What if I pay the minimum amount in my credit card RBL?
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If you pay only the minimum amount on your RBL credit card, your account will stay in good standing, and you won’t face late payment penalties. However, there are a few important things to keep in mind:
Interest Charges: The remaining balance will carry forward, and RBL will charge interest on it. This can add up quickly if you don’t pay the full amount soon.
Reduced Credit Limit: Since you haven’t cleared the full balance, your available credit will be lower, which might limit how much you can spend on the card.
Impact on Debt: Paying only the minimum makes it harder to clear your debt over time because most of your payment goes toward interest, not the principal balance.
Credit Score: While paying the minimum keeps your account current, carrying a high balance for a long time could affect your credit score negatively.
If you only pay the minimum amount on your RBL credit card, it means you’re only covering a small portion of the total balance you owe. While this will keep your account in good standing and prevent late fees, the remaining balance will continue to accrue interest. The interest on your outstanding balance can be quite high, so you’ll end up paying more over time. Plus, if you keep paying just the minimum, it can take a long time to pay off the full amount.
It’s always a good idea to pay as much as you can above the minimum to reduce your debt faster and avoid high interest.