Blog #Bandhan Bank Credit Card

We live in a time where Most credit cardholders consider paying bills digitally, either through mobile/internet banking, IMPS, NEFT, RTGS, by UPI, even by debit card and platforms like CRED. Today, most banks have stepped up the digital ramp to provide online services to their customers, be it applying for credit cards online, or to make monthly payments after you get one.

 Can we make credit card payments via IMPS?
IMPS (Immediate Payment Service) is a legal payment system that allows instant interbank funds in India. What makes IMPS even better is that, unlike traditional transferring options, it permits committing transactions at any time. Be it a bank holiday. The NPCI has regulated valid for every legal transaction, which makes it the most common payment gateway for credit card bill payment. The reason why it is a widely used payment option is that it doesn’t charge transaction fees and assures strong security.

Is NEFT an option for bills payment?
NEFT (National Electronic Funds Transfer) is definitely one of the most frequent payment options through which people consider paying their bills. As the name suggests, NEFT has a net that covers the entire country, so automatically, it promotes inter-banking transactions as well.The NEFT payment gateway is centred by the RBI (Reserve Bank of India) and is entrusted with nearly all sorts of legal transactions and payments.

Can the payments be made by mobile wallets?
The service of credit card bill payment is something offered by mobile wallets and payment systems. These platforms have this facility integrated within their design. Hence a customer is not expected to separately register or create a new account somewhere if they have one of such wallets/payment systems (like PhonePe, CRED, Paytm, Mobikwik).It is also one of the easiest payment options, as it directly links your wallet to your bank account, hence credits/debits the balances accordingly.

Can the payment be made by drawing a cheque or a demand draft?
Yes, it is absolutely possible to make credit card bills payment via cheque or DD. Paying the amount through cheque makes it easy for the customer to transact offline. The cheque/DD must be dropped in the bank branch of the concerned account and must be written in favour of the credit card account.

Here are a few dos to perform before drawing a cheque for your HSBC Bank Credit Card bill payment-

• It is significant for the cheque to be in favour of the credit card account.
• The cheque should mandatorily contain the credit card number.
• Keep the due date of the credit card bill payment in your mind while filling the cheque, as it may take more than three days and sometimes even 12 days (in case of outstation cheques) to be processed.

Can the credit card payment be made by depositing cash in the bank branch?
Yes, it is a fair matter to make the credit card payment physically by cash. To make the payment, you have to visit the bank which issued the credit card to you. On reaching the bank, the deposit slip must be precisely filled with relevant details.Make sure to recheck the bill amount before submitting, as it may lead to cheating or payment discrepancy.Paying physically via cash may take less than 24 hours, so it should only be considered as an option if the credit card payment timeline is 24 hours away.

What happens if one does not pay credit card bills?
In India, not paying credit card bills can lead to severe repercussions. On skipping one or two payments, banks usually charge late fees, penalty APR resulting in damaging your credit score. If it is the third time one has not paid the bill, the credit card account can be closed, with even more credit score decline and late fees. The fourth time may substantially damage the credit score, and a lawsuit can be filed.

Read More:- How to transfer a Car Loan to another lender?