How to set up different credit card payment options?

How to set up different credit card payment options?

Credit cards are one of the most popular financial tools available in today’s market. These allow a cardholder to borrow money from the lender and pay for various goods and services. The feature and convenience, as well as the strong financial benefits of using a credit card make it extremely popular amongst the growing generation.

However, there are several things one should remember while using credit cards. One of the most important factors is timely credit card bill payment. It is essential to build a good credit history, credit rating, and to increase one’s creditworthiness. Delayed or defaulted payments negatively affect one’s credit report and decrease the chances of availing another credit in the future.

Fortunately, there are several ways one can make credit card payments. These different methods significantly reduce the chances of missed or delayed payments as the borrower can opt for a suitable system according to his or her preference.

The different bill payment systems include –

Different credit card bill payment systems –

  1. Online bill payment – Almost every financial institution in India, including NBFCs offer online bill payment systems. These make credit cards even more convenient as the cardholder do not have to visit the organisation to repay the dues. It also offers several other benefits.
  • Convenient – Online credit card payments are significantly convenient as it makes the entire process quicker and simpler. The borrower can pay the due with their smartphone or a computer from anywhere in the world, and the money is transacted instantly to the lender’s account eliminating the time taken for a physical transaction.
  • Secure – Online bill payments stay secured with end-to-end encryption. It ensures that all the details sent from the borrower’s end and received by a financial institution stay protected from any malicious activity.

Setting up the online bill payment system – Most financial institutions have an easy and hassle-free system to set-up their online bill payments. A user will have to register with the internet banking services and proceed according to the given instructions to set up the payment system.

2. NEFT – Credit card payment can also be made with the help of NEFT (National Electronic Fund Transfer) system. It is similar to online bill paying as it transacts the due from a different account to the lender’s account.

Setting up NEFT systems – A user will have to enter specific payee details when they use the NEFT system. These details include payee name, account number, bank name, IFSC code, branch location, etc. For example, someone using Bajaj Finserv RBL Bank SuperCard will have to enter the following details.

  • Payee name – Name printed on the card.
  • Payee account number – The 16-digit number on the card.
  • Bank name – RBL Bank.
  • Branch location – NOC Goregaon, Mumbai.

These details will vary between different lenders.

3. NACH – NACH, or National Automated Clearing House, is an automatic system for making periodic repetitive payments. It allows the borrower to automate the credit card payment.

Setting up NACH – One has to submit the NACH form to their financial institution to enrol with this process. They can link an existing account to their credit card’s payment account for automatic payment transaction every month.

4. Cheque payment – Cheque payments are suitable for people who are not comfortable with online payment processes. They will have to write a cheque in favour of the particular organisation’s credit card along with its 16-digit number and deposit it in their nearest financial institution.

5. Payment using mobile app – Certain financial institution also have mobile applications for account management and bill payments. It is an easy and one-step process for online credit card bill payments.

Setting up app payment services – A cardholder will have to download and install their respective bank’s mobile app and log in using their credential. Once logged in, they will be able to check their credit card’s statement, due amount, due date, and several other important features. In the bill payment option, they will have to link their existing account with the credit card’s account and follow the instructions to complete the payment.

Companies like Bajaj Finserv offers dedicated mobile app like RBL MyCard App for such purposes. One can instantly transfer the balance and manage their account effectively using this app.

Bajaj Finserv also brings pre-approved offers on credit cards, personal loans, home loans, business loans, and a range of other financial products. Such offers simplify the process of availing finance and help you save time. You only have to share some essential details online to check your pre-approved offer.

The above mentioned methods encompass the setting-up procedure of the different credit card payment systems. It will help make the payments in due time and increase one’s creditworthiness over time.