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A credit card allows you to make cashless transactions and offers a line of credit which you can use to pay bills on time. These cards are integral in building and improving your financial health. You can purchase big-ticket items conveniently, and credit cards help establish a credit history.
However, as a credit cardholder, you must be financially responsible. It is vital that you make credit card bill payments on time, and avoid additional interest charges and late fees. Failure to make timely credit card payments can negatively affect your credit score. It can also result in a cycle of debt and financial instability.
On the other hand, by making timely payments, you can demonstrate responsible credit management and establish your creditworthiness. This often results in easier loan approvals and better interest rates, and you can improve your credit profile.
You can make your credit card bill payment through various convenient channels – both online and offline. You can use your bank’s mobile application, net banking portal, or third-party payment platform, or visit your nearest ATM to make the credit card payment.
Read on to know about credit cards, how to apply for credit cards, and how to pay credit card bill online as well as offline.
Credit cards can be powerful financial tools that extend numerous benefits if used responsibly. However, the key to using a credit card effectively is to make timely payments. Fortunately, making credit card payments is simple, and you have several payment options.
From online credit card payments to phone payments, you can choose a payment channel depending on your preference and convenience. Alternatively, you can also make in-person payments.
In the following sections, we will discuss the various methods for making credit card payments – both online and offline.
If you feel uneasy about making credit card payments online, you can also take the traditional approach. Here are a few ways in which you can make offline payments.
1. Pay the Credit Card Bill by Visiting the Bank Branch
You can visit the issuing bank branch, fill out the deposit slip, and pay your credit card bills offline through cash. However, this process warrants a fee for the service. This fee varies from one bank to the other, and from one card to another.
Additionally, it can take up to one working day to process the payment.
2. Credit Card Bill Payment via Customer Care
Certain banks let you make credit card payments instantly via the credit card customer care IVR service. However, you must own a savings or current account with the issuing bank. The entire process is safe and secure, as there is no human interaction, and you have to follow the steps suggested by the IVR.
3. Credit Card Bill Payment Through Debit Card at ATM
You can conveniently pay your credit card bill using your debit card by going to an ATM, provided you own the debit card from the issuing bank. The amount is instantly transferred from one account to another, and the entire process is quick and seamless.
Here’s how you can pay your credit card bill via ATM.
Step 1: Visit the nearest ATM that belongs to your bank and carry your debit card.
Step 2: Insert your debit card into the ATM and tap the ‘Credit Card Bill Payment’ option.
Step 3: Enter the bill amount and follow the prompts on the screen to make the payment.
4. Credit Card Bill Payment via Cheque
You can also make your credit card bill payment by drawing a cheque in the name of the issuing bank. You can then deposit it at the bank’s branch or an ATM dropbox. However, you should be aware that the cheque might take up to three working days to clear, provided the credit card issuer and the cheque issuing bank are the same.
Otherwise, it may take up to five working days. Additionally, if it is an outstation cheque, it might take a few days for the cheque to be processed.
Benefits of Making Credit Card Payments on Time
Credit card online payments are simple, hassle-free, and come with numerous benefits. Some of these advantages are highlighted below.
Convenience
You can pay your credit card bills from anywhere and at any time online. All you need is a smartphone with a reliable internet connection. You won’t have to visit the bank to make the payment physically.
Fast and accurate
One of the biggest benefits of online transactions is the fact that they are instantaneous. You won’t have to wait for days to get confirmation. Moreover, you can avoid paying late fees and interest charges by making the payment online.
Additionally, by making your credit card bill payment online, you can ensure that your payment is credited to the account accurately. This can help you avoid errors or delays that could result in penalty charges.
Security
Banking websites and popular apps use encryption and other security measures to protect your financial information. Thus, you won’t have to worry about falling victim to fraud and identity theft.
Easy access to account information
You can easily access your credit card account information, such as your balance, transaction history, and payment due dates online. You won’t miss due dates and can remain on top of your finances. You can also avoid paying over-limit and late payment fees.
Cost-effective
Mobile wallets and banking websites do not levy any charge on credit card bill payments.While making credit card bill payments online, you must remember certain things. These include the following.
1. Ensure you use a secure connection: Always use a secure internet connection while making payments, such as password-protected Wi-Fi networks. Do not use public Wi-Fi networks that are not password-protected, as these networks can be easily hacked, and your personal information can be compromised.
