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How to Manage the Payments of Credit Card Bills During Coronavirus Lockdown

Highlights

  • Tips to Manage Credit Card Bill Payment During Coronavirus Lockdown.
  • Use the Online Modes of payment and maintain social distancing.
  • Explore the Reasons for not making Cash payments of the Credit Card Bills.

The Coronavirus Outbreak has put a lockdown in many countries including India. So, the credit card users are worried that how they make the payment of the credit card bills. There are some credit card users who prefer paying the credit card bills via cash or a cheque and they have to visit the bank’s branch. But after the lockdown, they are unable to clear the dues. On the other hand, the RBI has also given 3 months moratorium period which means that the credit card users can skip the bill payment for 3 months and it would not be going to affect the Cibil Score. Therefore, in this article, you can learn how to manage the payments of credit card bills during Coronavirus Lockdown.

Different Methods to Make Online Payment of Credit Card Bills During Lockdown

If you are habitual of making the credit card bill payment through cash or cheque then you must avoid doing so because it is very necessary to keep social distancing in order to fight Coronavirus. You can make use of the online modes of payment for clearing the credit card dues instead of making cash payments.

Use Net Banking:- Nowadays almost every bank offers a net banking facility to its customers and it has the option to make the online credit card bill payment. So, you can log in to the net banking services of your respective bank and clear the dues by just sitting at home in a few clicks. This mode of payment will help you to stay at home and avoid visiting the bank’s branch.

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Try Mobile Application:- Almost every individual has a smartphone so you can download the mobile application of the respective bank and use the application for making the payment of your credit card bill. The mobile banking applications have the option to make the payment of your credit card bill.

Third-Party Payment Gateway:- You can make use of the third-party payment gateway like Billdesk, GPay, Paytm, and many other trusted applications for making the payment of your credit card bill during the lockdown. You just have to provide your credit card details and the account details from which you want to make the payment. All the information provided by you remains in an encrypted form and it is totally safe.

National Electronic Fund Transfer:- There are some credit card users who don’t have a bank account of the credit card they are using. So, you can use the NEFT for making the payment of your credit card bill from another bank account. The IFSC Code of different credit card providers differs from each other.

Standing Instruction:- You can give the standing instruction to the bank to debit the amount of your bill from your bank account on a specified date once the credit card bill is generated. This mode of payment is also known as Auto-Debit payment that can be useful to clear the pending dues of your credit card during Coronavirus lockdown.

Choose 3 Months Moratorium

The Reserve Bank of India has given 3 months’ leverage in which you can skip the payment of your credit card bills for 3 months. So, by choosing 3 months moratorium period, you can manage the Payments of Credit Card Bill during Coronavirus Lockdown. It will neither affect your Cibil Score nor will the bank impose any extra late payment fees on your credit card bill.

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But this facility has another face. The banks will continue charging interest on the outstanding amount and as a result, you will have to pay an extra sum of money as interest after 3 months. So, if you are capable enough to clear the bill on time then make use of the online methods of payments.

Why Cash Payment is Not Advisable During Coronavirus Lockdown

 Contradicts Social Distancing:- As we all know that the only way to overcome Coronavirus disease is to keep social distancing. But if you are willing to make the cash payment of your credit card bill then you will have to visit the bank’s branch and meet the bank’s representative. Then it will contradict the rule of social distancing and hence the risk of spreading the Coronavirus Disease is higher. Therefore, you must choose the online modes of credit card bill payment that are mentioned above.

Cash Payments are Chargeable:- The cash payment of the credit card bills is chargeable with a certain sum of money and different banks have different charges for it. On the other hand, the online mode of payment doesn’t include any extra charge on the payment of the credit card bills. Therefore cash payment of credit card bill is not advisable during Coronavirus Lockdown.

Conclusion

You have the various online options for clearing the credit carddues therefore you must avoid visiting the banks. The above measures willdefinitely help you to manage the payments of Credit Card Bill duringCoronavirus Lockdown. All the online methods comply with the rule of socialdistancing and they are the best way to clear all outstanding dues of yourcredit card.

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