With a hectic lifestyle, numerous utility bills to be paid, it’s quite easy to forget to pay your credit card bills on time. However, missing your credit card bill payments can have serious repercussions. You may be charged a late fee as well as interest on the outstanding amount.
Failure to repay your credit card bills on time also hurt your credit score, and the late payments are noted on your credit report. Missing credit card payments can lead to debt accumulation, leading to financial stress.
The good news is that paying your credit card bills is easier than ever before. Check out the top 5 ways to pay your credit card bills online.
- Bank Mobile App
Today, banks and credit card companies make it super easy to pay your credit card bills online. All you have to do is log into the mobile app of your bank/credit card company, navigate to the credit card section and click on “pay bill” to complete the transaction.
Few Points to Keep in Mind while Paying Credit Card Bills via your mobile banking app:
- You have to enter your credit card details and link them to your mobile banking app the first time. After that, you don’t have to enter the credit card details. The credit card will be linked to your bank account, and you can pay the bill by using the credit card section.
- Some banking apps require you to provide an OTP to prevent fraud. The OTP is sent to your registered mobile number.
- Besides paying the bill, you can also use your mobile banking app to see the balance on your credit card, overall credit limit, available credit limit and statement due date.
- Credit Card Bill Payment via IMPS
Immediate Payment Service (IMPS in short) is a quick and hassle-free way to settle credit card bills. The advantage of this payment option is that it’s available 24 x 7, reliable, fast and inexpensive.
Follow the steps listed below to pay your credit card bill via IMPS:
- Log into your internet banking account via the mobile app or website.
- Navigate to the “Fund Transfer” section and select “IMPS.”
- Enter the following details – name of the cardholder, credit card number, bank account to deduct the funds from and finally, any remarks, if required.
- Depending on your bank, you may have to provide additional information like IFSC code, mobile number, etc.
- Confirm the transaction by entering the OTP sent to your registered mobile number.
The payment is made immediately, and the amount is deducted from your bank account and is transferred to your credit card account.
- Credit Card Bill Payment via NEFT/RTGS
National Electronic Funds Transfer (NEFT in short) and RTGS (Real Time Gross Settlement) are other easy ways to pay your credit card bill online. The difference between IMPS and NEFT/RTGS is the time taken for the transaction.
IMPS is immediate, while NEFT is done in batches. NEFT transactions are completed within half an hour. RTGS, on the other hand, is quick but is applicable only for transactions of a minimum of Rs. 2 lakhs. So, if you have a large credit card bill, then go for RTGS, else choose NEFT.
Follow the steps listed below to pay your credit card bill via NEFT:
- Login to your banking account via the website or mobile app.
- Navigate to the “Fund Transfer” tab and choose “NEFT.”
- The next step is to “Add Beneficiary.” Some banks allow you to complete the transaction without adding the beneficiary. However, if it’s a recurring payment like a credit card bill, it’s easier to add the beneficiary, as you don’t have to type in all details every single time.
- Enter credit card details – cardholder’s name (beneficiary name), credit card number (beneficiary’s account number), bank name, IFSC code, and other information.
- You may have to authenticate the process via OTP to add the beneficiary.
- Once you have added the beneficiary, enter the payment amount (credit card bill amount), select the amount to pay, and complete the transaction.
Note that the actual steps vary from bank to bank. The amount is deducted from your savings bank account and transferred to your credit card account.
- Credit Card Bill Payment via CRED
CRED is a free credit card bill payment app. You can download the app on Android/iOS and pay your credit card bills immediately. Here are the steps to follow:
- Log into your CRED account. Under the cards section, choose the credit card for which you want to pay the bill.
- The bill amount (as well as the minimum amount due) will be displayed on the screen. You can choose to pay the entire bill or just the minimum amount due.
- Tap on “Pay Now” and enter the amount you wish to pay. You can complete the payment via any of the following methods:
- UPI
- Debit card
- Netbanking
- You will receive a notification stating that the transaction is complete. Take a screenshot of the transaction ID for future reference. Depending on the bank, it takes up to 2 working days for the payment to reach your bank. So, it’s highly recommended that you pay before the due date to avoid any late penalties.
CRED is available only to individuals with a credit score of 750+. If you aren’t sure of your credit score, you can check it for free on CreditMantri, within a few minutes.
- Credit Card Bill Payment via Mobile Wallets
Some credit card companies allow you to pay your credit card bills via other mobile wallets like PhonePe, BHIM, Paytm, etc. However, note that not all mobile wallets have this facility and not all credit card bills can be paid by third-party mobile wallets. So, before you choose this option, you’ll have to verify if your preferred mobile wallet supports your credit card. If yes, here are the steps to follow to complete the transaction:
- Log in to your mobile wallet.
- Look for the “credit card” payments section. Include your credit card as beneficiary. You will have to provide the credit card number, cardholder name, bank/credit card company and other details.
- Once you have linked your credit card, you can proceed with the payment.
- Enter the amount you wish to pay and tap on proceed.
- The amount will be deducted from your mobile wallet, net banking or debit card and transferred to your credit card account.
Note that it may take around 2 to 3 days to transfer the amount from your mobile wallet to your credit card account. So, make sure to pay ahead to avoid last-minute delays and other penalties.
Reasons to Pay your Credit Card Bills Online
- It’s fast and more convenient.
- It’s safe, and multiple layers of verification protect you.
- You can even automate your payments to pay on time every month.
- Maintaining a record of on-time online payments is suitable for your credit score.
- Avoid additional fees levied when you use offline payment methods.
Points to Keep in Mind before Paying Credit Card Bills Online
- Double-check all details before finalising the transaction – cross-check the credit card number, payment amount, etc.
- Always carry out financial transactions like paying your credit card bills only over secure networks like your home Wi-Fi or mobile data. Do not use public networks.
- Link your credit card to your bank account to quickly pay the bill using your mobile banking app.
- Do not share your banking passwords or OTPs.
Pay Your Credit Card Bills on Time to Avoid Penalties & Damaging your Credit Score
Paying your credit card bills on time and in full ensures that your credit score is not damaged. Use any of the five methods mentioned above to pay your credit card bills on time.
Alternatively, there are several other offline methods like cheque/demand drafts that you can use to pay your credit card bills. However, these methods require you to visit the bank branch and are time-consuming. So, we highly recommend using an online method to pay your credit card bill on time and conveniently.
If you’re in the market looking for a credit card, check out CreditMantri – India’s no.1 credit card comparison site. You can quickly compare the features and eligibility of top credit cards from leading banks and choose the right card that best fits your requirements.
