Standard Chartered Credit Card: A complete guide to avoiding late payment charges | Mint

Credit card users often face serious questions and financial penalties due to missed payment deadlines. That is why it is important for all credit card users to be careful about due dates, pending payments so that they are in the best position to avoid late fees, penalties and associated interest charges.

Now to combat the same, Standard Chartered credit cards offer a structural payment system that ensures users can manage their finances efficiently without incurring hidden or unnecessary expenses.

This write up is dedicated towards discussing the Standard Chartered bank’s credit card’s process and policy of how they go about helping card users avoid late fees on payments that are delayed or exceed the payment due dates.

Expert views

In an exclusive conversation with MintMr. Kundan Shahi, Founder, Zavo, shared his views on the significance of missing credit card payments. He stated, “One missed credit card payment can do more damage than you think. For Standard Chartered cardholders in India, knowing your billing cycle and due dates is key to avoiding late fees and protecting your credit score.”

“You usually get 18–20 days after the billing date to pay. If you don’t pay even the minimum amount, you’ll face late fees up to ₹950, plus 18% GST. Interest piles up on the full balance, and your credit score could drop by 50–100 points which can take months to recover. To stay in control, pay the full amount before the due date. If that’s not possible, at least pay the minimum payment due to avoid penalties. Set up auto-pay or reminders via your banking app to stay on track.”

He further elaborated that, “But timely payment alone isn’t enough. Keep your credit utilisation under 30%, avoid frequent hard enquiries, and check your credit report for errors. According to CIBIL, over 40% of credit-active Indians don’t fully understand how credit scores work. Don’t be one of them. Credit awareness is just as important as repayment. Your credit card is a tool, use it smartly to build, not break, your financial future.”

Concept of the interest free period

Standard Chartered bank provides for an interest free period. This period ranges from 18 to 55 days. It is important to note that this entire period depends on payment due date. Now, this ‘grace period’ provides credit card holders to pay their outstanding bills and balance without accruing interest.

For example: If your statement date is April 2, and the payment due date is April 24, then transactions billed on the statement date will have a 22 day interest free period. Whereas those billed earlier might enjoy up to 52 days of interest free credit. This allows credit card holders to exercise freedom and a bit of ease with regards to their repayments and financial obligations.

Still, it is important to remember that this benefit does not extend to cash advances or revolving balances where interest is charged from the transaction date.

Late fees and associated charges

Now missing the payment due date can result in serious consequences such as significant fines and penalties. Standard Chartered imposes charges based entirely on your outstanding balance. These fines range from ₹100 for amounts between ₹101 and ₹500 to ₹1200 for balances exceeding ₹10,000. This is simple, higher the amount of late payment higher will be the fine on your credit card account.

Further, if even after the initial fines the payments are delayed for two consecutive months i.e., 60 more days then an extra fee of ₹100 is levied. Do keep in mind that the interest rates on unpaid balances can be as high as 3.6% per month compounding on a daily basis.

This if not checked and remedial measures are not put in place can eventually result in building up significant interest and serious penalty charges. That is why to avoid these charges credit card holders should carefully consider and prioritise timely payments. You can also consider setting up the auto pay feature and planned reminders to keep yourself aware of the upcoming payment dates.

Note: The charges, interest free days and associated terms discussed in this write-up are for illustrative purposes only. For the updated terms, applicable charges and conditions refer to the official website of Standard Chartered.

How can you ensure making payments in a timely manner?

1. Track your due date: Always note the payment due date mentioned in your statement.
2. Utilise alerts: Leverage SMS or email notifications sent by the bank.
3. Set up auto pay feature: Enable automatic deductions from your bank account.
4. Always pay the minimum amount due: If full payment isn’t possible still, definitely pay at least the minimum amount to maintain services and avoid hefty fines and associated fees.
5. Reach out to the customer service team: For this visit the official website of standard Chartered and click on the ‘Contact Us’ option. Then discuss your queries with the customer service team, get a quick resolution and build relations.

Hence, understanding Standard Chartered’s credit card payment system ensures financial discipline and allows users to take informed decisions about their spending habits. That is why by staying on course, following the specified rules, cardholders can enjoy the benefits of interest free periods without falling into the endless loop of debt traps associated with credit cards.

Disclaimer: Mint has a tie-up with fintechs for providing credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit scores. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.