What’s The Difference Between Write-off & Charge-off on Credit Card? 

Both write-off and charge-off are two financial jargon often used by credit card users. Let’s take a closer look and understand what they both actually mean.  


Write off is when the creditor has forgiven your due balance and you no longer owe any balance to the creditor. For example, if you owe Rs. 10,000 to your creditor, and the creditor has agreed to settle it all down to Rs. 5000, that means your creditor has written off the remaining balance.  


Charge off means when you are due on your balance for a very long time. It’s when your credit card is 180 days past due and your creditor has reached a point where they’ve given up hope of receiving the debts. However, you will still be obligated to pay the due amount otherwise the creditor may take legal action.  

How Charge-off Can Affect Your Credit? 

There are certain consequences of charge off. One of those consequences is that a charge-off can show on your credit report. This affects your credit score, which makes it difficult for you to apply for a loan in the future as the credit score is the major factor lenders take into account while approving loans. 

However, if you think you’ve paid the due loan on your credit card on time and a charge off on your credit card has been reported inaccurately, you can dispute and have it removed.  

So this was all you needed to know about write-off and charge-off on your credit card. If you’re someone who’s also been looking forward to applying for a credit card online, feel free to reach out to WeFin. 

WeFin helps you get a credit card that works for your unique needs with a hassle-free application process. They provide you the opportunity to have credit cards from India’s most trusted banks & NBFCs with the lowest possible interest rate. Most of all, you get instant approval once you’re done with their easy application process. For more information, visit their official website – https://wefin.in/  



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