Anyone who uses a credit card for transactions knows (usually) that you should never delay your credit card bill payments. Pay it well before its due date. And they are told by credit card sale persons or they assume that if they do not pay within due date they will be charged huge fee in terms of late payment charges & interest.
Well they are not quite wrong. But still you never know, you may be in such position where it becomes hard for you to pay bill. So it is better that you should know what late payment charges you have to pay to your bank when you fail to make payment within due date.
If you do not pay within your due date then your bank charges you with a fixed late payment charges as well as APR (Annual Percentage Rate) is applied. APR is applied according to type of transactions you carry out during the billing cycle. Late payment charges are either a fixed amount or a percentage of outstanding dues, whichever is higher. Like in normal cases it is Rs. 1000 or 3% whichever is higher. Following are the fixed charges that each bank applies on their credit cards:
| BANK | LATE PAYMENT CHARGES |
| HBL | Rs.1,500/- per month |
| UBL | Rs 1,500/- |
| Allied Bank | Rs.1,200/- |
| MCB | Rs 1,500/- |
| Standard Chartered | Rs 1,200/- |
| Bank Alfalah | PKR 1,550/- or 10% of minimum amount due, whichever is higher |
| Silk Bank | Rs 1,500/- |
| Faysal Bank | Rs. 1,500/- per instance |
Banks charge Annual Percentage Rate (APR) on daily basis according to its annual rate on late payment of your credit card bill. Also, the banks calculate APR charges at different rate according to types of transactions that you have done through your credit card during the billing cycle. To know more about APR and learn how to calculate, CLICK HERE!
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