens if i pay only minimum due on credit card hdfc?
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Payment of minimum dues of credit cards is necessary so that the bank doesn't levy penalty charges in your account. ... You make partial payment of Rs. 5000 by your due date. Henceforth, you will be charged interest on the remaining 5000 Rs, and also on any purchases you have made in the month of June.
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► Your credit card statement indicates the minimum amount due (MAD), which is usually 5% to 10% of the outstanding amount, and the total amount due (TAD). Pay the total amount due before the due date. You will then not be charged interest. ... Always make your payment before the due date.
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If you pay only the minimum amount due, interest will be charged on the outstanding amount of your credit card. Further, you will not get the interest free period for the next statement cycle, i.e interest will be charged on the amount as soon as you spend from the credit card.
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The Minimum Amount Due is calculated as 5% of your balance outstanding or the sum of all installments, Interest/other bank charges, the amount utilized over the credit limit, if any and 1% of remaining balance outstanding, whichever is higher.
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The minimum monthly repayment on a credit card is the lowest amount you have to pay to meet your credit agreement. By paying this amount by the payment due date, you'll avoid paying late fees, but you will still pay interest on the remaining amount owing.
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Depending on the card issuer and your agreement, either of these methods might be used to calculate your minimum payment. If your card issuer charges a flat percentage, your minimum payment could be anywhere from 2% to 4% of your total balance.
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The credit card charges that pinch you the most are finance charges that you incur if you revolve your credit or pay only the minimum payment due. In most HDFC Bank credit cards, the monthly percentage rate charged is Rs 3.49 per month, which comes to an annual interest rate of as high as 41.88 per annum.
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Please enter your HDFC Bank Credit Card number and payment amount, Select your net banker and click on 'PAY'. Please make the payment only to the extent of outstanding on your HDFC Bank Credit Card. It will be at the discretion of HDFC Bank to reject any payment made above the outstanding on your card."
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The minimum amount due on your HDFC credit card is 5% of the total outstanding amount on the card or Rs. 200, whichever is higher.
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For example, if you have a $5,000 balance on a credit card charging 19.99% interest, your minimum monthly payment will probably be $150. If you make only the minimum payment on your credit card, it will take you more than four years to pay off the balance, and during that time you'll pay $2,357 in interest.
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Making the 'minimum amount due' payment on your credit card will reduce the outstanding balance of the current month but repeatedly making only minimum amount due payment will not lower your debt (outstanding amount). ... This is because of the revolving credit facility provided to you on your credit card.
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Minimum Amount Due. The minimum amount due for any BPI credit card is 5% of the outstanding balance.
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Each credit card company has its own minimum payment policy The minimum payment calculation is based on your full balance, including interest from not paying your balance in full. With some credit card companies, if your balance is lower than the set minimum payment, that balance amount will be your minimum payment.
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The minimum amount due is 5% of the total outstanding amount. If you have converted any payment on your card to EMI, that amount is also added to the minimum amount.
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You can do it by adding money in your online wallet like Paytm from Citi Bank credit card and then transfer the money to your HDFC account and pay the bill. Voila!
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Redeeming your HDFC credit card points can be done through net banking, customer care, through post or points+pay. However, HDFC does not allow you to pay your credit card bill with your reward points. The best option is to redeem the rewards online and opt for a voucher to get cashback on your card.
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Cash payment You can pay your credit card bills by paying in cash at any one of the HDFC bank branches nearest to you in your city. A processing fees of Rs. 100 per payment will be charged by the bank when you pay your credit card bill.