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Credit Card Bill Payment: Kill the Bill Payment Dues With the Best Credit Card

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The widespread acceptance of digital payments post demonetization has transformed the cash-intensive economy of India. There has been a noteworthy rise in credit card usage, primarily due to its benefits and convenience. Users can make big purchases, convert them into EMIs, pay for utility bills, and even avail loans effortlessly. Despite the increased usage, however, credit card bill payment becomes a concern for users.

Highlights of credit card payment

  • RBI states 50.3 million credit cards are currently in operation, as of July 2019.

  • Over June 2019, India added around 3.7 million of new credit card users.

  • Close to 10.1 million credit cards were added between July 2018 and July 2019.

  • In July 2019, the total amount of credit card transactions increased by Rs. 2,713 Crore.

Every month, users of credit cards are disbursed with a statement highlighting all the transactions made using their credit cards. It contains the total due amount to be paid off on or before the given due date of that month. Failing to make timely credit card bill payment leads to significant consequences, such as –

  • Piling debts.

  • High-interest rates.

  • Drop-in credit score.

  • Negative impact on credit profile, etc. 

How to manage bill payments of credit cards?

There are various options for how to repay your credit card debts. You can ensure to clear the dues every month with various payment options available. Below are some of those –

  1. Auto-debit

Auto-debit is the best option for those who forget to make timely bill payments every month. In this facility, the financial institution debits the total or minimum due amount every month automatically. Users need not keep track of or make any payment manually. 

  1. NEFT

Utilize this online facility to make credit card bill payment through a net banking account. When you initiate the NEFT facility, the funds are transferred from your bank account to the credit card’s account. However, you need to provide a few essential details like bank name, payee account number, payee name, branch location, etc.

Apart from these, some other payment options include net banking facility, NACH facility, mobile app, cheque payment, Bill Desk, etc.

You may often have insufficient funds to pay off the outstanding balance in full. In such cases, prevent from being a defaulter with these two options –

  1. EMI conversion

Convert the total due amount into manageable EMIs and pay over 2-3 months conveniently. It may incur interest rates but reduces your financial burden easily. Enjoy this facility with the best credit card in India like the Bajaj Finserv RBL Bank SuperCard.

Bajaj Finserv brings its credit cards with exclusive benefits and industry-first features. You can apply through an online form or look for the customized pre-approved offers. 

  1. Minimum due amount

Every credit card statement comes with a total and minimum amount due. You can opt to pay this minimum payment in case you are short on funds. However, the total outstanding will carry forward to the next bill. Also, the unpaid outstanding credit may start attracting interest rates on it.

While EMI conversion and minimum payment can prevent you from defaulting, it’s always recommended to pay the total due amount before the deadline. Doing so eliminates any interest charges on the outstanding balance and also keeps your credit profile impressive. Make sure to read your credit card statement correctly before paying.

Additional tips on credit card bills

  • Evaluate your financial capability and utilize your credit card accordingly.

  • You must spend the amount which you can repay easily.

  • Always monitor your expenses and limit wherever necessary.

  • Make the best utilization of the grace period.

Also Read: 5 Money-Saving Tips for Your Credit Card

Credit cards are a powerful tool that not only provides access to instant credit but also instills a financial discipline in users. If utilized responsibly, the best credit card incurs zero interest rate and can substantially increase your purchasing power without any additional charges needed.

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[email protected] Shailendra Kumar is an experienced Financial Consultant and Tech Reviewer who has 6+ years of experience in the field of finance, business, and technology. He is very passionate to write about finance, business, technology, gadgets, digital marketing, guest blogging, fashion, lifestyle, etc.
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