Credit cards are an integral part of today’s financial settlements. One can use a credit card to purchase goods and services from offline or online merchants. The bill is generated for all these transactions at the end of the billing cycle. One is required to pay that exact amount within the due date.
Non-payment of card bills on time leads to additional late payment fees, interest charges and also has a negative impact on the credit report. Hence, it is vital to clear all credit card dues before the due date. To facilitate credit card bill payments, financial institutions devise various credit card payment methods.
Offline payment method
There are 2 modes of making offline payments. They are –
- Through cheques and demand drafts
Even a few decades back, more than 80% of credit card users preferred this method. Here, your card number is listed as the payee’s name on both demand drafts and cheques. These could either be dropped off at the lender’s branch, in drop-boxes or the ATMs of the issuing financial institution. This traditional method of bill payment has the slowest turnaround time. Payments could take even a week or two to reflect on one’s account.
- Cash payment
This credit card payment method requires you to make direct cash payments at the branch of the issuing company. Payments in cash take 1-2 days to process and reflect on your account.
Though these are convenient options to pay your credit card bills, it is rarely used nowadays. Technology has led to the introduction of the online bill payment methods, which are quick and more convenient, compared to offline counterparts.
Online payment method
The advent of the internet and the introduction of electronic payment methods have made paying credit card bills easier. Several convenient online methods of making credit card payment include –
- Net banking
It is a quick and hassle-free process of making payment through online account transfer. You are required to log in to your credit card issuer’s net banking portal using the customer ID and password. In the payment option, you can choose between –
- Paying the minimum due amount
- Total due amount
Once the payment is made, it takes 3-5 business days to process.
- NEFT (National Electronic Fund Transfer)
It allows you to make one-on-one fund transfer instantly. You are required to log in to card issuer’s online portal, select NEFT option and mention the beneficiary. Then put in your credit card number as the payee’s account number and IFSC code will be provided on your card issuer’s website. Now enter all the details and proceed with the payment. This is one of the most widely used credit card payment options and is offered by all leading credit card companies in India.
- Mobile Application
All financial institutions have rolled out easy-to-use mobile applications to make credit card bill payments convenient. For example, if you avail a Bajaj Finserv RBL Bank SuperCard, you can make payments from any location, anytime. All you need to do is to download their respective mobile app and to use your customer ID and password – pay the requisite amount. Leading credit card issuers like Bajaj Finserv have mobile applications for all platforms – Android, Windows and iOS.
Furthermore, this best credit card in India provide industry-first features such as –
- Cash withdrawal from ATMs interest-free for up to 50 days.
- Convert your unutilized limit into a personal loan during emergencies.
- Get the best-in-industry ‘in-hand security’ and ‘zero-fraud liability cover’ to mitigate cybersecurity threats.
Before applying, know how to avail a Bajaj Finserv RBL Bank credit card online.
Bajaj Finserv also brings you pre-approved offers on credit cards and loans that make procuring them quick and hassle-free. These offers are applicable on unsecured credits like personal loans, credit cards and secured advances such as home loans among numerous other financial products. You can check out your pre-approved offer by sharing a few necessary details like your name and contact number.
Although both offline and online payment methods are still prevalent in the country, it is a smart move to go for digital methods. It is a quick, hassle-free and secure form of payment.