Missed that Credit Card payment again? With these simple ways to make Credit Card payments, you’ll never miss a due date again.
Forgot to pay your Credit Card bills again? Uh-oh! We know exactly how that feels. With so many things to worry about (like the latest movie releases, tonnes of other utility bills, hectic office work and those weekend plans), it can become slightly difficult to keep a track of those bill payment due dates. Even if keeping all those constant reminders has failed too, don’t worry. There are a lot of ways to simplify those Credit Card payments. We’ll get there, but hang on. First, let’s look into reasons you should make all those Credit Card payments on time.
- Late fees: Missing your Credit Card bill payment attracts a late fee. Unless you have a lot of free cash to spare, we advise that you keep a close track on those due dates.
- Credit Score: Regularly missing those due payment dates can also make your Credit Score go for a toss. It can, in turn, significantly affect your chances of getting a loan approved in the future. Better not risk it.
Psst… want to check your Experian Credit Score for free? Click here
- Low monthly payments: Missing a Credit Card payment implies a significantly higher minimum payment next month. It’ll make it extremely difficult for you to catch up and get those payments back on track. So, best avoid missing your payment due date.
Additional Reading: How Late Credit Card Payments Affect You
Now that we have established that paying those Credit Card bills on time makes sense , let’s look at some simple ways to do this.
You can use National Electronic Funds Transfer (NEFT) System to pay those Credit Card bills directly from your bank account and on the same day. We often tend to remember those due dates at the eleventh hour. For all such days, you can rely on NEFT as the payments made by you towards the Credit Card bill can be carried out on the same day. At least you can make sure that you never miss a due date. This can save you from paying any late fees. All you need to do is—go to ‘Funds Transfer’ and choose NEFT payments. Add your Credit Card as a payee. Enter the usual details like name of the issuing bank, IFSC code and that’s it. If you’re not completely sure about your Credit Card billing cycle and the interest-free period on your Credit Card, then read this – Understanding The Interest-Free Period On Your Credit Card
Additional Reading: Money Transfers: NEFT, RTGS and IMPS Explained
Another easy option that you can choose is Real Time Gross Settlement (RTGS). Using this, you can make your Credit Card bill payments on the same day, only if you carry out the transaction before the cut-off time. The major difference between NEFT and RTGS is that the latter can help you in the case of huge payments. If your Credit Card bills are generally high, then opting for RTGS might be the way to go. The process is almost the same as NEFT. You just need to choose RTGS after clicking on ‘Funds Transfer’.
Additional Reading: RTGS And What It Stands For
If you tend to use your Credit Card to pay specific bills on a regular basis, opting for Electronic Clearance System (ECS) payments will make sense for you. All you need to do is get in touch with your Credit Card issuer and make them present an ECS payment request to your bank. Once that’s done, and an ECS mandate is set, a definite amount of the bill gets directly deducted from your bank account. However, your bank needs to acknowledge the ECS request and make the payment from your bank account to the Credit Card company.
Additional Reading: What is Electronic Clearing Service (ECS)?
Mobile Apps Payments
Another simple way of making your Credit Card bill payment is by downloading your bank’s app. Once you have the app on your smartphone, you merely need to enter your card details (link your Credit Card to your savings account). Once that’s done, you can easily transfer funds from your account towards your Credit Card bill. Just go click click and you’re done! Your bills will be paid before you even realise it.
Visa Or MasterCard Money Transfer
Depending on whether your card is a Visa or a MasterCard, you can make payments options on their sites. Just enter your card details, punch in the required amount, and enter your bank account details to make the payment. The only thing you need to keep in mind is that all payments made through Visa or MasterCard are usually processed in a day or two. So if you don’t want to miss those due dates, you must plan your payments accordingly.
This option lets you allow your bank pay the minimum amount due on your Credit Card. Since the bank automatically makes these payments on your behalf, this setup is good for regular payments. It significantly reduces the chance of forgetting the due date. Sounds convenient, doesn’t it?
If you prefer writing cheques, you can use them to make your Credit Card payments as well. Just put in your card number in the payee name and enter the other essential details like date, amount (numerically and spelled out) before signing it (exactly how you fill a cheque otherwise). The cheque should be an account payee cheque. Since this process could take up to two to three business days, you must plan your payment accordingly. You don’t want to miss the due date and attract those late charges, right? Being a little prompt can help you in that case.
Additional Reading: Start Paying your Bills on Time!
No matter which payment method you choose to pay your Credit Card bills, ensure to plan things beforehand. It’ll help keep all those unwanted late payment charges away and might also help sharpen your memory (extra added benefit).
Additional reading: Credit Card Handbook: All Questions Answered
Don’t have a Credit Card yet but want one? We’ve got you covered.