Guide to choosing the right way to make a credit card bill payment
4 min readA credit card statement or bill incorporates every transaction entailed through the card. Customers receive the credit statement on the last day of every billing cycle. The bank calls upon the credit card holder to settle the amount owed to the institution on or before the due date.
This credit card bill payment can be executed in several ways. Customers have the option of selecting a method from a wide range of options, both online and offline. The payment procedure is simple and hassle-free. However, before choosing any process, you need to consider several aspects. Follow this guide to opt for the best method to pay the bill and to dodge the pitfalls.
Paying the credit card bill online
Banking services have been rendered customer-friendly due to the inclusion of online facilities. Credit card bill payment, not to be left out, can also be secured through the internet or online mode. The online medium further extends different procedures such as NEFT, internet banking, Bill Desk, and Mobile wallets to name a few.
- Net Banking: You can settle the credit card bill through the net banking facility without any fuss. You need to possess a savings account in the same bank that has issued the credit card. Moreover, you should also get mandatorily registered for internet banking provision. Net banking is the most straightforward method to pay off the dues.
- NEFT: Another paperless method to pay the bill online, National Electronic Funds Transfer (NEFT), allows electronic transactions between banks. Thus, you can make the credit card bill payment through NEFT, even if you have a savings account in another bank.
- Bill Desk: Bill Desk is an online platform allowing credit card payment. The bill payment is instantaneous, and you will receive a confirmation message immediately.
- Mobile Wallet: Mobile wallets such as Google Pay, BHIM/UPI etc. can also be utilised to pay the bill. You are required to link your debit card or savings account to the app, enter the credit card details and make the payment.
- Bank/NBFC’s Mobile App: You can make the payment through the bank or NBFC’s mobile application. For instance, the bill payment for the Bajaj Finserv RBL Bank Credit Card can be done through the RBL MyCard mobile app.
- Online Auto-Debit Facility: Banks provide the auto-debit facility, another online method to clear the bill. It relieves the customers of the stress of clearing the dues manually every month. Money gets debited from the savings account automatically, and the amount due gets paid. You’re also given the option of choosing the auto-debit facility for either the minimum amount due or the total amount due.
Paying the bill offline
If you do not wish to avail yourself of the online facilities, you can take recourse to certain offline methods.
- Calling Customer Care: You can contact the bank’s customer care to pay off the bill if you have a savings account in the same bank. The Interactive Voice Response (IVR) will guide you through the process. In the absence of human intervention, your card details remain safe and secure.
- Over the Counter Payment: You can walk into your bank or lender’s nearest branch and deposit the money in cash at the counter. For instance, bill payment for Bajaj Finserv RBL Bank Credit Card can be secured at the nearest branch of either Bajaj Finserv or RBL Bank. The payment gets processed within 24 hours.
- Drawing a Cheque/DD: You can draw a cheque or demand draft (DD) to make the credit card bill payment, and then deposit it at your bank or ATM’s dropbox. However, you should ideally avoid paying through this method, as it takes a minimum of 3 working days for the payment to get processed. This processing time increases in the case of outstation cheques.
Facets to consider and pitfalls to avoid while paying the credit card bill
You may choose any medium to make the credit card bill payment. However, you need to be vigilant and consider some aspects to avoid the pitfalls.
- Mind the Processing Time: While most online methods offer instant results, some may have a processing time. For instance, payment through NEFT gets realised within a working day. Offline methods are more time-consuming. Hence, keep the due date and the processing time in mind to avoid paying any penalty in the form of interest.
- Input Accurate Information: To avoid facing any issues, you must enter the required information correctly. Any error in the credit card number, bank account number, or any other information can create problems for you.
- Examine Your Credit Card Statement: Before making the payment online, read your statement minutely. It will help you keep a tab on any unprecedented charges or fraudulent usage. Moreover, understand the difference between the minimum amount due and the total amount due. Paying only the minimum amount will only help you in keeping the card active. The outstanding balance will roll over to the next month and you will have to pay the interest on it. Hence, you should always try and pay the bill in full.
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