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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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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
Goa transport department has launched its newly upgraded website to offer online solutions to the citizens. With the latest upgrade, the portal has been transformed from an information-based website to a transaction-based website.
The upgraded portal now allows citizens to renew vehicle registrations, apply for driving licence, etc. online. Featuring an e-portal payment gateway, the website is powered by central software like Vahan 4.0, Sarathi 4.0 and others. Both the software deployed on the website are designed by the Ministry of Road Transport and Highways (MoRTH), while the National Informatics Centre (NIC) has provided standardisation and deployment services.
While Vahan 4.0 provides services related to vehicle registration, the other software provides data related to licenses and other transactions. All the credit card and debit card holders can conduct transactions on the website.
Further, the website also accepts fines charged for traffic violations. Violators can pay the fine amount using their credit card or debit card.
11 April 2018
With the increasing number of credit card defaulters, the central government is planning to bring individuals debtors and partnership firms under the Insolvency and Bankruptcy code (IBC), which is now only applicable to corporate debtors.
If they are brought under IBC, individuals and partnership firms can face bankruptcy proceeding initiated by the bank. The Ministry of Corporate Affairs recommends the minimum amount of unpaid amount, both in case of credit card bills and personal loans, as Rs.10,000. Individuals and partnership firms who fail to pay the said the amount will be pulled to the court by the respective banks or credit card issuers.
According to the industry experts, the proposed move is expected to improve overall credit culture in India. It will enable people to pay back the borrowed money without fail.
10 April 2018
With CIBIL score or credit score becoming one of the primary factors considered to approve loans, loan seekers should be more cautious about their scores. In order to maintain a healthy credit score, they should be aware of various factors or habits that could potentially impact their credit score. Of the many factors that impact one’s CIBIL score, late credit card payments is one major factor as it speaks about the customer’s repayment behavior.
Occasionally missing out the credit card bill payment may not show as much impact as continuously missing it does. If someone is continuously paying their credit card bills at a date later than the due date they attract a penalty from the lender, who in turn reports the same to CIBIL as it signs a risky repayment behaviour.
CIBIL will update its records and accordingly adjusts the customer’s credit score. Unless the bank communicates otherwise, it continues to consider it as status quo making it difficult for the credit cardholder to get back to original score despite maintaining good records for months.
Besides ending up with a low credit score, cardholders may also run the risk of losing their past reputation which they have accumulated by being a good borrower and by paying off the bills on time.
Eventually, all this will make it difficult for the customer to get a loan or other financial product easily. He/she may have to wait till the credit score increases to get access to financial products that consider CIBIL score as a critical factor in issuing the same.
Hence, in order to avoid all the after affects of credit card late payments, every credit cardholder must ensure that the payments are made in time. To be on a safer side initiate your payment 2-3 days before the due date as it allows the payee banks to process the payment. If you’re unable to pay the total outstanding on the card, at least pay the minimum amount due for the month, to avoid late payments and other consequences.
5 April 2018
Getting a credit card comes with an added responsibility of paying bills on time. While it is uber convenient to use credit cards, it is also important to keep in mind that making timely payments of credit card bills can help you in building a good credit score. Gone are the days when making a credit card payment would mean walking up to the bank and depositing cash. With time, it has become easier to pay your credit card bills. In fact, you can do that by just sitting in the comforts of your home. By making timely payments online, you can save yourself from paying a heavy interest rate on the principal amount borrowed and also the late fine. Listed below are some of the easy methods of making credit card payments:
• Through netbanking: If you link your credit card to the netbanking portal of your savings account, you can pay your credit card bill using the facility of netbanking. All you have to do is log into your banking portal and register your credit card to your savings account. Once your credit card bill is generated, you can pay it using your netbanking portal.
• You can pay your credit card bills using the NEFT (National Electronics Funds Transfer System) also. For this, you have to log into to your netbanking facility, and click on the “Fund Transfer” tab. Next, you will need to fill in your card details in the space provided and the payment will be done.
• Payments can be made by walking into the bank also. You can deposit cash by walking into the nearest branch of the bank that has issued your credit card. You can pay the bill across the counter and get a receipt as well.
26 March 2018
Headquartered in bangalore, PhonePe is a Fin-Tech company that allow their customers to make payments online using Unified Payments Interface(UPI). UPI is a payment system that was introduced by The National payments Corporation of India(NPCI) and is regulated by the Reserve Bank of India. UPI allows the customer to transfer funds between banks instantly using a mobile platform.
Recently, Sameer Nigam, CEO of PhonePe, stated in his email reply that in the next few months PhonePe will add few more credit cards to their network. He further stated that a customer does not have to provide the IFSC code to make a credit card bill payment on PhonePe. Going forward, they can make the credit card bill payment by entering their credit card number and the UPI or debit card details.
He also stated that NPCI has not set an limits on debit cards, so customers can pay their credit card bill even if their outstanding bill amount is high. On the PhonePe app, customers will be able to see the credit card bill payment option under the “Recharge and Pay Bills” section. Though currently, the app gives an image that PhonePe is supporting only cards that fall under the Visa network, they are planning on adding other network cards soon.
16 October 2017
With the launch of GST on July 1st, 2017, a number of rumours and theories have been flying around regarding the revised taxation structure. One such rumour circulated on WhatsApp urging people to use alternate means to pay their utility bills as the government would be levying GST on the utility bill as well as on the credit card bill. The message further stated that this would result in customers paying GST twice.
The Revenue Secretary debunked this story, issuing a notification on the same where he stated that GST would only be levied once, on the utility bill.
The credit card bill would not have any additional charge. It is to be noted that GST will be payable at 18% only on interest payments, EMI’s and annual charges.
10 July 2017
Now, all the cash payments of more than Rs.2 lakhs that were made during demonetization to pay credit card bills and repay loans have to be disclosed in the new 1 page ITR form. This step has been taken after it was pointed out that unaccounted cash might have been used to clear off loans or pay credit card bills. Also, the new cash deposits column that was introduced in the ITR from November 9 to December 30, 2016 will not be present from next year.
12 April 2017
According to sources within the government, the MDR (merchant discount rate) will be now be borne by the Centre, shifting the cost from the oil companies. The MDR is an additional cost levied on card transactions at fuel outlets, which is 1% on credit cards and 0.25%-1% on debit cards. The charge is passed on to the banks as a convenience fee and had been waived since demonetisation in an effort to encourage cashless transactions at fuel outlets.
Banks began asking the oil companies to pay MDR costs from January 1st, 2017, a request that was declined. Following the threat of blocking card payments at petrol pumps, Hindustan Petroleum, Indian Oil and Bharat Petroleum had initially agreed to absorb the MDR cost until a decision on who would be footing the bill was taken.
However, after both cardholders and oil companies objected to paying the additional fee, the government has ruled that they will be bearing the cost from March 31st, 2017.
Sources from within the 3 companies have stated that they will be petitioning for retrospective compensation of the MDR cost borne by them since demonetisation was implemented.
16 March 2017
