Credit card late payment charges: Check how much you have to pay for top banks shopping credit cards

If you don't pay your credit card bill before the due date, you will have to pay a late payment fee and finance charges on the outstanding amount. "Late payment fee is usually a fixed amount, depending on the total outstanding amount on your card, whereas finance charges are calculated as a percentage of the total outstanding amount. Finance charges on credit card are generally calculated using the Average Daily Balance method, which means interest will be compounded daily," explains Rohit Chhibbar, Head of Credit Cards Business, Paisabazaar.

"Card users should be aware that when you miss paying your bill on time, new transactions you make through your card become ineligible for the interest-free period. Hence, any new transaction that you make will also be added to your overall dues and the interest will be compounded daily on it, until the balance is paid off in full," adds Chhibbar.

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Here is a look at the finance charges and late payment fee for the top banks' shopping credit cards as on December 12, 2023.

(Source: Paisabazaar; The list of top shopping credit cards has been compiled based on the maximum value-back that each card provides through cashback, reward points, direct discount or co-branded benefits with popular merchants/platforms. It comprises cards across both online and offline shopping segments).

State Bank of India

Cashback SBI Card

Finance Charge: 3.5% per month | 42% per annum
Late Payment Fee: For Total Payment Due-

• Up to Rs. 500: Nil
• Greater than Rs. 500 to up to Rs. 1,000: Rs. 400
• Greater than Rs. 1,000 to up to Rs. 10,000: Rs. 750
• Greater than Rs. 10,000 to up to Rs. 25,000: Rs. 950
• Greater than Rs. 25,000 to up to Rs. 50,000: Rs. 1,100
• Greater than Rs. 50,000: Rs. 1,300

HDFC Bank

HDFC Millennia Credit Card

Finance Charge: 3.60% per month | 43.20% per annum
Late Payment Fee- For outstanding balance

• Less than Rs. 100: Nil
• From Rs. 100 to Rs. 500: Rs. 100
• From Rs. 501 to Rs. 5,000: Rs. 500
• From Rs. 5,001 to Rs. 10,000: Rs. 600
• From Rs. 10,001 to Rs. 25,000: Rs. 800
• From Rs. 25,001 to Rs. 50,000: Rs. 1,100
• Greater than Rs. 50,000: Rs. 1,300

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Axis Bank

Axis Ace Credit Card

Finance Charge:3.6% per month | 52.86% per annum
Late Payment Fee: For Total Payment Due

• Up to Rs. 500: Nil
• From Rs. 501 to Rs. 5,000: Rs. 500
• From Rs. 5,001 to Rs. 10,000: Rs. 750
• Greater than Rs. 10,000: Rs. 1,200

Flipkart Axis Credit Card

Finance Charge: 3.6% per month | 52.86% per annum
Late Payment Fee: For Total Payment Due

• Up to Rs. 500: Nil
• From Rs. 501 to Rs. 5,000: Rs. 500
• From Rs. 5,001 to Rs. 10,000: Rs. 750
• Greater than Rs. 10,000: Rs. 1,200

Kotak Mahindra Bank

Kotak Myntra Credit Card

Finance Charge: 3.75% per month | 45% per annum
Late Payment Fee: For Total outstanding amount

• Less than Rs. 100: Nil
• From Rs. 100.01 to Rs. 500: Rs. 100
• From Rs. 500.01 to Rs. 1,000: Rs. 500
• From Rs. 1,000.01 to Rs. 5,000: Rs. 750
• From Rs. 5,001.01 to Rs. 10,000: Rs. 750
• Rs. 10,000.01 to Rs. 25,000: Rs. 1,200
• Rs. 25,000.01 to Rs. 50,000: Rs. 1,200
• Greater than Rs. 50,000: Rs. 1,300

ICICI Bank

Amazon Pay ICICI Credit Card

Finance Charge: 3.5 - 3.8% per month | 42% - 45.6% per annum
Late Payment Fee: For Total outstanding amount

• Less than Rs. 100: None
• From Rs. 101 to Rs. 550: Rs. 100
• From Rs. 501 to Rs. 5,000: Rs. 500
• Between Rs. 5,001 to Rs. 10,000: Rs. 750
• Between Rs. 10,001 to Rs. 25,000: Rs. 900
• Between Rs. 25,001 to Rs. 50,000: Rs. 1,000
• Greater than Rs. 50,000: Rs. 1,200

Axis Bank

Axis Select Credit Card

Finance Charge: 3.6% per month | 52.86% per annum
Late Payment Fee: For Total Payment Due

• Up to Rs. 500: Nil
• From Rs. 501 to Rs. 5,000: Rs. 500
• From Rs. 5,001 to Rs. 10,000: Rs. 750
• Greater than Rs. 10,000: Rs. 1,200

IDFC FIRST Bank

IDFC FIRST Select Credit Card

Finance Charge: If any amount between minimum amount due and total due is paid: 0.75-3.5% per month | 9-42% per annum.
Late Payment Fee: If even the minimum amount due is not paid by the due date: 3.99% per month| 47.88% per annum 15% of the total amount due (Minimum Rs. 100, Maximum Rs. 1,250).