2. Verify the website: Before entering your password and other sensitive information, ensure you are using your bank’s official website or a reputable payment portal.
3. Keep your login details secure: You must keep your credit card account login details confidential. Additionally, create a strong password, and change it once every 2-3 months. Furthermore, do not save your login details on shared computers or devices.
4. Check the payment amount: Double-check the amount before you make the credit card online payment. Review the credit card statement and payment details to ensure they are accurate.
5. Pay the bill before the due date: Set up automatic payments to ensure that you pay the bill before the due date. This will help you avoid late payment fees and other penalties.
6. Keep a record of your payment: Save the transaction receipt or the confirmation message after making the payment. Additionally, check your credit card statement online to ensure the payment has been processed.
A billing cycle refers to the closing date of the last statement and the upcoming one. Credit card billing cycles vary based on the policies of your credit card issuer. Generally, the billing cycle for credit cards is from 28 to 31 days.
The credit card billing cycle helps determine how much you owe and when the payment is due. When this cycle ends, the credit card issuer computes your transactions, including any balance from the last cycle.
Then, they send you the statement, which includes your transactions, the amounts, minimum payment as well as the deadline for the bill payment. Some credit card providers might provide you with a grace period to make the payment.
Remember to make timely payments of your credit card bill to avoid any charges and other penalties associated with non-payment of your bill.
About Credit Cards Services
- Apply for Credit Card
- Best Fuel Credit Card
- Business Credit Card
- Credit Card Settlement
- Corporate Credit Card
- Credit Card against Fixed Deposit
- Credit Card Documents
- Credit Card Eligibility Criteria
- Credit Card EMI
- Features & Benefits of Credit Card
- Interest Rate on Credit Card
- International Credit Card
- Credit Card Limit
- Loan on Credit Card
- Credit Card Lounge Access
- Credit Card Netbanking
- Credit Card Pin Generation
- Credit Card Reward
- Shopping Credit Card
- Check Credit Card Statement
- Types of Credit Card
- Credit Card Billing Cycle
- Credit Card Meaning
- Best Credit Card In India
Credit Cards Partners at Bajaj Markets
Non Partners Credit Cards
FAQs on Credit Card Bill Payment
What are the available options for paying credit card bills?
You can make your credit card payment through numerous offline and online modes. If you prefer paying your bill offline, you can pay via cheque, over the counter, visit an ATM, or contact customer support.
If you want to make a credit card payment online, you can use any mobile wallet, NEFT, IMPS, mobile banking, auto debit facility, or BillDesk.
Can missing one credit card bill payment affect my credit score?
Yes, missing credit card bill payments for even one cycle can affect your credit score significantly. You should clear all your dues on time.
Why make credit card payments on time?
Paying your credit card dues on time is critical to ensure that you are not charged interest. Moreover, it also ensures that your credit score is not affected.
Which are some of the fastest methods to pay my credit card bill?
You can instantly make credit card bill payments through various online modes, such as UPI, net banking, and mobile wallets.
Can I use another bank’s account to pay my credit card bill?
It is possible for you to pay your credit card bill using an account from a different bank through NEFT. However, before making the payment, you must add your credit card number as the beneficiary.
How can I use a credit card to pay the bill of a different credit card?
You can use an e-wallet, balance transfer, and cash to pay your credit card bill using a different credit card.
How much should I pay on my credit card to avoid interest?
There is no particular minimum amount required to avoid paying interest. You must pay the entire outstanding balance to avoid interest. By paying off your credit cards completely each month prior to the grace period expiring, you can avoid paying interest.
The grace period for credit card bill payments typically lasts from the 21st to the 27th of each month.
Does this mean that if I don't have a credit card statement, the charge will be zero?
No, not always. There's a chance that you won't get a statement for that month if you haven't made any purchases with your credit card. Please call the bank's customer care to confirm that there isn't a payment due.
When is the best time to pay your credit card bill?
It is advisable to pay your credit card bill as soon as the bank generates the bill for the month. However, it can be paid on the due date as well. But you must be wary of the fact that the credit card bill must be paid on time. Else, a late payment fee can be charged by the bank.
If there is a longer delay in paying the credit card bill, your card can be deactivated, and your credit score can suffer heavily.
How long does Paytm take to process my credit card statement?
It takes up to 3 working days for the payment made through Paytm to reflect in your credit card account. However, you must be aware that you must have a Paytm account to make your credit card payments through Paytm.
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