Credit cards are a convenient way of making payments. Being a blessing at times, these small magical cards can turn into heavy packs of debt. You must aim to pay off the credit bill on time before it goes pending and becomes a significant debt amount. You must act smart and take immediate measures to pay off the credit bills on time. Here are some smart and convenient ways to get rid of credit payments.
Use balance transferring facility
Transferring balance from one account to another is one easy way to get relief from growing debts. To avail of this option, you must keep track of all the payment due dates of your cards. If you have a long time left to pay off debt for your second card, then swapping money from one account to another is possible.
EMI conversion method
Finding you are unable to pay for the credit card amount, you can contact your bank relationship manager and let them know about your situation. Make a request to them if you can pay the amount in small installments. However, you might have to pay additional interest standard charges payable to the bank.
Opt for automatic payments
Making use of the automatic payment facility can be the best way to make full credit cards on time. Once you activate this feature, the credit card amount gets deducted from your account, and you can avoid the hassle of missing payments while traveling and having no access to the bank account.
Plan payments during the holiday period
Every bank offers a holiday period of a minimum of 50 days before the payment date arrives. You can avoid paying the interest rate on your loan amount by saving the outstanding amount before the deadline arrives. This method works well if you have good saving habits and have emergency funds at home.
Limit your credit card use
To avoid missing credit payments, you must limit having only 2 or 3 credit cards. This will help you to avoid overspending and buying non-essentials. Owning multiple credit cards to avail buy-now-pay-later- policy for shopping is a big reason people buy more than their requirements.
Check bills to avoid fraudulent transactions
Credit cards are a bad choice for those who make payments without reading their bills. This can lead to financial disaster as the bank authorities might add erroneous transactions that need to be verified. Always look at all your credit card bills and contact the authorities to waive off the false amount.
Get a loan to pay the dues
Opting for a personal loan could be the last resort to pay credit card bills. You can talk to the bank officials and clearly tell them if you are not able to pay the full amount due to a financial loss and ask for a loan against it. A personal loan comes with a low rate of interest as compared to a credit call bill. And you get the added benefit of paying back the loan amount with interest in monthly installments.
