Making a credit card payment in due time is crucial for two reasons:
1) to avoid high interest rates and late payment fees, and
2) to keep your credit score healthy.
Interest charged on credit card dues is the highest when it comes to unsecured financing. Companies charge interests on the outstanding bill amount per day after the payment due date crosses. Simultaneously, failing to pay the bill within the stipulated date lowers your credit score. This low credit score makes you less creditworthy for secured and unsecured financing in the future.
The due amount on your credit card
Also, you have to ensure that you pay the total bill amount within the due date. The bill shows two different values: minimum due amount and total due amount.
The minimum amount can include the following:
A specific percentage of your total bill amount.
A specific percentage of your total bill amount with interest.
Paying the minimum amount again brings your credit score down. Plus, you still have to pay your full amount due the next month, even if you pay the minimum one.
Now that you know about the importance of timely payments and the amount reflected in your statement, look at the following ways you can clear your bill.
How to pay your credit card bill online:
Financial companies provide with several ways of clearing a bill when it comes to online payment. Some of those include:
All financial institutions offer online banking facilities and bill payment through the same. You need to hold an account for accessing this internet banking facility.
The online banking dashboard differs with companies. Click the “Pay Bill” option or anything similar to that. Under this option, you will get to see your credit cards. Selecting one will show you the outstanding bill amount. Hit the “Pay” or similar button to pay for your credit card.
The amount will be automatically debited from your account. You may have to provide an OTP sent to your registered mobile number for finalising the payment.
Similar to online banking, the majority of financial institutions have smartphone apps enabling access to your account. For example, you can use the RBL MyCard App for paying your Bajaj Finserv RBL Bank SuperCard bill.
Apps like these offer various payment options through which you can clear the outstanding dues. Along with this, you get exceptional benefits from the Bajaj Finserv RBL Bank SuperCard itself. This card has the power of 4 cards combined in one and brings several industry-first features.
Opt for an interest-free emergency personal loan for up to 90 days against your credit card’s cash limit. Also, withdraw cash from ATMs across India and repay without any interest for up to 50 days. The card further offers reward points as welcome bonus up to 20,000 and up to 8 complimentary accesses to airport lounges.
Furthermore, Bajaj Finserv has pre-approved offers on these cards that lower the time taken for availing the same. Pre-approved offers also come with various other financial products like personal loans, home loans, business loans, etc. These offers ensure a quick financing process. You can have a look at your pre-approved offer by providing some necessary details and get your credit card approved instantly.
3.National Electronic Funds Transfer (NEFT)
Financial institutions provide the option to make a credit card payment via NEFT. Use it if you want to pay your outstanding dues from an account in another location.
Do note that:
●You have to provide information like Payee Name, Payee Account Number, Bank Name, IFSC Code, and Branch Location.
●NEFT is available only on working days between 8 AM and 7 PM.
●Payments made after the working hours will be credited the next working day.
●A fee will be charged for outward transactions – transfers made from one financial institution to another.
●It can take up to 2 working days for the payment to process.
How to pay your credit card bill offline:
Financial companies allow you to make your credit card payment offline via cash or cheque by visiting the nearest branch of your financial institution.
Some other modes include:
You can pay your credit card bill via the following payment modes too:
1.National Automated Clearing House Facility (NACH)
NACH enables you to pay your bill automatically every month without your involvement. You will have to link your card and the account from which you want to make the payment.
It can take up to 3 working days for the payment to be processed when using this method.
You can provide a standing instruction to your card company to pay the bill from your account automatically, provided your account is present with the same company.
Other than the above, a financial institution can provide you with other credit card bill payment options like ECS, etc. for paying your bill. Only make sure to clear off the dues within the interest-free period.