Are you feeling confused while paying a bill from your credit-card? Without any doubt, purchasing things using a credit-card is comparatively easy. You don’t have to think a lot before making any purchase. It is equally acceptable for online as well as offline activities. However, the most important aspect of a credit-card is to bill pay. It is not only about paying bills; it is more about your credit score and payment history. Thus, it is highly recommended to pay your bills timely.
If you talk about credit scores, payment history is a key component. In any case, if you miss any payment of your credit card, you have to withstand late fees or a higher interest rate in the future. Besides, you don’t have to put much effort to manage the bill pay of your credit-card.
How you can bill pay of your credit card?
Once you made your mind for making a timely payment of your credit-card, you will get few options. A matter of fact is that no card issuer lets you pay your credit card bill using different credit cards. This is reason why credit card companies have concerns about your existing card debt. Moreover, pay your bill of your credit card using any of the following methods:
- Make a cash deposit
You can deposit cash if your card issuer has a local bank or credit union branch. It is an easy and simple way to make a payment of your card if you carry cash.
- Choose ACH (automated clearing house) transfer
It is a bank-to-bank money transfer via an automated clearing house (ACH) electronically. In the ACH process, you need to add your bank account and routing numbers to your credit card company’s website or mobile applications. Make a call and revert your card statement to your card issuer with your ACH information.
- Submit checks to bill pay
Another method of credit-card bill payment is to deposit a check or cheque. If your card company is ready to accept checks, you can make your card bill payment by deposing a check.
- Make an online bill payment
The most convenient and widely used way to bill pay of your credit-card is to make an online payment. Be wise to put correct info of your card or bank account to complete the online payment successfully.
- Select direct money transfer
If you can’t understand how to make a bill payment of your credit-card, pick to transfer money to initiate the process. Transfer your money from one bank account to another using a money transfer service such as Western Union.
The amount credited to your account, on the same day the bank receives or any other business day, is totally depends on the payment method you choose for paying your card bill. According to Consumer Financial Protection Bureau, any payment is made before 5 p.m. must be credited to the account on the same day. Don’t panic about making bill payment of credit-card as you have a grace period. Read your billing statement and keep the due dates in your mind to avoid any late fees.
Why you should pay a credit card bill on time?
In this financial world, everything is connected to other important activities. Similarly, your bill payment impacts your credit score and financial growth. 35% of your FICO credit score depends on your credit card payment history. In other words, if you do make regular bill pay, you are adding a positive impression to your payment history and ultimately to your credit score. Besides, doing late payments will allow your credit card issuers to charge late payments or increase the interest rate.
If you choose to pay your card bill every month, you might not have to pay interest on your buying. Generally, most credit card companies provide a 21-day grace period before putting interest on any new purchases. So, make sure to bill pay of credit card timely and keep additional charges away from your account.
Tips to make credit card bill payment effectively
Today, we are living in the most technical and advanced form of our lifestyle. Sometimes, making a timely payment becomes a challenging task when you work under a very busy schedule. Therefore, you can use the following tips to avoid late payment of your credit card bill pay:
- Set of automatic bill payment of credit card from your account. Therefore, you don’t have to worry about due dates.
- You can also put up text or email alerts as a notification of your payment due dates.
- Are you using multiple credit cards and find it hard to manage different due dates? If you are handy with multiple cards, try to request the same payment date for all your accounts. So, make a call to your credit card issuer or fill an online form to change your due dates now!