Credit cards are the new age payment systems that have made cash seem like a thing of the past. By giving you access to money that you didn’t earn, credit cards offer a world of possibilities, while improving your spending power, significantly. You can use it to transact online and offline, pay bills, get loans, withdraw cash, and do so much more. However, it’s not free money, and at the end of the billing cycle, you do actually have to pay your credit card bill.
You could always walk into the bank with a bag full of crisp notes and wait in a long queue for grueling hours and pay the bill. But if that is something you would rather steer clear of; today’s technologically advanced times offer other avenues of credit card bill payment too. One such means is a credit card app.
What is a credit card app? How does it work?
As the name suggests, a credit card app is an online application that offers you the convenience of accessing your credit card and related information from your smartphone. You can use the app to manage and view credit card information, initiate transactions, pay credit card bills and do much more.
The credit card app offers an online platform for easy transfer of funds between you and the merchant. It has all your card related information stored in one place which gives you complete access to your card wherever you are. This includes your credit card number, your bank account linked with the card, your personal details, etc. The app can be used to make transactions, view and track your spending patterns, maintain bills, manage and protect your card, etc.
Should you consider it for credit card bill payment?
Credit card bill payment is one of the primary reasons for having one such app. Once you have registered your card to a credit card app, you don’t have to keep going back and forth looking for your details every time a bill is generated. A security PIN created by you protects the information, which ensures that it can be accessed only by you. Most credit card apps offer several means of paying your credit card bill. You can choose to opt for UPI payment facility, net banking, etc.
Alternatively, you can also set up an auto-pay feature that automatically deducts the amount due on the card and pays it against the bill. Staying on track with your credit card bill payment is always a good sign as it allows you to improve your credit score. It also reflects positively on your credit history which can prove useful for borrowing credit in the future.
Some credit card apps also offer you reward points for paying your credit card bills using the app. These can be collected and used to avail goods and services from partner merchants. You can also get cashback and other offers when you pay your bill online, which can help you save more.
Benefits of paying credit card bill online
There are several benefits of opting for the online means of credit card bill payment. These include-
· Paying your credit card bills online saves you the hassles of waiting in long queues at the bank
· You can pay your credit card bill from anywhere and at any time
· Easy access, makes it convenient to pay credit card bills on time, to avoid penalty charges
· Clearing dues on time also ensures that your credit score is not negatively impacted
· If you save your details in a credit card app, you can access the information on your card anytime
· Online bill payment also makes it easy to track and manage spending pattern
· The process is paperless and saves you the hassles of filling confusing forms
· The processing of the payment is faster which ensures that the funds reflect on your credit card in a shorter span on time compared to offline channels
· The ease of setting up standing instructions for credit card bill payment makes managing the card a hassle-free experience
· Unlike paying credit card bills by cheque, online credit card bill payment does not attract any fees or extra charges for processing
Credit card bills can be exhausting and cumbersome to manage offline. Equipped with a dedicated credit card management app, such as the Finserv MARKETS app, you can ensure that your bills are paid on time and you can make the most of your credit card, worry-free.