Credit Score : Many people naturally wonder if a one-day delay in making a credit card payment or installment payment affects their credit score. There are different rules for this. Most banks and credit bureaus in India don’t classify delays of less than 30 days as late payments. This means that if you delay your payment by just one day, it has virtually no impact on your score and isn’t even recorded in your report.
Banks and credit card companies often offer a small grace period. This means that if your due date was Monday and you made your payment on Tuesday, it’s not considered late. You should check your bank’s policy, as not every bank has the same rules.
While a single day’s late payment won’t impact your score, it can result in late fees. Banks and card companies may charge a small penalty, which is usually not significant. But if it becomes a habit, these charges can add up and become a burden on your pocket.
A credit score normally suffers when a payment is pending for more than 30 days. However, a delay of 60 or 90 days can significantly lower your credit score. Therefore, it’s important to pay special attention to this. If you forget your payment due date and thus miss a payment, you can enable auto-debit service on your account, which will automatically debit your account on the due date.