Credit card taxes

[bikramjeetbamrah]

As after statement was generated and minimum amount due is 4000 ( out of total 42000 ) by let say 25 of month..did i still be charged with penalty or extra charge if i pay minimum amount due before deadline?

 

[17ysaurabh]

If you don't pay the total amount (i.e. Rs. 42k) and pay the minimum due amount (i.e. Rs. 4k), then:

• You'll have to pay around 3% interest per month which becomes 35% to 40% interest annually on the remaining amount (i.e. Rs. 38k). This is a DEBT TRAP.
• This will even decrease your CIBIL score.

Always pay the total amount before the deadline.