Mr. Sharma enjoys great discounts on dining with his Credit Card. What about you? Get A Card
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.
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Popular digital wallet and payment service Mobikwik has announced the launch of credit card payment services on the app.
However, this service is only available for Visa card holders and is applicable to all of customers, irrespective of the issuing bank. Mobikwik came up with this new option to offer a much better service to over 107 million of its users.
According to sources close to the business, the app is looking to extend to service to other credit card holders as well and is working towards achieving that end.
5 September 2018
Walmart India is a wholly-owned subsidiary of Walmart Inc. The leading e-commerce company recently activated Unified Payments Interface (UPI) for all its registered members. Walmart stated that this new initiative will enable members, especially kiranas/resellers, who shop online at Walmart India's B2B e-commerce site www.bestprice.in, to make direct and secured payments online from their bank account without sharing bank details.
Walmart further stated that, this will help greatly help kirana members who neither hold any credit/debit card nor have the time to visit banks for making RTGS payments.
The company's Chief Corporate Affairs Officer Rajneesh Kumar said, "This initiative reiterates our commitment to enable small businesses, especially kiranas, prosper. This payment solution will help our members spend more time with their customers and serve them better as they do not have to step out of their stores to visit banks for making payments."
21 August 2018
According to the Dainik Jagran Report, Indian Oil Corporation has joined hands with IDFC Bank and Oxigen Micro Agency to launch a facility that will allow commoners to use their thumb impression to make payments at fuel stations. Recently, Indian Oil Corporation had already installed two Micro ATM machines in Bhopal and plans to extend this facility across India.
Oxigen Micro ATMs is a PoS machine that allows the fuel station owners to accept payments through various channels apart from cash. One can use this machine to make a payment using their debit card, credit card, Aadhaar Pay facility, or UPI.
The leading fuel giant is also planning on setting up self-service fuel pumps where motorists can fill fuel themselves and pay by using their thumb impression.
9 August 2018
The mobile app-based payments platform MobiKwik has introduced a new type of payment service for credit cards in an effort to provide a better user experience to its user base.
Those who use credit cards need not have to go to the bank website or the credit card website in order to make a payment towards their credit card. All one needs to do is to use the app and make payments on-the-go.
This new facility can be used on all bank Visa credit cards and will be available on all Android phones. The main objective behind this is to convert the credit card spend market and expand on their business opportunity.
At present, the total spends made through credit cards adds up to around 33 million, which works out to be around Rs.45,000 crore each month.
7 August 2018
The mobile app-based payments platform MobiKwik has introduced a new type of payment service for credit cards in an effort to provide a better user experience to its user base.
Those who use credit cards need not have to go to the bank website or the credit card website in order to make a payment towards their credit card. All one needs to do is to use the app and make payments on-the-go.
This new facility can be used on all bank Visa credit cards and will be available on all Android phones. The main objective behind this is to convert the credit card spend market and expand on their business opportunity.
At present, the total spends made through credit cards adds up to around 33 million, which works out to be around Rs.45,000 crore each month.
7 August 2018
The mobile app-based payments platform MobiKwik has introduced a new type of payment service for credit cards in an effort to provide a better user experience to its user base.
Those who use credit cards need not have to go to the bank website or the credit card website in order to make a payment towards their credit card. All one needs to do is to use the app and make payments on-the-go.
This new facility can be used on all bank Visa credit cards and will be available on all Android phones. The main objective behind this is to convert the credit card spend market and expand on their business opportunity.
At present, the total spends made through credit cards adds up to around 33 million, which works out to be around Rs.45,000 crore each month.
7 August 2018
The mobile app-based payments platform MobiKwik has introduced a new type of payment service for credit cards in an effort to provide a better user experience to its user base.
Those who use credit cards need not have to go to the bank website or the credit card website in order to make a payment towards their credit card. All one needs to do is to use the app and make payments on-the-go.
This new facility can be used on all bank Visa credit cards and will be available on all Android phones. The main objective behind this is to convert the credit card spend market and expand on their business opportunity.
At present, the total spends made through credit cards adds up to around 33 million, which works out to be around Rs.45,000 crore each month.
7 August 2018
In another step to curb the growing menace of credit card skimming, MasterCard is reportedly finding ways to implement Blockchain technology to verify credit card payments at point-of-sale (PoS) terminals. By placing credit card payment on a public blockchain, the company is planning to prevent credit card skimming, which is a popular method through which hackers capture credit card information.
It has filed a patent application with the U.S. Patent and Trademark Office (USPTO), according to which the company has come up with conveyance and retrieval processes to verify cardholder’s payment information over a publicly accessible blockchain.
Reportedly, the process involves a two-way method in which the image of a credit card will be encrypted with a public and private key and stored on the blockchain in the first step. During the second step, when a payment is made using the card, upon receiving a retrieval request, the system will use the provided private keys to decrypt the image and thus verifies the card.
MasterCard will use this technology at the PoS devices to make sure the transactions are highly secure to ensure users that their payment credentials are safe.
It was also reported that the credit card network provider is planning to build a blockchain that will allow users to broadcast their travel itineraries and reservation requests to merchants.
13 June 2018
A credit card billing cycle can be loosely defined as the period of time in between billings of an account. For instance, a billing cycle may begin on the first day of the month and end on the last day of the month. Or, it may carry to the 15th of the next month. Billing cycles can be of different lengths. They can range from 20 to 40 days. It mostly depends on the credit card and the bank issuing the same.
3 May 2018
With the kind of popularity that credit cards have gained with time, it should not be of any surprise that the number of transactions using credit cards have crossed 11.5 crore in a month. This data was recently released by the RBI and it was an indication of the mighty rise in the use of credit cards in India. Credit cards are a simple, easy, and convenient method of payment. It also offers an array of benefits to its cardholders like reward points, cashback offers, and discounts. While it is undeniable that credit cards are extremely useful, especially during the times of financial emergency, one should not forget that they come with certain fees and charges. In case you are one of those who always find these fees and charges confusing, here's a list with details to help you understand them:
• Finance charges: Banks levy interest charges on any delay made in the payment of outstanding credit card dues. These charges are called finance charges. The amount of finance charges depend on the type of the card that the individual wants to own. However, if the cardholder makes timely payments, they will not have to pay any finance charges.
• Late payment fee: Cardholders will have to pay a late payment fine on failing to pay even the minimum amount due on their credit card in a particular billing cycle. The amount of late payment fee depends upon the amount of outstanding amount on the credit card. These charges can range between nil to Rs.900. However, cardholders are always advised to pay their dues on time to avoid having to pay any late payment charges as it affects their CIBIL score massively.
• Over-limit penalty: Every credit card comes with a set credit limit. Once the cardholder ends up spending more than the credit limit, the bank charges them a fine. In case the cardholder's spending exceeds the credit limit set by the issuer of the card, they have to pay an over-limit fee which can be as high as 2.5-3% of the outstanding balance.
16 April 2018
