Repayment of Credit Card Dues

 Date 23-Jan-2021

Subject: Repayment of the Credit card dues.

Usage of credit card has been increased worldwide, since its launch in western countries. It has been seen as plastic money where holder of the credit card can use the Bank's provided limit and do the purchasing of the products and/ or services. Credit card have repayment cycle which range from 30 days to 55 days, depending upon the card and banks.

After the purchase or usage of the credit limit, one need to make the payment before or on the due date of the credit days, other wise bank may charge penal interest on non payment of the utilized amount. Repayment of the dues can be done in the following ways,

·       Internet banking (Credit card issuer)

·       Cheques

·       Cash payment- Branch Visit

·       NEFT-RTGS from different bank

·       Auto debit facility

I will be talking more on the Internet banking in this current blog. 

To make repayment using the internet banking, below are the steps customer need perform.

Steps to follow (Credit card and Bank account belongs to different service provider/ Banks/Financial Institutions)

1)      Should have Internet Banking Access

2)      Should have Internet Banking User ID and Password

3)      After login, one need to validate the credit card number and make sure the card is active and one can see the total limit, amount utilized, due date, list of transactions etc.

4)      Visit the tab, "Make a Payment", and provide the Credit card details, Amount, Email ID, Mobile number and the Bank name from which customer is holding the account. Note- This is the case where Credit card Issuer and Customer’s bank are different.

5)      After submitting the Credit card details and other information, click on submit, then system will take user to the next page, which is the login page of the Customer’s other bank (Where customer have Saving or current account).

6)      Login using the user name and password.

7)      After login, system will ask user to check and verify the transaction details. User need to provide the Transaction narration and One Time Password (OTP).

8)      OTP will be sent to the registered mobile number. This mobile number should be linked with the Customer’s Bank account.

9)      Click on submit and, then system will show the transaction successful.

10)   Customer will receive the notification on Email and / or mobile for the payment processed.

Note- If due to technical error OTP has not received or transaction is not showing successful, please do the above steps again, but after some time. Before doing the repayment again, make sure the account has not been debited for the amount of Credit card due. Please contact Customer are or write them with the screen shot of the issue faced.

 

Steps to follow (Credit card and Bank account belongs to same service provider/ Banks/Financial Institutions)

1)      Should have Internet Banking Access

2)      Should have Internet Banking User ID and Password

3)      After login, visit the Card option on the Internet Banking dashboard.

4)      Select the card, which you want to make payment. One need to validate the credit card number and make sure the card is active.

5)      Internet banking webpage should show the credit card details like total limit, amount utilized, due date, list of transactions etc.

6)      Select the option "Make a Payment", and check the card outstanding. Fill the amount, which customer wants to repay, or select the option of full outstanding amount.

7)      System will generate One Time Password, which user needs to input to validate that, the transaction on the account has been initiated by you.

8)      OTP will be sent to the registered mobile number. This mobile number should be linked with the Customer’s Bank account. Provide the OTP in the provided block on the screen.

9)      Click on submit and, then system will show the transaction successful, with transaction summery.

10)   Customer will receive the notification on Email and / or mobile for the payment processed.

Hope the above information will help to understand the reader on how to make repayment using Internet banking on the credit card.