The due date is here. It’s time for your credit card bill payment! In India, one of the most used card for payments is the Credit card, which basically comes with a monthly credit based on your credit score. It is a well-known fact that since these cards came into existence, the purchasing power of people has definitely increased.
However, when you receive the bill of the same, it is ideal to pay off the entire amount before the mentioned due date to avoid attracting interest charges on your next bill. Going with this flow is the best way to sustain your credit card, as with this, you’ll avoid paying off ever-increasing amounts due to various fees added to your bill during each cycle.
What is a credit card?
It is a payment card that allows individuals to borrow funds, typically from a bank or financial institution, up to a specific limit (depending on the credit score) in order to make purchases or withdraw cash. Further, the cardholders can make payments on the borrowed funds later, and interest is charged if they cross the due date.
(Tip: Credit card bill payment online offers many perks and is very easy as compared to the traditional payment methods.)
How does the billing cycle work?
It is the time period between billing statements. However, the length of the same varies depending on the card issuer but is usually around one month. Further, when the billing cycle ends, the cardholder will receive a statement showing the total amount owed, including any interest and fees incurred.
Next, the cardholder usually has 20 to 25 days before the interest and late fees are added, and if they pay the bill within this time period, then there is no interest or late fees.
What are the 3 ways to make online credit card bill payment easy?
1. Mobile applications
If you use the right application to complete this payment, the whole process becomes much easier and smooth. For example, in my personal experience, I’ve been using the Bajaj Finserv application; believe me, it is just remarkable. It allows me to view the account balance, make payments and manage the entire account with just a few taps.
2. Automatic payments
Setting up automatic payments is one of the best ways to ensure that the credit card bill is paid on time. This can quickly be done by linking the card to a checking or savings account and scheduling automatic payments.
3. Multiple payment options
Different companies accept different types of payment methods. These methods include UPI, NEFT, RTGS as well as mobile wallets. So, choose the one that suits you the best.
How to make a credit card bill payment online?
Now, there are thousands of ways to do the same. But, if you are reading this article, then it’s my duty to make the entire process easy for all the readers by sharing my personal experience. Now, firstly, this content is not promotional, and I’m just sharing my personal experience so that everyone can have a clear understanding.
- Download the Bajaj Finserv application.
- Sign up after entering your mobile number
- Go to the Bills and Recharges section on the home page
- Select Credit Card
- Select Provider and further enter the necessary information