An online credit card is easily available today. Popular banks like IDFC FIRST Bank offer instant lifetime-free credit cards to customers online. Digital banking services like these have made it easy for customers to apply for credit cards. However, credit card holders must also know about convenient methods of repaying credit card bills online today. This article enlists four such ways to pay credit card bills online and enlists tips that you can follow to pay your credit card bills on time.
- Net banking
A net banking feature offers various benefits to customers. To take IDFC FIRST Bank’s example, besides repaying their credit card bills, customers can open an online bank account, transfer money conveniently, and repay their loans as well. Do note that you can also access IDFC FIRST Bank’s personal loan EMI calculator on the official website to find a suitable loan plan as per your budget.
- Online fund transfer options
Credit card bills can also be paid via three online fund transfer options – NEFT (National Electronic Fund Transfer), IMPS (Immediate Payment Service), and RTGS (Real-Time Gross Settlement). The net banking and mobile banking services of most banks also offer these online fund transfer options.
- Auto debit facility
Customers can also opt for the ‘auto debit’ facility to repay their credit card bills. Banks allow you to provide specific instructions to them to debit your credit card bill amount from your bank account every month, called an auto debit facility. By opting for an auto debit facility, you need not worry about remembering your credit card bill’s due date and can thereby avoid paying late payment fees.
- Mobile banking services
The most efficient mode of repaying your credit card bill is by signing up for mobile banking services. IDFC FIRST Bank’s mobile banking app is inclusive of all the three modes of transfers mentioned above. Since mobile apps are more accessible and facilitate faster online transfers, they are preferable to net banking. You must opt for a mobile banking app that offers more than one mode of online fund transfer. Besides NEFT, IMPS, RTGS, and UPI (Unified Payments Interface), IDFC’s mobile app offers two other modes of money transfer – ‘Auto Pay’ and ‘One-Swipe Pay’.
How to pay your credit card bills on time?
Here are tips that you can follow to pay your credit card bills on time and avoid credit card debt:
- Know everything about your credit card’s repayment cycle in advance. You must use a credit card EMI calculator to know the value of your credit card EMIs (Equated Monthly Instalments) before applying.
- If you do not wish to opt for the auto pay option, you could set a reminder on your phone for a day before the credit card due date. This will help you pay your bill on time and avoid a late payment fee.
- Read your credit card statements carefully. Your credit card statement is generated at the end of every billing cycle. A credit card billing cycle can be 25 to 30 days long.
Choose any of the four ways of paying your credit card bills mentioned in this article and consider the three tips enlisted towards the end to ensure a stress-free credit card repayment cycle.
