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Timely payment of your credit card bills is a must to keep the cost of using the card minimal. You can check for the various available options when you apply for a credit card. You can make your bill payments both by offline and online modes.
Offline Mode
You can easily make your credit card bill payment by visiting the bank’s nearest branch and depositing cash or a cheque that lists out details of your credit card and the bill due. Bill payment via cheque that is deposited at the bank’s ATM or Dropbox generally takes 3 days.
ECS Mode
Another option is to use the ECS system of a bank wherein you have to submit the details of your credit card number and account along with the ECS mandate. Under this method, your bank will debit your savings account every month towards the payment of your credit card bill.
Online Mode
In this era of the internet, several online options have emerged as a convenient mode of paying your bills. Internet banking can be used from anywhere via your laptop or phone and offers options like RTGS or IMPS or NEFT transfers.
- Immediate Payment Service or IMPS – This internet banking system allows instant transfer of funds among partner banks electronically. Easy to use, this service is accessible 24/7 which means you can make your bill payments even on a bank holiday.
The IMPS is managed by the National Payment Corporation of India which allows transmission and receipt of funds by utilizing a Mobile Money Identifier. This mode of payment is highly safe, convenient, and economical.
- NEFT or National Electronic Funds Transfer-This is again an electronic mode of payment that is administered by the Reserve Bank of India. This payment option can be accessed via internet banking wherein you can choose a list of the billers to whom you wish to transfer funds.
The credit card bill payment can be made by selecting the bank’s name, its division, city, and the IFSC code followed by submission of your credit card number followed by the amount. Although highly convenient and economical, this mode does not allow you to cancel your payments once made.
- Bill Desk– You can pay your credit card and other bills via the online payment gateway company Bill Desk. All you need to do is provide details of your card, the amount to be paid and your email id.
- Mobile Wallets– A new but highly popular mode of paying your credit card bills instant is the use of mobile wallets like Paytm and Google Pay. The transfer of funds is instant and involves no cost. Payments are possible via this mode through net banking, your linked debit cards, or BHIM UPI. You will need to provide certain details like card no and the amount to be paid. You may even earn some cashback or other incentives on payment of your bills via this mode. This mode also involves the generation of reminders when your next bill is generated or becomes due.
