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Easing card payments

india Updated: Dec 18, 2007 23:41 IST
Arnav Pandya
Arnav Pandya
Hindustan Times
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Delay in making credit card payments is something that many Indians are grappling with today. With a number of charges such as late payment charges as well as interest on the amount that is unpaid being imposed, a mechanism to help the cardholder know about payments that are due and then make necessary provision to transfer the funds is the need of the hour. A few such mechanisms are already in place and emerging as popular options for cardholders as they can save time and effort for the cardholder.

ATM transfer

Whenever a person holds the credit card and an account with the same bank he or she can use the facility of making their credit card payment through an ATM. All that a person has to do is to go to the ATM and move to the additional options menu, which again has the option of making credit card payment. This will provide the opportunity to make the payment by directly transferring money from the bank account to the credit card account thus completing the transaction. There is no question of any delay in this route and hence becomes a convenient option for the user.

Online payment

Several banks also allow credit card holders who hold a savings or a current account with them to use the online route for making the card payment. Here, the person has to have the facility of online net banking and the bank should allow for such payments. Again the option on the online menu helps in transferring funds to the credit card account. This route also provides the convenience to the individual in paying their bills and more importantly there is a check on the amount that is paid to the bank rather than a direct auto debit that can prove to be risky in several cases when the payment is disputed.

Visa transfer

Several banks also provide the facility to make a payment on their visa credit cards even though the credit card is with some other bank. This provides an element of comfort for the person because using their existing bank account the payment can be made. Again, here the transfer is through the net banking route and the card number along with the destination has to be entered to come to the end point of the transaction and the money gets transferred from the bank account to the card account without any delay making the process a time saving one too.

The author is a Certified Financial Planner. Views expressed here are personal

Get on top of your credit
Late payment often leads to a lot of charges on credit cards
There are several options available for use of new routes to make payment
Funds can be transferred from the ATM to ensure the credit card payment
Net banking can also be used to pay credit cards of the same bank

A visa transfer facility allows payment of cards of other banks too