What you need to know about credit card payments...

in Proof of Brain3 months ago

images (15).jpeg
Image credit

Meanwhile, you only hold one or two payments to make each month. Keeping track of your expenses and due dates is easy. Regrettably, you do not. There are enough opportunities to get stuck with these fees, from power and wireless bills to cable and internet charges. If you sum up your interest fees, family members' accounts, and other expenses, you'll have a lot of money.

The outcomes of not giving your credit card bills on time are more severe than those of most bill payments that end in an interest charge. For example, in this case, you would be charged a penalty of around 2% per month on the amount owed. Furthermore, poor payment history will damage your credit score. Failure to pay off significant credit card balances on time will result in debt growth, and you will find yourself unexpectedly facing a massive sum that you must repay with no idea how it came to be so high in the first place.

Bill payment services through the internet

These companies, also known as electronic bill processing companies, assist you with paying your credit card payments on schedule. Choose your bill payment service provider, enter your credit card information, contact information (such as your phone number and email address), the payment amount, and the bank and account from which you wish to make the payment. These companies typically process payments within a business day or two of receiving them.

One of the most relevant characters of these payment processing providers is that they email you updates when payments are due, making it simple to keep track of when you need to pay. Furthermore, you should plan ahead of time by having the bill-paying company making deposits for you at least 1-2 days before the due date.

Payments via NEFT (National Electronic Funds Transfer)

You will transfer money from your bank account to your credit card the same day using the National Electronic Funds Transfer System (NEFT). For example, in any bank account, South Indian Bank Credit Cards, if you are having, you can transfer from the same bank. If you have enabled your online banking services, you can make the transfers by selecting NEFT payments from the 'Funds Transfer' menu. The other alternative is RTGS, which will be discussed in more detail in the following segment.

Payments via Mobile App

Banks and credit card providers have developed applications that help you pay your credit card bill with your phone. Input the card details, and the mobile app can move funds from your account to your credit card. In most instances, you would be required to enter the contract and the OTP to avoid fraud.

t's important to remember that you can't make credit card payments with your regular semi-closed mobile wallet from e-wallet companies like PayTM, MobiKwik, or Freecharge, among others. If they are permitted to make payments directly from your bank account to your credit card, these businesses will begin doing so in the future. If this is allowed, you can expect to see this payment option first in UPI-based apps like BHIM and then in semi-closed mobile wallets.

Send money via Visa or MasterCard.

Both Visa and MasterCard provide payment options for their respective brands of cards on their websites. To make a payment, what you have to do is type your card information, the price you need to pay, and your bank account information. If you need to look up bank branch IFSC codes, you can do so online or by calling your card's issuing bank's customer service. Visa and MasterCard payments are typically accepted within a day or two.

Accounts in a Bank

This is one of the most practical methods for paying off credit card debt. All you have to do is log into your account, enter the card details, such as the issuing bank's name, IFSC code (if applicable), and complete the transaction

Posted via proofofbrain.io