Introduction
It may seem that credit card bills are always due but do not worry. There are quicker and much easier ways to pay these bills off than one might think. Herein and we have put together eight efficient ways through which you can pay a credit card balance from online options to in person payments. By using these time saving techniques you’ll be able to handle your credit card bill and save time for the things you love.
Convenience at Your Fingertips
Online bill pay has become the champion when looking to manage credit card debt for many. Offered by most of the banks and credit unions it is secure and convenient and a wonderful way to automate the payments so that one gets to know that a credit card bill has been settled on time. Following is a deeper dive into how online bill pay simplifies your financial life
Easy Setup
Log in to your online banking service and select the tab for paying bills. There you will add your credit card company as a payee. You will need to provide your credit card account number and your account information.
Schedule Your Payments
You can choose to make a one time payment for your current balance or set up recurring payments. You will be allowed to schedule recurring payments for the minimum amount due and the full statement balance and or another amount of your choice.
Peace of mind
Configure once and and then let online bill pay automate it with no due dates to remember or checks to write. You’ll get email confirmations after every payment and which will give you peace of mind with a paperless trail.
Security
Most banks and credit unions are very serious about their online security. With the convenience and time savings and online bill pay lets you take a better handle on your credit card debt. So toss those stamps and checks and see the ease of online bill pay pave the path to a smoother journey in managing your finances.
Phone Payment
When life becomes too busy and juggling credit card bills can be overwhelming at times. What if you could make the payment right in your pocket and not necessarily from your computer or any other internet gadget? After all their phone payment is the most convenient alternative that enables a person to settle his credit card bill with just a call. Here’s a breakdown of why phone payment may be the perfect solution for you
Accessibility
All you will need is just a phone and the customer service number at the back of your credit card. To this end making a phone payment is rather ideal when one does not have access to a computer or even the Internet such as during a commute or while traveling.
Same Day Processing
Unlike mailing a check and phone payments are processed immediately. Thus and as soon as you hang up the phone your payment will be reflected in your account. This is particularly helpful if you are getting close to a due date or just do not want any late fees.
Security
Though making a call may not look as secure as the online methods most credit card issuers have checked on the measures of security concerning phone payments. These measures involve identification where you are identified with personal information or a passcode before any transaction is done. Moreover many systems give different possibilities of choosing a unique telephone number just to process the payments thereby increasing security.
Flexibility
Most phone payments will allow you to ask questions or clarify something on your statement while you are making a payment. This becomes handy if you have any questions about recent charges or even your overall balance.
Drawbacks to Consider
Easy as it is and phone payments also come with a few drawbacks. You may find it tiresome to hold and particularly during peak hours.
Making Phone Payments
The actual process for making a phone payment varies slightly depending on the credit card issuer. However and in general and you will
Call the customer service number on the back of your credit card.
Follow the automated menu options for payments.
You will likely be asked to identify yourself with your social security number and account number and or a passcode.
After verification you will be walked through entering the amount you will pay and confirming that information.
You will receive a confirmation number or email for your records.
Phone pay offers an easily accessible method to pay your credit card bill. It’s not the most efficient in the case of frequent payments but its accessibility and immediate processing make it quite useful in on the go situations.
Automatic Payments but how
Constantly juggling due dates and remembering to make monthly payments can be overwhelmingly stressful. But what if there is automation for this process and ensuring that your credit card bill is paid on time? Enter automatic payments and a time saving feature by most credit card issuers that takes off some weight from your shoulders. Consider the following information for a closer look at how automatic payment can change the way you handle your bills
Easy Setup
Log in to the online account or mobile app of your credit card issuer to set up automatic payments. Then you’ll add your checking or savings account before selecting a payment amount and frequency.
Peace of Mind
By setting up auto pay and you won’t ever miss a due date or get charged a late fee again. It keeps your credit score from having unnecessary damage by ensuring that your bill is always paid on time.
You are given control over how much and how often you make an automatic payment. You can choose to pay the minimum due and the full statement balance and or any other amount you’d like that fits your wallet best. You can even pick a payment date making sure it aligns with the timing of your paycheck.
Flexibility
Most of the automated payment options allow for modifications to be made. You will not have a problem changing the payment amount and frequency and or the bank account it is linked to and all from your online account or mobile app. This flexibility of the auto pay system makes sure that your automatic payments are updated according to your new financial needs.
Preventing Overdrafts
As convenient as they are to use automatic payments do demand that there be sufficient funds in the account you’ve linked your payments to and in the amount of the payment. Consider low balance alerts from your bank to avoid accidentally overdrawing your account and possibly incurring fees.
Who Benefits Most?
Forget due dates often or have multiple bills to keep track of.
Have the same budget that is very dependable to accommodate the credit card balance.
