In case of credit card payment defaults, penalty fees and interest start accumulating on the total outstanding. Moreover, any new spending is accountable for interest until the total payable amount is paid. This can lead to a huge outstanding and poor credit score.
So, timely repayment is essential to manage credit card spending effectively. Several online credit card payment options are available to clear the dues with ease and convenience.
Here are some more details on the credit card payments via different online channels –
- Internet banking
One of the easy and time-efficient online credit card payment options is via internet banking. If borrowers have internet banking facility activated with their savings account, they can easily pay their credit card bills with the same.
Individuals must know the steps to pay credit card bill through net banking – they simply have to visit their card provider’s website, log-in to their account and search for the credit card bill payment option. They will be redirected to their financial institution’s net banking website where they have to log in again to pay the amount.
If both the credit card and savings account are with the same financial company, then this process is even more simplified.
- Online fund transfer via NEFT, IMPS, or RTGS
Another online credit card payment method is by NEFT, IMPS or RTGS funds transfer from any internet banking account. This process allows borrowers to pay credit card dues by transferring funds from any of their savings accounts via net banking.
Nevertheless, individuals need to add the respective credit card as the “Beneficiary” or “Biller” to the net banking account before initiating any methods of fund transfer. Details like credit card number, IFSC code, cardholder name, bank name, address, branch, etc. are required to add the card as beneficiary.
Depending on the financial institution, this processing time for a bill payment can take up to 24 hours.
Individuals having net banking facility with their savings or current accounts can opt for this online credit card payment process. By availing the auto-debit method, borrowers can instruct their account-holding financial institution to pay the credit card bill amount on a particular day of every month. Immediately after registration of this facility, the bill amount will be credited to the credit card account on the due date of every month.
- Various mobile wallets and other payment options
With the help of mobile wallets and UPI, individuals can also pay their credit card bills online. Several apps such as Paytm, PhonePe, Mobikwik, BHIM, Google Pay, etc. provide this facility.
Cardholders are required to download an app on their phone and link their savings account to the given UPI ID to pay the bill; they can also recharge the mobile wallet to pay their dues.
Individuals only have to launch the app, visit their credit card section, enter their card number and other details, and pay the bill. Owing to a simple process, mobile wallets are one of the convenient options to pay credit card bills.
- BillDesk, Razorpay, or Pay U
Borrowers who don’t have net banking facility can use their debit cards for online credit card payment. Some financial instructions provide the option to pay via debit cards directly through payment gateways like BillDesk, Razorpay, or Pay U.
For instance, credit cards like the Bajaj Finserv RBL Bank SuperCard provide this facility. Cardholders can directly visit the company’s website to avail of the links to these payment gateways and pay their credit card bill.
Also, this financial organization provides pre-approved offers to help applicants save time on the application approval process. This offer is also available on other financial products like business loans, personal loans, etc. By providing names and contact details, applicants can check their pre-approved offers.
Thus, to use credit cards efficiently, users can opt for any of the above-stated methods to pay bills. It is always advisable to check the credit card statement before making any payments and pay the total outstanding before the due date.
Similar to credit card application status, individuals can also check the status of their bill payment online.