As per the data released by the RBI, a 27% growth was demonstrated by the credit card industry YoY in 2018-19. Such a rise in credit card usage can be attributed to huge benefits and reward points on every transaction. You enjoy a hassle-free payment facility and an increase in your aggregate purchasing power.
Credit cards also levy a positive impact on your CIBIL score, provided that you pay all bills on time. You can easily make your credit card payment using Paytm (opens in a new tab/window) or PhonePe, effectively removing the hassles of offline payment methods.
Steps to Making Credit Card Payment using Paytm App
- Open the Paytm app.
- Click on the ‘Credit Card Payment’ option present on the website
- Enter your 16-digit credit card number, CVV number, and validity date
- Credit card bill details such as the name of the financial institution, total due amount, minimum requisite payment, etc. will be displayed on the screen.
- Click on the ‘Pay now’ option.
- Enter your 4-digit UPI pin.
- Wait for confirmation.
The display of the confirmation message requires a couple of seconds at most. Once you see get the notification, the credit card payment using Paytm is successfully processed.
You can also pay credit card payment online from other accounts or digital wallets such as PhonePe.
Steps to Making Credit Card Payment using PhonePe App
PhonePe allows individuals possessing a visa credit card to make their bill payments by using their digital payment platform. You can avail this facility to repay your credit card debt through the following steps –
- Open PhonePe app.
- Go to the ‘Recharge and Pay bills’ option.
- Click on ‘Credit Cards’.
- Enter the 16-digit card number, date of validity, and CVV number.
- All bill details will be displayed on the screen, such as the total amount, name of the financial institution, as well as personal information of the card owner. Verify the same carefully before proceeding to the next stage.
- Click on the ‘Pay bill’ to receive an OTP on your registered phone number.
- Enter the OTP to pay the bill successfully.
- Get confirmation message within seconds.
Making your RBL card payment (opens in a new tab/window) on time ensures no additional charges are levied on the total due amount respectively. In case of a shortage of funds, you can only pay the minimum amount due on the bill to prevent defaults. Nonetheless, interest is levied on the remaining amount.
Individuals can reduce their total credit card bill by accumulating substantial reward points through multiple transactions. Total rewards points can be redeemed to avail of a discount on the entire monthly credit card statement. You can opt for the Bajaj Finserv RBL Bank SuperCard offered to enjoy massive reward points on each transaction.
Bajaj Finserv RBL Bank SuperCard
Bajaj Finserv provides pre-approved offers on such credit cards to make the application process quick and hassle-free. You can avail such offers on numerous financial products besides credit cards such as home loans, business loans, personal loans, etc. Check your pre-approved offer instantly by providing your name and phone number.
Availing a credit card through such pre-approved offers allows you to save a substantial amount. You can save throughout the year by enjoying numerous discounts and reward points benefits on every purchase. Such savings come in addition to an increase in the overall spending capacity of individuals, through high credit limit sanctioned.
Also, as stated above, making RBL card payment on time increases the CIBIL score of individuals. A high credit score is beneficial as it increases the negotiating power of borrowers while availing credits in the future. It allows borrowers to obtain high-value advances at competitive interest rates respectively.
Making timely repayments on all your credit card dues ensures that no excess burden is levied. This is because you only have to pay for the transactions respectively. It establishes your creditworthiness with respect to that financial institution. Besides, it makes you eligible for cards with higher sanctioned limit and reward point benefits at nominal charges.
Guest Author: Shailendra Kumar