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Monthly Credit Card Payment

to

Fully liquidate the credit card debt

Credit Card balance outstanding
Rate of interest per month
No. of months to bring O/S to zero
   
Monthly payment
 

How many months it will take with

Fixed Monthly Installment

to

Fully liquidate the credit card debt

(Late payment charge, over the limit charge, taxes have not been considered)

Credit Card balance outstanding
Rate of interest per month
Monthly payment
   
No. of Months to pay the dues fully

 

Late Payment fee in Credit Cards

On June 15,2014, RBI set the following norms - (1) Banks can charge late fees only in the next billing cycle following a missed payment i.e. no late payment fee would be levied if payment is made after the current due date but before the next bill was due.. The prevailing practice was to charge late fee for making any late payment after the due date in the same billing cycle. (2) In December, 2013, RBI had issued directions that credit card accounts will be treated as NPA only if minimum amount due, as mentioned in the statement, is not paid fully within 90 days from the next statement date. The gap between two statements should not be more than a month.