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instant credit card bill payments

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credit card bill payment

a credit card is a cashless payment instrument that helps you to cater to your daily expenses, recurring expenses, and sometimes occasional expenses. it gives the liberty to enjoy interest-free periods of 45 to 50 days. it can be used for offline payments and online payments. a credit card user is supposed to pay the bill after 21 to 25 days from the date of bill generation but the user can also pay it before the due date. to maintain a good credit score, one should avoid paying credit card bills after the due date.

why pay credit card bill on time

making timely credit card bill payments is crucial as it has a direct impact on your creditworthiness. on receiving the credit card bill/statement, one should pay the complete bill amount by the end of the credit-free period to keep steer clear from paying any interest charges on the outstanding amount. to pay the credit card bill, generally, a credit-free period of 20-25 days from the bill/statement issue date is provided. 

 below mentioned are some consequences you might face on non or late payment of credit card bill

  • to maintain a good credit score you should pay your credit card bill on time. a good credit score depends on the consistency of paying your credit card bill on time.
  • hefty interest on the outstanding bill amount. credit card issuers are authorised to increase your interest rate if the bill is unpaid for more than 60 days. paying the credit card bill on time protects you from the high rate of interest.
  • if you pay your credit card bill on time, you can avoid dealing with debt collection agencies, nowadays majority of the credit card issuers have hired debt collection agencies to recover unpaid bills. and once your account goes to these agencies for recovery the privilege of making the minimum monthly payment is no longer available.
  • credit card issuers can also charge a late fee, and the fee amount varies from issuer to issuer.

missing a single late payment may negatively impact your credit score

a credit score is one of the significant criteria to ascertain an individual’s potential to repay a loan or ascertain his creditworthiness. thus, even a single missed credit card payment can impact your score. 

a missed payment can reduce your credit score and minimize your creditworthiness. financial institutions and banks might turn down loan requests, and credit card companies might reduce the credit limit on a card if your credit score is low. besides, credit card issuers also want to make sure that your payment record is clean before offering higher credit limits.

hence, it is evident how important it is to make timely credit card bill payments as it adversely affects your credit score! you can now easily check your credit score at CRED and keep a tab on your credit profile along with prompt bill payments in one place.

how to pay credit card bill without missing the due date

there are various online and offline payment options available to make credit card bill payments. refer to below payment options for online credit card bill payment

trouble-free credit card payment online through CRED

 when it comes to paying a credit card bill on time, CRED is your ultimate solution. CRED offers an easy and quick payment process to make credit card bill payments. you can make payment using a debit card, net banking, or via UPI.

all you have to do is follow these simple steps-

1. go to the credit card payment option
2. select the credit card you want to initiate payment for
4. enter the bill amount
5. click on ‘proceed’
6. choose the payment option i.e., UPI, debit card, or net banking
7. proceed with the payment

seamless, isn’t it? undoubtedly and to reward you, CRED first-time users get instant ₹200 cash-back on bill payment. so, what are you waiting for? login to CRED and make instant credit card bill payments now!

other online credit card bill payment options

1. internet banking

it is one of the most convenient and preferred ways of paying your credit card bill. if you already have a bank account with a credit card issuer all you have to do is register your credit card in net banking and then the bill can be paid directly.
in case you don’t hold a bank account with the issuer you can create an online internet banking account for your credit card bill payments.

2. NEFT - national electronic funds transfer

NEFT allows you to pay your credit card bill through net banking and you can choose any bank's net banking account. to transfer funds in your credit card account you need to add the credit card account as a beneficiary account, to add the beneficiary, you need to fill in mandatory fields like bank name, credit card number, cardholder name, branch address, ifsc code, etc. adding a new beneficiary in net banking may take up to 24 hours and for some banks, it takes 30 minutes.

3. IMPS

step 1: login into your mobile banking app using credentials and select the bank account tab
step 2: after selecting the bank account tab, you will be prompted with the imps tab
step 3: now click on the imps tab choose the merchant payment tab
step 4: fill all the mandatory fields like, bank account number to be debited, mobile money identifier (MMID), bill amount that you wish to pay & credit card number under ‘payment reference number’ field
step 5: after filling in all the details confirm the transaction 

post payment confirmation the transaction details will get displayed on the screen, you can print it and save it for your future reference.  

4. credit card payment via banks app

step 1: log in to your bank mobile app.
step 2: go to the credit card tab
step 3: select the credit card
step 4: click on the “pay now” button.
step 5: enter or select the amount to be paid.
step 6: click on “pay now” and confirm and the transfer is successful.

5. credit card bill payment through auto debit

through the savings account, you can register for auto-debit of your credit card bill payments. you can opt out of this through your bank's internet banking and mobile app. follow the below steps to register

step 1: log on to net banking
step 2: select billpay and recharge tab
step 3: click on add biller and enter details
step 4: click on standing instruction and the credit card option
step 5: enter credit card details in mm / yyyy format click on confirm to set the standing instruction.

it is one of the simple and convenient ways of paying your bills on time without any delay. you can set a maximum limit on bills.

offline credit card bill payment options

1.NACH
step 1: download the NACH form
step 2: fill the form
step 3: submit the filled NACH form along with a cancelled cheque to your bank 

2. cheque 
step 1: write a cheque in favour of the credit card issuer followed by the 16-digit credit card number
step 2: visit your bank and submit it 

3. cash
visit your bank and pay it at the counter or the ATM machine.

the interest you need to pay if you miss the credit card bill payment due date

sometimes, it can be a near-miss of credit card payment due date especially when you are juggling between your daily chores. you might miss the due date, but what is important is to know what interest you'll have to pay in such scenarios. 

if you miss the payment due date, you may face a charge of interest which is calculated daily along with 18% GST on the interest amount as per the government norms, even fresh card transactions start attracting interest charges until all dues are cleared. unfortunately, a missed credit card payment comes with expensive outcomes. furthermore, you should avoid any fresh card transactions as the interest-free period stands withdrawn on the non-payment of the entire credit card dues

with CRED, you get timely payment reminders so you never miss the credit card bill payment due date and make payments with no hassles.

frequently asked questions

how can i pay my credit card bill?

there are various methods to pay credit card bill payment listed below

  1. internet banking
  2. NEFT/RTGS online funds transfer
  3. imps
  4. auto debit facility
  5. mobile wallets

how can i pay my credit card bill from another bank?

with the NEFT facility, you can easily pay your credit card bill from any other bank account. the instructions may differ a bit for different banks, but in the majority of cases, you need to add your credit card number as the payee account number and make the payment via NEFT seamlessly.

when should i pay my credit card bill?

it is always beneficial to pay your credit card balance in full every month. by paying your card completely in each billing cycle, you can avoid any interest. thus paying early and on time your credit card bill can minimize the interest cost.

can i pay my credit card the same day i use it?

yes, you can make as you can pay your credit card balance any time you wish. furthermore, you won't have to pay any late fees as you paid even before the due date.

what happens if i overpay my credit card balance?

on overpaying your credit card balance, the payment will go to a negative account balance, this means the credit card company will owe you money and you can use this amount in the future anytime. frequent overpayment of credit cards can be linked with refund fraud and money laundering, and can also lead to freezing of your account or can even get closed. so, avoid repeated overpayments of your credit card.