As per the latest stats available regarding credit cards, there were about 51.7 million credit cards in circulation in India up to August 2019. Also, between 2018 and 2019, an increase of 27% in the number of active credit cards in the country was noticed.
The surge can be accredited to the array of benefits and extent of convenience that accompany this financial instrument. Additionally, the management of these financial tools via simplified credit card payment methods only work up to cardholders’ convenience. Notably, cardholders can pay their bills both online and offline methods. Take a look at the various methods available.
The online method of credit card bill payment
The online method is undoubtedly a fast and convenient way for credit card payment. There are several ways in which card users can pay their card bills easily without missing the due date.
Some of them are they are as follows –
- Via net banking
Users who have a savings bank account can pay their credit card bills conveniently through net banking in 5 steps.
Step 1 – Log in to the respective net banking account.
Step 2 – Navigate to the card section.
Step 3 – Select the ‘Card Payment’ option.
Step 4 – Select a credit card and the amount due.
Step 5 – Click ‘Confirm’ to initiate the transaction.
In case cardholders decide to pay through an account of another financial institution, they would be required to visit their official website. Notably, such a financier has to be a partner of the credit card issuer.
Subsequently, they are required to enter details like credit card number, email ID, registered mobile number, etc. Following this, users would be directed to the credit card payment interface and do the needful.
- Through NEFT
Registered customers can pay through this option as well. These are the steps involved in the clearance of credit card payment through NEFT –
- Log in to your financial institution’s net banking page.
- Navigate to ‘Fund Transfer’.
- Select ‘NEFT’ and navigate to ‘Add Beneficiary’.
- Enter the credit card number and IFSC code of the credit card issuer.
- Enter the amount due and follow the available instructions.
Alternatively, one can also choose IMPS to pay their card bills. To do so, they must know all the steps required to make a credit card payment through IMPS.
- With mobile wallets
To use this payment option, users need to download a mobile wallet application on their smartphone that is compatible with their financial institution. Next, they need to add their credit card details, and then link their debit card or savings account with the mobile wallet app. Often cardholders are rewarded with bonus points or other offers as well for paying their credit card bills through mobile wallets.
- Through BillDesk
Individuals can also use a payment gateway like BillDesk to pay their card bills. Regardless, to use this option, one must create a BillDesk account and add the necessary information. Notably, users would be required to log into their account each time they intend to make a credit card payment.
Once they have made such payment, the amount due is deducted from their credit card account, which reflects in the credit card statement they receive in the next billing cycle.
Note that you can also track such payments made and other details of your credit card like payment due dates by logging in to your account and accessing the credit card statement online.
Offline method of credit card bill payment
Individuals who are not well-accustomed to the online method can opt to pay their credit card dues offline too. One can pay their dues through a cheque or via cash. You can make such payments by simply visiting your card issuer’s nearest branch. All they are required to do is deposit the due amount in cash or issue a check in favor of their credit card account along with their name and account details.
NBFCs like Bajaj Finserv RBL Bank SuperCard offer both online and offline modes to make bill payment easy for their customers.
They also provide pre-approved offers to their existing customers, which makes the process of availing financial assistance quick and less cumbersome. Typically, such offers are extended on financial products like personal loans, business loans, and more. Check your pre-approved offers in a few steps by sharing your name and contact information.
As for credit card payment, doing so through online facilities makes the process hassle-free. Individuals should, however, must know the available bill payment options extended by their card issuer to eliminate unwarranted confusion.