Factors to consider Amidst its benefits and there are instances wherein automatic payments are not perfect for everyone. Consider the following
Irregular Income
If your income changes every month and then it would no longer be ideal to have your full statement balance automatically paid.
Promotional Offers
Automatic payments sometimes interfere with promotional offers such as introductory periods with a 0% APR. Make sure there are no restrictions on automatic payments within the fine print of your credit card before you turn them on.
Automatic payments allow you to easily and reliably manage your credit card bill. Set and forget Save time and and your financial responsibilities will be met without the fear of missing a payment.
Maneuvering Funds for Credit Card Payments
Credit cards are primarily containers for direct purchases but not many cardholders realize that there is an alternative way of using them as a money transfer. Practically it is a situation where the contents of your checking or savings fill its way directly into your credit in an effort to pay down your existing balance. Details of the functioning behind money transfers and using such transactions to your advantage
The Transfer Process
Online Transfer
Most credit card issuers allow you to go online and transfer funds directly from their account management platforms. You will link your checking or savings account and specify the amount of money you would like to be transferred into your credit card account.
Outgoing Transfer
You can also make a transfer the same way you would a bill on your bank’s online banking site or mobile app. Look for your credit card account as a payee and enter the necessary routing and account information.
Know the Costs and in Some Cases Money Transfers are free. Anytime you carry out the transfer and be informed about the costs.
Transfer Fees
Most often and when you transfer funds you will have to pay a transfer fee that is commonly calculated as a percentage of what you transfer. This fee is added to the credit card balance and which is the base over which interest is calculated.
Interest Rates
Any money that is transferred to a credit card will have interest charged at the same rate as your credit card’s standard interest rate.
Strategic Use of Money Transfers
Since there are fees then and there should still be situations where the strategic use of money transfers makes sense.
Debt Consolidation
Transferring high balances from a credit card with a high interest rate can save you money on interest pay by moving the debt to a card with a lower introductory 0% APR period. But make sure that you do so while you are able to pay off the balance before the zero interest period ends and the rate is pushed up.
Promotional Offers
Some issuers of credit cards provide promotional rewards or bonus points when you use their features. Consider the bonuses against the costs involved to determine if it is a good strategy.
Avoiding Cash Advance
Most of the cash advance facilities on credit cards are pretty expensive compared to a money transfer. If you are in need of cash for a particular purpose and a money transfer is likely to be cheaper.
Advantages of Modern?
Though technology has indeed turned the digital age into a truly vast online payment system and sometimes the tried and true are unbeatable. Sometimes referred to as the inferior method of paying a credit card bill and in person payment by any means such as simply driving to a location to pay your bill in person and still has value in a number of cases. Allow me to explore the world of in person payments with you to explain what such a supposedly inferior method can actually offer you
Specific Needs
Those who want some face to face interaction and those who do not have access to proper internet services or facilities for online banking will find in store payments very convenient. Here’s how in person payments can be appropriate
Brick and Mortar Locations
Some of the huge and national chains have partnered with some of the credit card issuing companies and allow you to visit any of their physical stores and clear your credit card payment then and there. This is very useful when you are inside the store and just want to make your payment.
Cash
It is very rare but some credit card issuers do allow payment in cash. It is relatively speaking and becoming less of a way to pay but it does also coincide with circumstances in which you might prefer to have cash be your preferred method of payment versus making a debit card transaction or an electronic funds transfer.
Understanding the Limitations
Although it definitely shows a level of convenience with an in person payment and it also includes weaknesses in this regard
Limited Locations
Not every issuer has branches or a network of retailers with whom to make in person payments. Your options will vary by issuer and location.
Processing Time
In person payments may take some longer time to register on your account when compared to online payments. This can be of concern if you are nearing a due date and want immediate confirmation.
Potential Fees
Some institutions base a fee for processing in person payments. Do make sure to inquire about any such possible fees related to it before making a trip to any branch or retail location.
Is In Person Right for You? In person payment perhaps would be right for you if
You like face to face interaction and like a personal touch in your finances.
You really cannot rely on the Internet or online banking facilities.
Finally they need to make a cash payment on their credit card bill.
Remember In today’s digital world making in person payments may not be optimal for everyone. However knowing when they can be handy and the cost of time and effort on your part can help you weigh better decisions in managing credit card debt.
Conclusion
In this chapter we have gone through eight efficient ways to pay your credit card bill and from the ease of online bill pay and phone payments to the strategic use of money transfers. From the more classic approach of mailing a check to more modern solutions using P2P apps and there is something for everyone.
Ultimately and though it is the choice of method that best fits your lifestyle and your financial goals. Consider factors such as the speed and security and convenience of each. You can always use more than one and make sure to take full advantage of features like automatic payments to ensure you avoid late fees by making your payments on time. You can definitely learn to control credit card debt if you use the right tools and are proactive.