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Everything you need to know about paying your credit card bills

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It is easy to use a credit card, as it is vital to pay your bills on time as well. The credit card has a reward point system and multiple offers/discounts. This serves as a motivation to make the maximum use of it. However, paying bills on time even more essential. A best credit card is a useful tool for saving when used wisely; otherwise, it has the potential to put you in a debt trap.

Pay Credit card bill Timely

In case you have not been paying your credit card bills on time then you know the drill. Each late payment attracts a hefty late fee. You need to be disciplined and ensure that you are making a payment on time and the amount of bill has not gone out of your league. A recurring reminder in your phone or laptop can help you in making timely payment.

 

Make the most of Interest-free days

Today, all credit cards have an ‘interest-free period.’ In this period, your purchases are not charged with interest. Identify this period and make your purchases during this time to make the most of it. For instance, you make a purchase of Rs. 25,000 on 2nd July and you have to make the payment by 21st August as per the next bill which will be generated on 3rd August. So, you have 50 days when no interest will be charged.

 

How can you make Payment?

There are various ways through which you can make the payment of your credit card bill. Here are some widely accepted ways to pay your credit card bill.

 

a) Bill Desk: You can visit the issuing bank website or its bill desk website and pay through your bank account online. You are redirected to a payment gateway after you choose the account from which you want to pay. After completing the transaction, you are going to receive a confirmation receipt as well.

 

b) Net banking:You can also choose the net banking option to pay your credit card bill.

 

c) NEFT: Similar to net banking, you can also pay your bill through NEFT. The account number and IFSC code will be required to pay the credit card bill.

 

d) NACH facility: You can also use the facility of auto-debit, which is called the NACH facility. All you have to do is submit the form for enabling this facility to the card issuer. It will save you from the hassle of manually paying the bill and eliminate the chance of delay payment in case you forget to pay.

 

e) Cheque:You can also pay through cheque which will be addressed to the issuer and in most cases, they also require you to write the 16 digit card number as well.

 

Word of Caution

 

Never fall in the trap of just paying the minimum due amount. As when you pay only the minimum amount, the balance is carried to next month and interest is charged on it, making your purchases costlier. Keep in mind that falling behind on your credit card bills is one of the worst debt decisions. You can use the credit card smartly by paying off the balance each month.

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