After getting your monthly credit card bill, the next step is to pay it off before the deadline to avoid any late fee or bad credit score. If you’re looking for an answer to how to pay credit card bill online and offline, we’ve got you covered.
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In this guide, we will walk you through the steps to pay your credit card bill online and offline easily.
How to Pay Credit Card Bill Online?
Step 1: Log in to your credit card issuer’s online banking portal or mobile app.
Step 2: Navigate to the “Payments” section or a similar option.
Step 3: Select the option to make a payment.
Step 4: Choose the account from which you want to make the payment.
Step 5: Enter the payment amount and select the date on which you want the payment to be made.
Step 6: Provide the necessary details, such as your credit card number and any other required information.
Step 7: Review the payment details and confirm the payment.
How to Pay Credit Card Bill Offline?
By Contacting Customer Care
If you prefer to pay your credit card bill offline, some credit card issuers or banks offer the option to make payment by contacting their customer service. However, this method typically requires you to have a savings or current account with the same issuer or bank.
Here’s how you can pay your credit card bill by calling customer service:
Step 1: Ensure that your bank account and credit card are from the same issuer.
Step 2: Call the customer service number provided by your credit card issuer.
Step 3: Follow the instructions provided by the Interactive Voice Response (IVR) system to navigate through the payment process.
Step 4: Provide the necessary details, such as your credit card number and payment information.
Step 5: Confirm the payment details and authorize the transaction.
Note: It’s important to note that not all credit card issuers offer this payment method, so it’s advisable to check with your specific card issuer before attempting to make a payment through customer service. Also, payments made through customer service are typically processed instantly, ensuring timely payment of your credit card bill.
At the Bank Branch Office
If your credit card issuer has physical bank branches, you can visit the nearest branch to make your credit card payment by depositing cash.
Follow these steps to pay your credit card bill at the bank branch:
Step 1: Visit the respective bank branch where you hold your credit card.
Step 2: Fill out the deposit slip with your credit card details, including the 16-digit credit card number, and the bill amount.
Step 3: Submit the completed deposit slip at the counter.
Step 4: The payment will be processed within one working day (time may vary)
Note: Over-the-counter payments at bank branches usually incur a service charge of up to a certain amount per payment, which may vary depending on the bank and credit card issuer.
By Drawing a Cheque/DD
Another offline method to pay your credit card bill is by drawing a cheque or demand draft (DD) in favour of your credit card account and dropping it at any bank branch or ATM drop box.
Follow these steps to pay your credit card bill using a cheque or DD:
Step 1: Write the cheque or demand draft (DD) in favour of your credit card account, mentioning the 16-digit credit card number on it.
Step 2: Include your name and contact number on the reverse side of the cheque or DD.
Step 3: Drop the cheque or DD at any bank branch or ATM drop box.
Note: Please note that the processing time for credit card payments made through a demand draft can still vary depending on the banks and credit card issuers involved. If your cheque-issuing bank and the card issuer are the same, the payment is usually processed within a few hours to a few working days. However, if they are different institutions, it may take longer, typically ranging from a few working days to a week or more. It is recommended to check with your specific bank and credit card issuer for accurate information regarding the processing time for demand draft payments.
How to Pay Credit Card Bill on Paytm App?
Step 1: Open the Paytm Mobile Application.
Step 2: Go to ‘Bill Payments by BBPS’ and click on ‘Credit Card Payment’.
Step 3: On the following screen, you will see a digital version of your saved credit card. Click on ‘Pay Bill.’
Step 4: Enter your bill amount and proceed with the payment.
Step 5: Choose the bank account from which you want to make the payment or add a new payment card.
Step 6: Select your preferred payment method, click ‘Pay,’ enter your PIN, and complete the transaction.
Alternatively, you can also click on the ‘Pay another card’ option at the bottom of the screen.
To add a new card, enter the credit card number and save it to your Paytm account. The application will automatically detect the type of card and associated bank. Add the payment amount and click ‘Proceed.’
Once the payment is done, it will be posted to your credit card within a few minutes, depending on the card issuer. Don’t forget to take advantage of attractive bank offers and promo codes available when paying your credit card bills on Paytm.
Note: Your credit card payment is considered complete when the transaction is successfully processed and your issuer has received the funds from your bank account. It’s important to note that the time it takes to process the payment can vary. It could be instant or take up to three business days, depending on the source of the funds for the payment. Rest assured, your payment is secure and will be processed accordingly.
Benefits of Making Credit Card Payments on Time
Paying your credit card bill on time is not just important; it is essential for maintaining a healthy financial life. Here are some reasons why you should make timely credit card payments:
- Avoid Costly Late Payment Fees: Credit card issuers typically charge late payment fees when you fail to pay your bill on time. These fees can quickly add up, increasing your overall debt and financial burden.
- Protect Your Credit Score: Your payment history is a significant factor in determining your credit score. Consistently paying your credit card bill on time helps establish a positive payment history, which is crucial for maintaining a good credit score. A higher credit score opens doors to better loan terms, lower interest rates, and improved financial opportunities.
- Save Money on Interest Charges: If you carry a balance on your credit card, interest charges are applied to the unpaid amount. By paying your bill on time and in full, you can avoid these interest charges and save a significant amount of money in the long run.
- Preserve Your Creditworthiness: Timely credit card payments showcase financial responsibility and reliability to lenders and creditors. This positive payment behaviour enhances your creditworthiness, making it easier to qualify for loans, obtain favourable terms, and access financial opportunities in the future.
- Avoid Negative Consequences: Late payments can have severe consequences beyond fees and interest charges. They can result in penalties, increased interest rates, and even damage to your credit report. A negative mark on your credit report can stay there for years, hindering your ability to get approved for credit or loans when you need them most.
Hence, by paying your credit card bill on time, you not only avoid financial penalties but also protect your creditworthiness and save money. It’s crucial to prioritize timely payments, set reminders, automate payments, or establish a budget to ensure you never miss a due date. Make paying your credit card bill on time a habit, and you’ll reap the long-term benefits of a strong financial foundation.
Minimum Payment Due: How it Affects Your Credit Card Balance and Interest Charges
The “Minimum Payment Due” on a credit card is the smallest amount you need to pay by the due date to keep your credit card account in good standing. It’s usually a small percentage of your total balance, around 1-3%. However, if you only pay the minimum, you’ll have to pay interest on the remaining balance. It’s better to pay off the full amount each month to avoid interest charges and maintain a good credit score.
Let’s say you have a credit card with a total outstanding balance of Rs. 10,000. The minimum payment due on your credit card might be around 5%, which would be Rs. 500. If you only pay the minimum amount, you’ll carry a balance of Rs. 9,500 to the next month and incur interest charges on that remaining amount. To avoid paying interest, it’s recommended to pay off the full Rs. 10,000 balance by the due date.
This blog aims to simplify processes for readers. However, it is important to note that some information and screenshots may be outdated as Paytm may change its user interface for improved usability. Readers are advised to cross-check the latest information on Paytm app for the most accurate and up-to-date instructions.
