Making timely credit card bill payments is critical because it directly affects your creditworthiness. After receiving a credit card bill/statement, pay the entire amount due by the end of the credit-free period to avoid paying interest charges on the outstanding balance.
There are several offline and online methods available to help pay your credit card bills. In this article, we will look at the best way to pay credit card bills in detail.
There are several ways to pay your bill online. Here we will look at all the methods in detail and also discuss the best way to pay credit card bills for cashback and more.
Net banking is one of the easiest ways to pay your credit card bills. To pay your credit card bill through Internet banking, follow these steps:
Step 1: Log in to your net banking account using your credentials
Step 2: Navigate to the 'Credit Card' section.
Step 3: If you're paying your bill for the first time, select 'Register New Card' and input your card information before clicking 'Submit'.
Step 4: Select your registered card, click 'Transact', and then select your payment method.
Step 5: Click 'Complete' to conclude your transaction.
NEFT enables you to pay your credit card bill using net banking, and you can use any bank's net banking account.
To pay your bills, you must first add it as a beneficiary account.
Enter the necessary details such as the bank name, credit card number, cardholder name, branch address, IFSC code, and so on.
Adding a new beneficiary in net banking can take up to 24 hours, while for certain banks, it only takes 30 minutes.
Once your bank account is added, choose the account, add the amount, verify your details, and pay the bill.
IMPS is another method you can use to pay your credit card bills. Here’s how you can pay your dues using IMPS -
Step 1: The first step is to download your bank’s mobile banking application. For example, if you have a bank account with ICICI Bank, you must download its mobile application.
Step 2: Next, log in to the mobile banking app using your credentials.
Step 3: Click on the ‘Money Transfer’ option and you will see payment through the IMPS option.
Step 4: Choose either ‘IMPS through account’ or ‘IMPS through MMID’, as per your preference.
Step 5: Next provide the necessary information such as MMID, billers' contact numbers, your bank account, the amount, and your credit card number.
Step 6: Check your details and then press the 'Confirm' button.
Once the payment is done, you will see the transaction details displayed on the screen. Print it and save it for future reference.
The mobile banking application of your respective bank can also help you pay your credit card bill quickly and without any hassle. Here’s how to do it -
Step 1: Log in to your bank's mobile app.
Step 2: Go to the “credit card” section.
Step 3: Choose the credit card for your account.
Step 4: Click on the "Pay Now" button.
Step 5: Enter or choose the amount to pay.
Step 6: Click "Pay Now" and confirm that the transfer was successful.
Auto-Debit is a convenient and efficient way to pay credit card payments and avoid late fees. Here are the steps to initiate credit card bill payment via auto debit facility:
Step 1: Log in to your net banking account and set up auto debit.
Step 2: Navigate to the 'credit card' section and pick the 'auto debit' option.
Step 3: Choose whether to pay the minimum or the full amount due.
Step 4: Set a maximum amount limit if necessary.
Step 5: Confirm and activate auto-debit.
Step 6: Each month, on the due date, the amount will be automatically debited from your linked account towards your credit card bill.
Mobile wallets and digital payment systems are now equipped to make transactions towards credit card bills. Follow these steps to utilize this easy method to pay your bills -
Step 1: Connect your wallet app to the savings account or debit card you plan to use to pay your payment.
Step 2: Add money to your wallet and enter your credit card details.
Step 3: Enter the outstanding amount and click 'Pay' to finish the transaction.
Now that you have seen how to make credit card payments online, we will look at the offline methods available for paying the credit card due.
Follow these steps to easily pay your credit card bill at an ATM -
Step 1: Visit your bank’s ATM with your debit card
Step 2: Insert your debit card
Step 3: Click 'credit card bill payment'
Step 4: Enter the amount and then follow the prompts displayed on the ATM to complete the payment
You can go to your credit card issuer's local bank branch to settle your bill. All you need to do is contact a concerned employee at the bank and follow these instructions.
Fill out the cash deposit slip, including your credit card information and the bill amount.
Submit the slip and cash to the counter, and your payment will be completed.
Another way to pay your credit card bill offline is to write a check or demand draft in your credit card account's name and drop it off at any bank branch or ATM.
The check or demand draft should be made payable to your credit card account.
On the back of the check, there should be a 26-digit credit card number, the name of the credit card holder, and a contact number.
Because cheques take time to process, you should plan ahead of time and pay your credit card amount within the due date.
Paying your credit card account on time and in full is the key to avoiding debt. Several methods have evolved over the years to ensure customers are fully equipped to pay their bills on time.
Even though there are several options for paying credit card bills online and offline, you should select the one that works best for you. You can pay your bill online via internet banking, NEFT, mobile wallets, auto debit, or ATMs. You can also pay your credit card bill offline by going to your issuer's bank branch or an ATM.
It is always better to pay off your credit card debt in full each month before the due date. You can prevent incurring interest by paying off your card in full each billing cycle. Paying your credit card bill early and on time will help you save money on interest.
Each bank has its respective mobile banking application. You can download the application of your bank, log in using your mobile banking credentials, and pay your credit card bills on time easily.
Your credit card bill shows your transactions, credits, transfers, fees, interest rate/amount, and balance due. It is important to verify the accuracy of all charges and payments.
Yes, you can make payments on your credit card at any time. In addition, you will not be charged any late fees because you paid before the due date.
Paying more than your credit card balance results in a negative account balance, which indicates the credit card issuer owes you money, which you can use at any time in the future. However, frequent credit card overpayments are linked to refund fraud and money laundering, which can lead to frozen accounts or termination. So, avoid making frequent overpayments on your credit card.
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