How To Change The Billing Cycle of HDFC Credit Card?

How To Change The Billing Cycle of HDFC Credit Card? A cardholder’s official credit card statement from HDFC Bank lists all of the transactions they have made with their card. After a billing cycle, usually monthly, this statement is delivered to the cardholder. Additionally, it includes information on the sum paid during the previous billing cycle, the balance owed, the minimum payment required, reward points, etc. Both online and offline applications can be made to request an HDFC credit card statement. 

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For some credit cards, it has always been possible to change the billing cycle, but the procedure used to be time-consuming. For HDFC Bank credit cards, there was an online option to alter the payment cycle and statement date. But now, on HDFC Bank MyCards, this feature is no longer accessible. However, by making a phone call to HDFC Bank, we can still alter the credit card’s billing cycle.

What is The Billing Cycle of a Credit Card?

The interval between billing statements on a credit card is known as a billing cycle. Your billing cycle may last between 27 and 31 days, depending on the issuing bank. Your credit card company compiles your statement after your monthly cycle, and you have until your due date to submit payment. The billing cycle is also known as the statement cycle. It refers to the time frame during which a bill is produced. 

In the monthly credit card statement, all transactions made throughout the period will be reflected. For every credit card you have been issued, the billing period could be different. The majority of banks, however, use a similar fundamental computation. If your card’s billing or statement date falls on the third of each month, your billing cycle would normally run from the fourth of the previous month to the third of the current month.

The statement produced after the billing cycle will represent all transactions—including purchases, cash withdrawals, payments, etc.—that took place during that time. The transaction made after the billing date is shown in the next month’s statement.

While large credit card issuers like HDFC Bank can take a long time to provide this little service, many banks allow you to change the billing period promptly. All credit card issuers must now provide their customers with an easy way to adjust the billing cycle of their credit cards by the new RBI standards.

Billing Cycle and Billing Date  

You will see the payment due date on your billing statement, which you must pay in full by that date or before to avoid penalties. Normally, the payment is due 21–25 days after the statement’s date or after the billing cycle has ended. The grace period, or interest-free credit period, provided by your card issuer is the time between the billing date and the payment due date. Thus, the payment deadline is determined by the length of the interest-free period made available by the credit card.

A 20- to 50-day interest-free credit period, for instance, is provided by HDFC Bank. The payment due date for an HDFC credit card with a grace period of up to 50 days is therefore the fifth of each month if the statement date is that day. The payment due date would be the 25th of the same month for an HDFC credit card, with a grace period of up to 50 days if the statement date is the 5th of every month.

Therefore, a transaction made earlier in the billing cycle will have a longer grace period than one made later in the cycle. If you still owe money from the previous month, however, the grace period is not relevant.

How Does Your Credit Score Affect the Credit Card Billing Cycle?

Although the billing cycle would not have a direct effect on your credit score, missing payments, partial payments, paying only the minimum amount required, etc., would have a big influence.

A missed payment, according to CIBIL, can have a two-year impact on your credit score and can stay on your credit report for up to 36 months. Every 30-45 days, card issuers submit information about your credit card account to credit rating organizations. As a result, a single missed payment, whether on purpose or by oversight, would negatively impact your credit score.

How To Change the Billing Cycle Of HDFC Credit Card

It can be challenging to make changes to HDFC Bank’s credit card billing cycle, as you won’t find a clear explanation on the HDFC website if you try to adjust the billing cycle on your credit card. There are some techniques to change the billing cycle of your HDFC Credit Card:

Using the MyCards portal

Utilizing the MyCards portal is the simplest way to alter the billing cycle for credit cards at HDFC Bank.

By following the procedures outlined below, you can modify your credit card’s billing cycle through the MyCards interface.

• Register on the MyCards portal of HDFC Bank.
• Choose Card Summary after logging in.
• In the part of the card summary where it says “Card Summary,” click the “Change” option.
• The current date of your billing cycle will be displayed on a new page that will appear.
• You can select your favorite date from January 1 to February 28 on the calendar chart that appears when you click the calendar icon.
• Then click Continue to submit the OTP after selecting the chosen date.
• You can submit your request for a billing cycle change as soon as you enter the OTP.

Customer Service

Contacting customer service and requesting a change in your payment cycle is another approach to altering the credit card billing cycle at HDFC Bank.

• By getting in touch with HDFC Bank customer service, you can alter your credit card billing cycle.
• Call the customer service number shown on the back of your credit card first.
• Make the call, then ask to modify the credit card billing period.
• After the request is made, your credit card billing cycle will alter within 7 to 10 working days.

In-Branch Visit

The final and most effective method is to physically visit your local branch or home branch to register your request to alter the credit card’s billing cycle.

• Be prepared in advance in case you are requested to bring a written application to the branch.
• The bank will respond to your request as quickly as it can after you submit the written application.

Conclusion

In HDFC Bank, there are primarily three methods for altering a credit card’s billing cycle: My Cards online, customer service, and branch visits. The MyCards portal is the best choice out of these three for modifying the billing cycle.

The credit card billing cycle may only be changed once, per the new RBI regulations in effect as of July 1, 2022. It applies to both new and existing credit card users. As a result, you must carefully analyze your cash flow before modifying your billing cycle because it cannot be changed again.

Previously, you could easily change your billing cycle using the bank’s website at HDFC Bank MyCards. But as of 2023, the bank has taken the switch for credit card cycles out of the web app’s user interface. You can currently modify your credit card billing cycle by contacting your specific credit card customer service or going to the closest HDFC bank location.