4 tips on how to never miss a credit card payment again

Lifestyle expenses, utility bills and repayment towards loans and credit cards all come with a deadline. You are usually required to pay these recurring expenses every month. Missing due dates on some of these bills can incur late fees and interest charges.

Also, default or delay in payments can prove to be detrimental to your chances of availing credit in the future.

However, missing credit card dues will attract a hefty interest in case you pay beyond the grace period.

Here are the 4 that can help you plan your credit card payment and ensure you never default:

Automate your payments

The best way to make sure you don’t forget about credit card payments is to link your savings account and set up standing instructions with your bank to automatically pay the bill as soon as it is generated or on the due date. Here you can also choose to pay the full bill or minimum bill amount. This way, you will not only be able to automate payments, but also control how much you spend on your credit card on a month-on-month basis. All you have to do is keep your bank account sufficiently funded and monitor your credit card statement to protect yourself from any fraudulent charges.

Create a corpus for emergencies

Even though you own a credit card, it’s best to set aside an amount that’s equal to your credit limit. This way, in case you end up using your entire limit owing to a medical emergency or urgent home renovation, you will have the money you need to clear the bill with ease. The most prudent approach to adopt when building this emergency fund is to estimate all your liabilities and then choose an amount that’s slightly higher so that you always have a buffer.

Set up alerts for payment

Most credit card issuers offer a reminder feature that is immensely helpful. Should you opt for it, your issuer will keep reminding you of monthly payment dates via SMS and email alerts. This way you won’t forget to pay your bills. In case you do not want to depend on your issuer, you can simply set up a monthly reminder on your phone before your credit card payment deadline.

Modify due date to fit with your schedule

Based on when you receive your salary, you will have your own payment schedule for the month. In case your credit card payment date doesn’t coincide, you can ask for your billing cycle to be re-worked. For instance, if your salary is credited in your account on the 2nd of every month and your bill payment is due on the 28th of the month, you can move it up to the first half of the month so as to have it deducted along with your other payments such as rent or children’s tuition fee. This will ensure that you’re not missing out on your credit card payment deadline.

Remember, falling behind on your credit card payments is one of the most expensive debts you can have. But when you use one smartly, by paying the amount in full, each month, it can be one of the most beneficial financial tools.

One like the Bajaj Finserv RBL Bank SuperCard is sure to make life simpler for you. This is a card of convenience as it offers you reward points for all your transactions, interest-free cash withdrawal from ATMs for up to 50 days, conversion of credit limit into an interest-free loan for up to 90 days and secures all your transactions with zero-fraud liability cover.

If this sounds like the credit card that’s tailored for you, check your pre-approved offer from Bajaj Finserv and get an instant credit card right away!

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