Paying your credit card bills on time is the only way to have a good financial well being. This is the only way to stay away from falling into credit card debt trap or being a credit card defaulter. If you have recently bought a new credit card, you must be aware of your credit card billing cycle and the reasons due to which you should pay your credit card bills in time.
Whether by physically visiting the bank or using the online mediums, making your credit card bill payment within the billing cycle is all that matters. Let’s talk about another medium that you can use to pay your credit card bill- Cheque.
Pay Credit Card Bill through Cheque
Follow these simple steps to pay credit card bill through cheque-
- Visit your nearest bank branch
- Ask the concerned officials for a cheque deposit slip
- Fill in the following details in the deposit slip-
- 16-digit credit card number
- Name of the credit card holder
- Cheque details, such as name of the Bank, cheque number, cheque amount
- Depositor’s contact number
- Pin the deposit slip to your cheque and deposit it in the cheque payment machine. You can also slip it into the drop box at the bank’s branch or at an ATM
Why Should You Pay Credit Card Bill through Cheque?
It is better to pay credit card bill through cheque because of the following reasons-
- Cheques are a great way to pay credit card bill through cheque if you are not so comfortable with online banking
- Payment through cheque does not have any maximum/minimum limit on the amount that one can pay, unlike other modes of payment such as IMPS or NEFT
To Conclude:
Before you go on to pay your credit card bill through cheque, it is important to read all the related terms and conditions carefully. Also, you must note that the time taken for cheque clearance varies from one bank to another. Hence, you must consider the turnaround time for your cheque clearance and deposit it well before the due date. It is also important to be aware of the fact that certain banks may charge a cheque clearance fee depending on the amount of the cheque deposited, apart from the penalty for a cheque bounce, if any.
