Making your Credit Card bill payment on time is crucial for maintaining a healthy financial status and avoiding unnecessary interest charges and penalties. Timely payments improve your credit score, free up credit for future use and provide peace of mind.
By using instant Credit Card online services for payments and adopting effective strategies, you can ensure that your bill payments are made faster and on time.
6 Strategies for faster Credit Card bill payment
1. Set up automatic payments
Automating your Credit Card bill payment ensures that no due date is missed. It also helps you avoid going through the hassle of logging in and navigating the payment process. You can simply link your bank account and set up payment mandates.
2. Use payment reminders or notifications
Payment reminders in the form of notifications or SMS help you stay on top of the payment schedule. Banks often allow you to set up email or SMS alerts for Credit Card bill payments, updating you on the approaching due date. These alerts also come with an instant pay URL that redirects you to the payment gateway, eliminating navigation.
3. Make use of the grace period
Grace periods are provided to help you manage your dues and pay them at your convenience. Additionally, during the grace period, no interest is charged and the period is usually 21 to 25 days long, giving you a considerable amount of time to make your payments. Make the best use of this interest-free period and divide your expenses accordingly.
4. Make a payment strategy
Create a payment strategy by prioritising payments wisely. You can do that either by paying more than the minimum amount, clearing off high-interest dues or clearing smaller payments first. By paying more than the minimum amount, the interest charges and accumulating debt are reduced. Similarly, by paying high-interest dues first, you can ensure that the interest accumulated is lower.
5. Use Credit Card to Credit Card payment
Manage your Credit Card debt and utilise another grace period by clearing your dues using the Credit Card to Credit Card payment method. This means that you clear one card’s dues by using another credit card and making use of the second card’s grace period.
6. Convert your dues to EMIs
To avoid accumulating higher interest over your Credit Card dues, you can convert your dues to EMIs and benefit from the part payments made at regular intervals. The interest rate is usually lower than what is charged on the due amount, thus making the repayment faster. However, ensure that the facility is available for you when you apply for a Credit Card.
Conclusion
To repay your Credit Card dues faster, you can implement these easy strategies and enjoy its perks. Along with the ones discussed in this blog, the prime strategy is to apply for a Credit Card online with the lowest APR and highest flexibility. This way, the initial interest accumulation will also be at a slower rate. Moreover, always check your credit rating report.