Credit card bill payments may sometimes feel burdensome and like a financial obligation. However, they are much more than just settling your debt. By implementing smart payment strategies, you can enjoy a world of benefits with your credit card.
Timely payments can help you optimise your spending and accumulate reward points, opening doors to saving more. Find out how to leverage the bill payment to maximise its reward program.
Understanding Credit Card Bills
Clearing your bill amount at the end of each month is crucial. How to check this? It’s simple. The card issuer sends a credit card statement at the end of each month, which provides the amount you need to pay to avoid late charges.
Alternatively, you can access your credit card bill on the issuer’s website or mobile application. To understand the credit card bill payment process and manage your finances responsibly, understanding the following terms is essential:
- Billing Cycle: It is the period from the current date of bill generation to the next one, which typically ranges between 21 and 30 days.
- Account Summary: Your issuer will provide you with a credit card statement at the end of the billing cycle containing all transaction details.
- Total Balance Payable: This is the amount payable to avoid incurring interest on the outstanding balance.
- Minimum Payment Due: This is the amount that you have to pay to evade late payment charges. It is generally 5% of the total outstanding balance.
- Interest Charges: This is the interest you’ll have to pay if you have carried the balance from the previous billing cycle.
- Due Date: This is the deadline by which you need to make the bill payment to avoid any potential damage to your credit score.
How to Maximise Benefits While Paying Credit Card Bills
Making a timely bill payment on your credit card is key to getting higher reward points and boosting your financial health. Here are a few ways to manage your bills to unlock a world of benefits:
Make the Most Out of Interest-Free Period
- Most credit cards come with a grace timeframe after your statement closes when you don’t have to pay interest.
- Depending on your chosen card, the grace period may range between 20 and 55 days.
- Use this window to your advantage by making big-ticket purchases and clearing the balance in full before the deadline.
Consolidate Your Payments
- If you have multiple credit channels open, consolidate your obligations into one with your credit card.
- This will help you manage them more effectively, as you’ll not have to disperse them across different platforms.
- Apart from better financial management, it will also ensure that you can earn more reward points every time you make a credit card bill payment.
Opt for Auto-Pay Facility
- As mentioned earlier, making timely repayments is key to keeping your credit card account in good standing.
- Paying late payment fees or other additional charges can offset your card’s cost-effectiveness and rewards.
- Hence, setting up an auto-payment facility is advisable to ensure that you never miss a due date.
- You can also set reminders before the due date so that you can maintain a sufficient balance in your account.
Pay More Than the Minimum
- When you pay only the minimum balance on your credit card, the remaining balance is carried to the next billing cycle.
- This rollover amount will start accruing interest from the day of the transaction.
- The accumulation of interest charges can push you into a debt spiral, making it difficult to clear the obligations.
- Furthermore, clearing your dues will take longer if you keep paying the minimum balance.
- Hence, when making the bill payment, pay the entire balance in full if your budget allows it.
Track Your Spending Patterns
- Review your credit card statements regularly to keep a tab on your expenses.
- This will help you recognise the areas where you can cut spending and optimise your rewards.
- Note that you can also convert the cost of big-ticket items into affordable monthly instalments.
- Use the credit card EMI calculator to determine the amount you will have to pay and choose a repayment tenure that suits your financial capacity.
In conclusion, paying your card bill requires a proactive approach if you want to avoid late charges and optimise your benefits. With proper planning and financial discipline, you can transform your card into a tool that offers consistent saving opportunities.
If you want a credit card that lets you track all aspects of your spending to avoid higher credit card bills, get the One Credit Card. With this premium credit card, you can enjoy 5X rewards, exclusive shopping and dining offers, and attractive discounts on your travel bookings.
Its powerful mobile application allows you to pay all your bills on time without hassle. Apply now and spend confidently!
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