Credit cards help you get through both good and bad times. With credit card availability, comes its judicial use. A credit card offers you a line of credit, and it can be a tempting payment tool that gives you the freedom to make purchases without a second thought.
One of the key disadvantages of a credit card is its ability to prompt overspending. This takes a strong will to curtail. Moreover, it’s important to make timely bill payments so that balances do not get carried over subsequent billing cycles, placing you in a web of debt.
About credit cards
A credit card is a useful payment tool when it is used prudently. While you get the power of “cash on demand when using credit cards, bill payment is a relevant factor. By using a credit card, you get a free credit period during which you can make purchases on credit. At the end of this, a statement is generated, and a bill has to be settled. Here are 5 ways to make timely credit card payments to avoid debt accumulation and penalties:
- Avoid overspending – One reason for not making a credit card payment on time is when you overspend and find you cannot pay the bill by the due date. The trick is to control your spending in the first place.
- Get an auto-debit facility – You may forget to make a credit card payment, and setting up an auto-debit facility linked to your credit card bills is a good way to ensure that payment dates are not forgotten.
- Convert bills into EMIs – If you cannot pay your credit card bill on time as the amount is too large, you can convert it into monthly EMIs, splitting amounts so you pay on time.
- Use online payment – With online payments just a click away, you can pay your credit card bills quickly and use a number of online modes like NEFT, net banking, etc, to pay bills on time.
- Set reminders – Once you know your billing cycle, you have an idea of when your credit card bill is due. You can set reminders on your smartphone so you don’t slip up on payment dates.
How to pay credit card bills online and offline
A credit card statement, which acts as a bill, has to be settled by cardholders after a billing cycle is over. You can pay your credit card bills offline and online. Offline payments can be made by cash or cheque at the branch of the card-issuing institution, a bank, or NBFC. You can also pay offline using the card issuer’s ATM machine. Online payments can be made by the following methods:
- Bill Desk
- Auto-debit facility
How to download a credit card statement
There are two ways in which you can check and download your credit card statement online:
- The credit card issuer, your bank or NBFC will send you a statement by email. You can download it from the email itself.
- You can download the credit card statement as a PDF document from the card issuer’s netbanking portal.
End of the Line
A credit card is a boon to cardholders who are in the know of how to use it to their advantage. Wise use of a credit card helps you to pay your bills in a timely fashion, avoiding debt and extra charges.