It is important to pay your credit card bill on time and duly every month. Learning the best way for you to pay your bill will help you avoid missing the payment due date and incurring penalties. Paying your credit card bill can be a hassle if you don’t know what you’re doing. Banks usually offer a variety of payment modes for customers to make payments. Some of the instruments you can use to pay your credit card bills are cheques, demand drafts, cash, debit cards, and other bank’s credit cards. You can make payments via the following methods which include Internet banking, NEFT, ATMs, drop-boxes, bank branches, post, and other online portals.
The Internet has simplified the way we bank. Making payments on your credit card has never been easier. Almost all banks in India have the facility of Internet Banking, and the smaller banks who do not are jumping on the bandwagon to provide the same convenience to its customers. The following are the online credit card payment options:
To pay credit card bill by online banking follow the below steps
This option is available with some banks such as ICICI Bank via its portal Click to Pay. With this facility, customers can select their card type, enter the card number and verify the payment through a payment gateway. The transaction is processed immediately.
You can login to any other bank’s online banking service and make a transfer of money using the National Electronic Funds Transfer (NEFT) or Immediate Payment Service (IMPS). You cannot use RTGS to make a credit card payment. NEFT and IMPS are accepted all over India and is one of the easiest ways to make a payment.
Banks have special applications on browsers as well as their own mobile banking app which can be used to make payments towards the credit card bill. These are also considered online portals. Mobile apps are convenient as you can make payments from anywhere and at any time. Simply login to the app, select credit cards and make the payment.
You can set standing instructions online with your bank to automatically debit the credit card payment amount from your savings account. You can choose to always pay the bill in full or pay just the minimum amount due.
Banks may have tie ups with other companies to provide you convenient ways to pay your credit card bill. Visa Money Transfer is one such portal which usually takes about 2 working days to be processed. Billdesk is another portal used by many major banks.
Paying your credit card bill is quick and easy. It saves a lot of time which you would’ve otherwise spent on visiting the bank or ATM.
Online payments can be done from the comfort of your own home or office. You can also make payments through your mobile or computer from anywhere around the world.
Online Banking is secure with the IPIN or other ways of authenticating your identity. Banks provide safety features that ensures your privacy and identity are protected. It eliminates the risk of losing money or information in the mail or anywhere else.
When you use online banking facilities, everything is recorded instantly and is available for your review anytime you need. All your information is automatically organised and available at one place. This makes it convenient when you’re budgeting and filing taxes.
You can choose to pay the minimum due, the full amount or any amount that you desire when you pay your credit card bill online. You can change your choice with each bill.
Making payments online saves paper, cheques, envelopes, stamps, and receipts. It also eliminates clutter when you receive all your statements and receipts electronically.
Important tips while making online payments:
You can set standing instructions with your bank or any other bank to make payment towards your credit card every month. The payment will be made towards the minimum amount due or the total amount due as per your preference.
You can use your debit card at the bank’s ATM to clear your credit card dues. Simply select the option of Bill Payment and follow the instructions of the ATM.
The money will be debited from your savings or current account.
You can visit any branch of the bank and pay your bill over the counter in cash. A fee is usually charged for this service.
You can write out a cheque favouring your credit card and deposit it in either a drop box or a cheque payment machine. These are available at the bank’s ATMs or branches.
A few banks have the facility to send an SMS to a designated number. The SMS should contain the whole or part of your savings or current account number and your credit card number. This facility usually has a ceiling limit on the amount you can pay.
Your credit card statement is a letter containing your credit card activity for the current month. Your purchases will be recorded and charged in your statement. You can see the total amount you owe, the minimum amount due and the due date. Credit card statements will give you a breakdown of the expenditure and the interest charged, if any. This statement is generated on the stipulated billing date and will be sent to you via post or email. The statement should reach you within 7-10 days. If you do not receive your statement, you should contact the bank immediately. Credit Card Statements are a record of your expenditure on your credit card and can help you analyse your purchases and budget better in future.
Currently there are no offers available on Credit Card Payments.
Earlier offers included HDFC SmartPay and ICICI bank.
Look out for more credit card payment offers.
For more information on individual bank’s credit card payments, please click on the links below.
You should never miss paying at least the minimum amount due on your credit card. If you do miss a payment, a fee will be levied. The bank may also increase your interest rate. If you continue to miss payments after notifications and reminders, this could result in your card being blocked till the payment is made in full. Upon continuous default, the bank will list you as a defaulter and report you to CIBIL which will impact your credit score and hamper future credit opportunities. Banks also have the right to impose legal action to recover the dues.
Each bank sets different credit card billing dates. For example, if the billing date on your credit card is the 20th of every month, the bill will be generated on 20th and sent to you. The payment due date will normally be 10 days later. Your statement will be sent via post or email, as per your preference.
Not necessarily. If you haven’t spent on your credit card, you may not receive a statement for that month. If you recall spending on your credit card or you are not sure, and you do not receive a statement, please call your bank’s customer service to ensure that there is no payment to be made. The bill is generated on an assigned date and will be mailed to you via post or email. If you do not receive your statement, it will be your responsibility to check your online banking account, your email or call the bank for clarifications.
The fastest method depends on how long your bank takes to process the payment. Generally, the fastest mode of bill payment is online banking where the process is completed immediately or on the same day. IMPS bank transfers are also done instantly.
Cheque payments can take up to 7 working days. You must take into account weekends and holidays, and the cheque collection timings. Ensure your cheque is deposited ahead of the due date to avoid missing the payment. Also double check the information you have provided in the cheque to make sure it does not get rejected due to any errors or missed signatures. Also ensure your bank account has sufficient balance for the cheque to clear.
How to pay credit card bill online?
The internet provides a variety of options to the credit card holders to make their monthly payments through various means. Below are different ways to pay credit card bills online, all of which may or may not be offered by every bank. A few options are bank specific, hence readers are advised to confirm with their respective banks before making payments using such facilities.
Let’s say you have a HDFC credit card but have a savings account with Axis Bank and would like your credit card payments to be made from the latter bank. In that case, you can enrol for the NACH facility, through which you can authorise HDFC to deduct your credit card bill amount every month from your Axis bank account.
Also Internet banking, Funds transfer & Mobile applications/banking etc.Read more about