Missed Kotak CC payment - Will it be reported?

[sjmajumder]

It was careless of me to miss a payment for the first time in my life.

I took a new Kotak League Platinum Rupay CC. Used it for just Rs. 100 for activation purpose. Payment was due on 12th April and I made the payment on 12th itself but to my Kotak White Card (on which there were no dues).

I realized this today morning when I opened Net Banking and saw payment overdue. Called customer care and she suggested rather than transferring the amount from White Card to League Rupay, I should make a payment for the League Rupay card as it is already overdue by 5 days. Asked her about late payment charges and she assured me if there are any charges I should give them a call back and they will reverse it. But she was not so sure about reporting to CIBIL. She said since it is only once it should not create a problem.

What do you think? Will it be reported to CIBIL? If yes how much impact on CIBIL and can it be deleted by requesting bank?

 

[helloworld]

Will it be reported to CIBIL?

Ideally yes as per rule.

If yes how much impact on CIBIL

Depends on credit history but expect near 20 points drop which recover in 3 or 6 months.

and can it be deleted by requesting bank?

Primary thing you should focus now. Request them not report, then all good. Mail is the best route because Phone support doesn't have capability to not report, that is different team.

 

[Vasuki]

Ideally yes as per rule.


Depends on credit history but expect near 20 points drop which recover in 3 or 6 months.


Primary thing you should focus now. Request them not report, then all good. Mail is the best route because Phone support doesn't have capability to not report, that is different team.

+ Tweet them too

 

[$$LordWealth$$]

It was careless of me to miss a payment for the first time in my life.

I took a new Kotak League Platinum Rupay CC. Used it for just Rs. 100 for activation purpose. Payment was due on 12th April and I made the payment on 12th itself but to my Kotak White Card (on which there were no dues).

I realized this today morning when I opened Net Banking and saw payment overdue. Called customer care and she suggested rather than transferring the amount from White Card to League Rupay, I should make a payment for the League Rupay card as it is already overdue by 5 days. Asked her about late payment charges and she assured me if there are any charges I should give them a call back and they will reverse it. But she was not so sure about reporting to CIBIL. She said since it is only once it should not create a problem.

What do you think? Will it be reported to CIBIL? If yes how much impact on CIBIL and can it be deleted by requesting bank?

you try requesting to the authorities they can remove the report.

 

[s1t2y3a3m6]

It was careless of me to miss a payment for the first time in my life.

I took a new Kotak League Platinum Rupay CC. Used it for just Rs. 100 for activation purpose. Payment was due on 12th April and I made the payment on 12th itself but to my Kotak White Card (on which there were no dues).

I realized this today morning when I opened Net Banking and saw payment overdue. Called customer care and she suggested rather than transferring the amount from White Card to League Rupay, I should make a payment for the League Rupay card as it is already overdue by 5 days. Asked her about late payment charges and she assured me if there are any charges I should give them a call back and they will reverse it. But she was not so sure about reporting to CIBIL. She said since it is only once it should not create a problem.

What do you think? Will it be reported to CIBIL? If yes how much impact on CIBIL and can it be deleted by requesting bank?

Late payment would reported 100%

CIBIL would drop around 30 points.

You can request to not report for late payment but chances are high they wouldn't agree because it's your first payment for the card but no harm in try.

 

[sourpai]

It was careless of me to miss a payment for the first time in my life.

I took a new Kotak League Platinum Rupay CC. Used it for just Rs. 100 for activation purpose. Payment was due on 12th April and I made the payment on 12th itself but to my Kotak White Card (on which there were no dues).

Whats the process you use to manage CC due dates? You don't use Cred?

 

[prem2311]

It was careless of me to miss a payment for the first time in my life.

I took a new Kotak League Platinum Rupay CC. Used it for just Rs. 100 for activation purpose. Payment was due on 12th April and I made the payment on 12th itself but to my Kotak White Card (on which there were no dues).

I realized this today morning when I opened Net Banking and saw payment overdue. Called customer care and she suggested rather than transferring the amount from White Card to League Rupay, I should make a payment for the League Rupay card as it is already overdue by 5 days. Asked her about late payment charges and she assured me if there are any charges I should give them a call back and they will reverse it. But she was not so sure about reporting to CIBIL. She said since it is only once it should not create a problem.

What do you think? Will it be reported to CIBIL? If yes how much impact on CIBIL and can it be deleted by requesting bank?

Try to negotiate through mail stating that

This is the first time that I missed the payment and not to report as a good will like that - Draw a paragraph with brief. if you have long relationship then mention that as well.

if any extra charges pay that as well as soon possible. - don't negotiate for late charge because if you pay only 100, May be late charge will be reported from day 6 onwards. It's a automated system. If you have no idea about late charges just calculate 4% per month/30 for a day as interest. Or in your case just pay 1000 extra.

after payment start the negotiation.

