Top things you should know when paying credit card bills
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Top things you should know when paying credit card bills

  • Highlights

  • Pay your credit card bill within the 20–25 day payment window

  • Use the interest-free period to your benefit

  • Choose from various modes to pay your credit card bill

  • Don’t just pay the minimum amount of each bill as the balance accrues interest

Using a credit card is easy, but paying the bills on time is equally important. A default or delay in payments, can prove to be detrimental to your chances of availing credit in the future.

With the Bajaj Finserv RBL Bank SuperCard, you can convert your credit card’s limit into an interest-free personal loan for up to 90 days. You can also enjoy up to Rs.55,700 in annual savings with the reward points and discounts made available on a Bajaj Finserv credit card. But, these benefits will only be of use to you if you pay your bill on time. So, take a look at everything you need to know about paying your credit card bills.

When is it safe to pay your credit card bill?

Discipline is key to ensuring your credit card bills don’t get out of hand. Make sure you pay each bill well within the last date given to you. Most companies set a payment date that is 20–25 days after your credit card bill has been generated. Set a recurring reminder on your phone or laptop for a few days before the deadline. This will ensure that when the time comes, you don’t forget to pay it even if you’re busy.

How to make the most out of the interest-free days

Almost all credit cards come with an ‘interest-free period’. In this period, you can make purchases at a particular time in your billing cycle without paying interest on it. Find out when this period starts and ends in your billing cycle and make your purchase at the start of your billing cycle to make the most out of this period. For example, if you purchase an appliance for Rs.20,000 on the 5th of September, you will have to pay that amount by the 25th of October (as per your next bill, which will be generated on the 4th of October). This gives you 50 days where you don’t have to pay any interest. The cash you save, by putting the expense on your credit card, can be invested in an FD or set aside for a rainy day in your savings account.

How to pay credit card bills?

Choosing to pay yourcredit card bill online is the quickest and most convenient option. Here are the payment options thatBajaj Finservcredit cards offer you.

RBL MyCard App: Download this mobile app and make anRBL credit card payment in an instant. All you have to do is SMS ‘MyCard’ to 5607011. You can also download the app through Google Play or the AppStore.

Bill Desk: Use your bank accounts to pay the credit card bill online by visiting the Bill Desk website. Once you enter details of payment and choose the account through which you want to make the payment, you will be redirected to a payment gateway. Once you complete the transaction, you will receive a confirmation receipt immediately.

NEFT: Just like you transfer money through net banking, you can also pay your credit card bill. All you need to do is enter the credit card number in the account number fieldand enter the IFSC code that the Bajaj Finservhas to receive credit card payments.

Net banking: In case you don’t have all the details mentioned above, you can use the net banking option through your existing RBL Bank account and make a payment.

NACH facility: If you want to skip the hassle of manually paying your credit card bill every month, the NACH facility automatically debits your outstanding amount every month. Just download the form, submit it to Bajaj Finserv and you are all set.

Cheque payment: If you aren’t comfortable with online payments, you can also clear the amount by cheque. However, remember to write the cheque to Bajaj Finserv RBL Bank SuperCard < 16-digit card number>.

Shopping online made easy with the SuperCard

A word of caution: Don’t fall for the minimum amount payment trap

Many credit card owners think it is okay to pay the minimum amount that is mentioned on the bill. But, this is a trap. When you pay the minimum amount, the outstanding amount is carried forward to next month’s bill and will incur high interest charges in the meanwhile. So, it’s always best to pay the full outstanding amount.

Remember, falling behind on your credit card payments is one of the most expensive debts you can have. But when you use one smartly, by paying the amount in full, each month, it can be one of the most beneficial financial tools.Simply check your pre-approved offer for a SuperCard, and apply online in minutes.

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