If you are using a credit card, it is important that you make timely credit card bill payments every month to continue enjoying all the perks that come with it. Making regular credit card payments helps maintain a healthy credit score as well as aids to sustain a good relationship with the issuing bank. However, if by mistake, you forget to clear your credit card dues on time or are finding it difficult to manage the funds before the due date, there is no need to panic. Described below are some tips to mitigate the situation. But before we deep-dive into it, let us first understand what are the consequences of missing your credit card payment and ways to Pay Your Credit Card.
Consequences of Missing a Credit Card Payment
Even if you forget to clear your dues just once, it could lead to serious repercussions on your financial situation. This includes:
- Additional interest charges could be levied by the issuer, thus escalating the total amount
- Late payment penalty could be charged, resulting in higher APR on your credit card
- It could have a negative impact on your credit score
- A record of late payment could get associated with your credit history, making it cumbersome to apply for a new credit card or any loan in the future
Thus, defaulting on your credit card payment could lead to serious financial indemnity as you can end up paying much more as a penalty or interest than what was actually due. However, you can steer clear of such additional charges or avoid any potential damage to your credit score if you act quickly.
The Next Step In Case You Miss Your Card Payment
The first thing that you must do if you miss the payment due date is call the credit card issuer and explain the matter. You can contact the bank representative on the official credit card customer care number and enquire about how to pay the bill immediately to avoid any penalty or interest. If you have defaulted on your payment for the first time and have been, otherwise paying regularly, the bank may consider giving you a leeway to make immediate payment without any penalty charges. Once the terms are sorted with the representative, you can proceed to make immediate payment.
Ways to Make Credit Card Bill Payment
You can pay your pending credit card bill by any of the methods mentioned below:
Online Ways to Pay Credit Card Bill:
- Via Net-Banking: Log into your credit card net banking account to make the payment
- Via BillDesk: Go to the online billdesk page of your credit card issuer to make a credit card payment
- Via Mobile Wallet: If your credit card is linked to your mobile wallet, you can make bill payments by using any of the apps such as GooglePay, BHIM, Paytm, etc.
- Via IMPS/NEFT/RTGS: You can use these facilities for interbank transfer of funds to make your bill payment
Offline Ways to Pay Credit Card Bill:
If you have spare cash at hand or prefer paying the bill in an offline way, you can use any of the below-mentioned methods:
- Visit the bank: You can visit your credit card issuing bank to pay the bill immediately via cash
- Via ATM: If you own a debit card, you can visit the nearest ATM of the issuing bank to avail the credit card payment via debit card facility
- Pay via cheque/demand draft: You can opt to pay your pending credit card bill by issuing a cheque/demand draft. However, do note that the processing of the cheque/demand draft can take up to 2-3 working days, further delaying your payment time.