Tip Tuesdays: Deposit Your Credit Card Payment Checks Well Before the Payment Due Date

by Vinaya HS on April 27, 2010

in Finance

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Because,

The Payment Due Date is the last date by which the bank should receive clear funds post processing towards card payment, failing which, future transactions may not be honored and late payment charges and charges on revolving credit plus service tax will be levied as applicable.

Tip Tuesdays is my initiative to share practical personal finance tips — every Tuesday. I’d be delighted if you could share a tip or two from your own experiences. Drop a comment to submit your tip. And, as always, do spread the word if you find this useful.




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{ 1 comment… read it below or add one }

Joe April 27, 2010 at 9:59 AM

Hi, I don’t think last payment date is the date where in your cheque should be cleared and money credited to credit card account. Sometime back, I remember, reading an article in which consumer court had passed an order against ICICI bank, where in, one customer deposited the cheque on the last payment date but, since that date was on a sunday, bank picked the cheque on monday and then slammed late payment charges. Court ruling was that if the customer deposits the cheque on the last payment date, it should be taken as if amount has been paid (unless the cheque bounces for lack of funds) and hence you can actually deposit cheque on the last payment date. I have done the same thing couple of times and there were no issues for me

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