Credit cards have made life straightforward with their USP of ‘buy now, pay afterward’. Making credit card bill payments is also easy these days, as you can opt for online payment modes. As effective and protean as they may be, similar to credit cards like the Bajaj Finserv RBL Bank SuperCard, credit cards come with many negatives if they aren’t used judicially. It’s common to have oversights during credit card use, especially when it comes to bill payments. It is common to have oversights
Credit cards have made life straightforward with their USP of ‘buy now, pay afterward’. Making credit card bill payments is also easy these days, as you can opt for online payment modes.
As effective and protean as they may be, similar to credit cards like the Bajaj Finserv RBL Bank SuperCard, credit cards come with many negatives if they aren’t used judicially. It’s common to have oversights during credit card use, especially when it comes to bill payments. It is common to have oversights during credit card use, especially when it comes to bill payments.
Hence, there are certain aspects of credit cards and their use that you should be aware of. After all, knowledge is power, and in the case of a credit card, use and misuse are very blurred. For instance, you may forget to redeem points earned on your credit card, and consequently, miss out on a benefit. It is important for you to know what relates to a credit card, like what is a billing cycle, the due date, the minimum amount due, etc.
You should also know how various factors concerning credit cards may affect your finances negatively or positively. A credit card bill is typically generated on a monthly basis, and while evaluating your bill/statement, you should be knowledgeable about what you view on your bill. In this regard, we expound on the key points to be considered while making credit card bill payments.
Read Your Bill Thoroughly
This point cannot be overstated, and although it seems very obvious, there are very few credit card users who actually review their bills/statements while making payments. Online credit card payment has become a common way to pay your credit card bills and this process is quick.
However, as a result, you tend to move faster and miss out on reading your bill carefully. People often get misled by terms on the bill, such as ‘Minimum Amount Due. You should know what your bill includes, and then pay it. For instance, the ‘Minimum Amount Due is not the total amount you have spent to be settled, but a limited amount that has to be paid to maintain your card. Furthermore, there may be charges on the card that are mistakenly charged to your credit card account. These errors are not uncommon.
What is a Billing Cycle?
Credit card terms may be confusing for the savviest users and some are important to know about while making payments. When you get your bill/statement, your billing cycle is mentioned. Your credit card billing cycle is the period (30-45 days, depending on the card you have) for which your credit card bill/statement is generated. This is, in fact, the period during which your card issuer gives you credit to purchase goods and services. It is also the period between consecutive statements. It is important to know about your billing cycle as you may want to request your card issuer for a longer billing cycle, or a billing cycle closer to a date that enables easy payment for you.
Making Online Payments
Consider the easiest way to pay that suits you. There are many ways to make an online credit card payment. The most frequently used ways are payments made through internet banking and NEFT. Using your net banking facility is one of the simplest methods to pay credit card bills. Your job becomes easier if you have a bank account with the card issuer. Nonetheless, to pay through net banking, you have to register your credit card in your internet banking account first.
Another way to pay is through NEFT. You can transfer funds from your own savings account (different from your credit card account) to an online credit card account. However, you need to add your credit card as a beneficiary when you make a transfer. To do this, you have to enter particular details, like your name, the card number, and the credit card payment IFSC code. You must correctly enter these particulars, especially the IFSC code which is unique, to make credit card payments.
Consider Offline Payments
For those of us who are not too conversant with online payments, there are ways to avoid online credit card payments and pay offline. You can pay your credit card bill at the ATM of the card issuer through simple cash or check deposit. You can also pay by cash/cheque at the branch of the card-issuing bank or NBFC. For instance, if you are using the advantageous and reward-filled Bajaj Finserv RBL Bank SuperCard, you can easily pay bills offline at branches of both RBL Bank and Bajaj Finserv, with this being a co-branded card.
Convenience at a Click
By using your credit card wisely and paying bills in full and on time, you can reap a host of rewards and perks. In fact, the Bajaj Finserv RBL Bank SuperCard lets you have the advantages of four cards in a single card. This card can be effectively used as a cash card, a loan card, a card to purchase on EMI, and a credit card. You can view your statements online and pay your bills on time by checking your card status regularly.