![[How To] Change the Billing Cycle of HDFC Bank Credit Card](https://simpleinterest.in/wp-content/uploads/2023/04/How-To-Change-the-Billing-Cycle-of-HDFC-Bank-Credit-Card.png)
As per the new RBI guidelines w.e.f 1 July 2022, the credit card billing cycle can only be modified once. It applies to both existing and new credit card customers. Therefore, you must carefully consider your cash flow before updating your billing cycle as it cannot be modified again.
Earlier, you could easily modify your billing cycle through the bank’s online portal at HDFC Bank MyCards. However, as of 2023, the bank has removed the option to switch credit card cycles from the UI of the web app.
Currently, you can change your credit card billing cycle to contact your respective credit card customer service or visit the nearest HDFC bank branch.
RBI’s Directions To Card-Issuers
According to the RBI’s Directions to card-issuers, “card-issuers do not follow a standard billing cycle for all credit cards issued. In order to provide flexibility in this regard, cardholders shall be provided a one-time option to modify the billing cycle of the credit card as per their convenience.”
Billing Cycle of HDFC
The billing cycle of HDFC Bank credit cards refers to the 30-day period for which your statement is generated. This period is the time between two consecutive statement dates, and your credit card bill reflects the transactions made during this cycle.
It’s important to keep track of your billing cycle and ensure that you make timely payments to avoid any interest penalties or late payment fees. By understanding your billing cycle, you can make your credit card payments timely and manage your finances effectively.
Change the Billing Cycle of HDFC Bank Credit Card
#1. Customer Care
If you need to change the billing cycle of your HDFC Bank credit card, you can reach out to customer care for assistance.
Here are the steps to follow:
- Contact HDFC Bank customer care by calling the number on the back of your credit card.
- Inform the representative that you want to change your credit card billing cycle.
- Provide any additional information required by the bank.
- The bank will process your request and update your billing cycle within 7 to 10 working days.
#2. Visit Nearest Branch
You can change your credit card billing cycle by visiting your nearest HDFC Bank branch.
Here are the steps to follow:
- Visit the nearest HDFC Bank branch to your location.
- Inform the customer service representative that you want to change your credit card billing cycle.
- Depending on the bank’s policy, you may be required to fill out a written application form for the request.
- Submit the written application along with any necessary documents.
- The bank will process your request as soon as possible.
Things To Consider When Choosing the Billing Cycle For Your Credit Card
Choosing the right billing cycle for your HDFC Bank credit card can help you manage your finances better and avoid late payment fees. Here are a few factors to consider when choosing the best billing cycle for your credit card:
#1. Pay Schedule
Your billing cycle should ideally start after your salary or income is credited to your bank account. This will ensure that you have sufficient funds to pay off your credit card bill on time.
#2. Budgeting Strategy
If you follow a monthly budgeting strategy, you may want to choose a billing cycle that starts at the beginning of the month. This will help you plan your expenses better and avoid overspending.
#3. Due Date
The due date of your credit card bill should be after your pay schedule or income credit date. This will give you enough time to pay off your bill and avoid late payment fees.
Conclusion
While HDFC Bank has removed the option to change billing cycles through its online portal, you can still request a change through customer service or visit the HDFC bank branch.
However, it’s crucial to keep in mind that this option is only available once due to the RBI’s regulations. Therefore, it is recommended to carefully consider your financial situation before requesting a change in your billing cycle.
If you have any queries or concerns regarding the billing cycle change request, let me know in the comment section.
