January 30, 2023

The minimal quantity due on bank cards is a small fraction of the excellent invoice, normally round 5 to 10 p.c after RBI setting the brand new rule. By paying the minimal quantity, cardholders do not need to pay the late cost costs and might preserve the bank card energetic for additional use. Nonetheless, carrying ahead the steadiness by paying solely the minimal quantity due can improve your debt burden. Banks levy curiosity on the unpaid quantity, which might go over 40% p.a. for some bank cards. Any new transactions you make with the bank card may even appeal to these curiosity costs, until the time you don’t repay the complete excellent steadiness.

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