As a credit card holder, the simplest way to stay financially healthy is to check your credit card statement every month and make your credit card payment on time. By doing so, you side-step incurring interest and prevent debt from accumulating. One simple way you can make your credit card payment is by carrying out a National Electronics Fund Transfer (NEFT). This method can be used to transfer money from one bank to another across the country quickly and seamlessly. Transferring funds this way will save on time, effort and unnecessary paperwork.
Here are the steps involved in clearing your credit card bill through NEFT.
Step-by-step guide to using NEFT to clear your credit card bill
In order to make use of the NEFT facility, you need to enable the net banking facility for your bank account. Once this is done, here are the general steps that you need to follow to make your credit card payment.
- Access your credit card statement and note the minimum/ entire amount due that you need to pay
- Login to your net banking account with your login ID and password
- Choose the NEFT fund transfer method
- Navigate to the ‘Add beneficiary’ tab and add your card as a beneficiary
- For the account number, enter the 16-digit number on your credit card
- The beneficiary name will be the name on your credit card or the name your issuer asks you to fill in
- Pick the correct city, branch and add the appropriate IFSC code
- Once you have completed adding the beneficiary, wait for it to get reflected on your bank’s internal systems
- After the beneficiary has been added, select the beneficiary (your card), enter the amount you wish to pay, and complete the transaction
- You will get an SMS acknowledging the payment
Now that you know the steps involved in clearing your credit card bill through NEFT, learn more about this payment method.
Benefits of using NEFT to transfer funds to your issuer
Here are some of the benefits of making your credit card payment via NEFT:
- You can make it from your home or office without visiting your issuer
- There is no paperwork involved
- Transactions made through NEFT won’t be cancelled
- You can pay your bill in less than a day with this method
- NEFT provides a safe and simple platform for transferring funds online
Charges involved in NEFT transfers
NEFT charges are minimal and apply to the payer. Here are the regular charges involved.
- Up to Rs. 10,000: Rs. 2.50 + GST
- Above Rs. 10,000 and up to Rs. 1 lakh: Rs. 5 + GST
- Above Rs. 1 lakh and up to Rs. 2 lakh: Rs. 15 + GST
- Above Rs. 2 lakh and up to Rs. 5 lakh: Rs. 25 + GST
Timings and transfer limits of NEFT payments
There may or may not be a cap on the maximum amount you can transfer using NEFT. Some banks put a daily limit, whereas others do not. However, the transfer limits are normally very large and so you should be able to pay your bill comfortably.
In terms of timings, you can make an NEFT payment on Monday through to Saturday from 8:00am to 6:30pm. The exception to this is public and bank holidays and 2nd and 4th Saturdays of the months.
In order to be able to make a NEFT payment successfully, your issuer needs to be part of the country’s NEFT network and you have to adhere to the timings and holidays involved for NEFT transfers. Since this may prove a hindrance to making your credit card payment on time, it’s best that you have alternative methods to resort to as well.
For this, you need to choose a credit card that offers you multiple repayment channels. One such card is the Bajaj Finance RBL Bank SuperCard. Here, you can make quick credit card payments via the RBL MyCard App, Bill Desk, Net Banking, NACH facility, and cheque in addition to NEFT. However, the benefits of this card extend beyond versatile payment options, you get multi-faceted features too.
For example, this card can be used as a loan card, an EMI card or even as an ATM card as your needs demand it. You can make 50-day interest-free cash withdrawals at ATMs, convert your cash limit to 90-day interest-free personal loans, and use it to pay for purchases above Rs. 3,000 via EMIs as well.
By using this card, you profit from compelling seasonal deals and discounts and also make annual savings to the tune of Rs. 55,000. So, what are you waiting for? Get hold of this 4-in-1 SuperCard quickly. The first step you should take is to check your pre-approved credit card offer from Bajaj Finserv. Doing so gives you instant approval and access to customised credit card financing.
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