This is very close to the mistake of not paying the dues within dealine. Consider the charges that this mistake will invite.
Some banks will levy Part Payment fees which can be as high as late payment fees.
All the banks charge you with the interest for the remaining amount from the date of transaction as in case of earlier post and also on the subsequent transactions.
Service charge is also applicable as earlier.
This sin works out more or less similarly damaging your finances as in earlier case.
Take for example: If your Credit Card due amount is 2000Rs and you decide to pay minimum dues (which is usually 5%) which turns out to be 100Rs. Bank will then charge you interest at an exorbitant rate for remaining 1900Rs. If you do not do any further transactions and just keep paying the minimum due every month, it would take you roughly 5 years (to the tune of 6000Rs) to pay bank the debt.
That is how ridiculous this can get.
Some banks will levy Part Payment fees which can be as high as late payment fees.
All the banks charge you with the interest for the remaining amount from the date of transaction as in case of earlier post and also on the subsequent transactions.
Service charge is also applicable as earlier.
This sin works out more or less similarly damaging your finances as in earlier case.
Take for example: If your Credit Card due amount is 2000Rs and you decide to pay minimum dues (which is usually 5%) which turns out to be 100Rs. Bank will then charge you interest at an exorbitant rate for remaining 1900Rs. If you do not do any further transactions and just keep paying the minimum due every month, it would take you roughly 5 years (to the tune of 6000Rs) to pay bank the debt.
That is how ridiculous this can get.
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