It's a try. Can't guarantee that it will or not

 

[sjmajumder]

Whats the process you use to manage CC due dates? You don't use Cred?

I use CRED and Mobikwik. I also maintain an Excel sheet where I enter all due amounts and due dates and tick them off when paid. As this is new card the mistake happened. I paid through CRED. The new card, I guess, didn't show up then and I must have selected the White card, manually entered the amount and paid. Surprisingly when I opened CRED today the new card has also appeared and is showing as overdue.

 

[sjmajumder]

Got a callback in response to my mail. While they committed verbally that there will be no late payment charges and no report to CIBIL, in the mail they simply wrote "trust we addressed your concern over phone".

 

[MrJJ]

Aise hadso se bachne ke liye Auto-debit hamesha on rakhe (atleast for minimum due).

 

[sjmajumder]

Aise hadso se bachne ke liye Auto-debit hamesha on rakhe (atleast for minimum due).

You cannot set auto debit for minimum due (as far as I know) and if you set auto debit you miss all the rewards of Cred, Mobikwik, etc.

 

[romilq]

You cannot set auto debit for minimum due (as far as I know) and if you set auto debit you miss all the rewards of Cred, Mobikwik, etc.

Please monitor for few months and mention here if it was reported to CIBIL or not. It will help future cases if someone goes through same. And if it is reported hope they correct it for you.

 

[MrJJ]

You cannot set auto debit for minimum due (as far as I know) and if you set auto debit you miss all the rewards of Cred, Mobikwik, etc.

In Kotak 811 App goto Credit Card -> Credit Card Service Requests -> Auto Debit
There is option to set Auto debit for Total or Minimum Amount Due.

You had both options:
1. Auto Debit (Peace of Mind)
2. Manual/Cashbacks (Minor risk of missing due date)

 

[sjmajumder]

In Kotak 811 App goto Credit Card -> Credit Card Service Requests -> Auto Debit
There is option to set Auto debit for Total or Minimum Amount Due.

You had both options:
1. Auto Debit (Peace of Mind)
2. Manual/Cashbacks (Minor risk of missing due date)

But it allows debit only from Kotak account. What if I don't have Kotak account?

 

[Vasuki]

Got a callback in response to my mail. While they committed verbally that there will be no late payment charges and no report to CIBIL, in the mail they simply wrote "trust we addressed your concern over phone".

Argument would be if they have same account in their system
With card as surrogate
Their system might see as total bill due is zero or in excess in one account & in -ve in other so balances out .
Let's see what happens
Would be precedent for kotak bank


Still I would say open email Matrix escalation.
Because email is considered official words not verbal call

 

[MrJJ]

But it allows debit only from Kotak account. What if I don't have Kotak account?

811 is zero balance digital account, what's stopping you to open it?

I use it as alternative to paytm.

 

[sjmajumder]

811 is zero balance digital account, what's stopping you to open it?

I use it as alternative to paytm.

Why should I open an account unnecessarily? By this logic I have to open account with each bank from which I hold credit cards. Not at all feasible.

 

[vips_26]

It was careless of me to miss a payment for the first time in my life.

I took a new Kotak League Platinum Rupay CC. Used it for just Rs. 100 for activation purpose. Payment was due on 12th April and I made the payment on 12th itself but to my Kotak White Card (on which there were no dues).

I realized this today morning when I opened Net Banking and saw payment overdue. Called customer care and she suggested rather than transferring the amount from White Card to League Rupay, I should make a payment for the League Rupay card as it is already overdue by 5 days. Asked her about late payment charges and she assured me if there are any charges I should give them a call back and they will reverse it. But she was not so sure about reporting to CIBIL. She said since it is only once it should not create a problem.

What do you think? Will it be reported to CIBIL? If yes how much impact on CIBIL and can it be deleted by requesting bank?

Report to any bureue (be it cibil or Experian) is made on a specific date for all accounts. It can be either your statement date (account specific) or month end (for all the cards issued by bank). So you shouldn't worry about reporting to cibil as non of the above dates would've occurred before your payment.
CIBIL only shows the "days past due"(DPD) at a point in time, not the maximum DPD you have achieved.

 

[sjmajumder]

UPDATE:

Statement generated. No charges levied. Since there are no charges I am hoping no CIBIL reporting either.

 

[kirank]

According to RBI regulations, charges are only levied if a member has a due of more than Rs 100, and there's a default report to the Credit Bureaus. So, no need to worry.