There are many ways to pay your credit card bills faster. For instance, consider choosing a balance transfer as a temporary relief. For that, transfer the balance of the card with accumulated dues to the account of another card with a later due date. This can give you some time to clear the bill.
Here are 5 other ways to clear your credit card bills quicker.
#1 – Choose a Credit Card with Useful Facilities
With lower credit card charges, you can pay your dues faster. So, consider applying for a card that minimises or excludes certain charges.
Here are some cards that offer such useful facilities:
- Low-interest credit card
Interest is charged when you can’t pay the full balance from the last billing cycle. So, it’s best to apply for a credit card with the lowest rate of interest. This can minimise late payment charges when they’re unavoidable.
- Lifetime free credit card
It never charges annual maintenance fees for using the card.
- No over-the-limit fees credit card
If you use this card for transactions exceeding your credit limit, you won’t be charged with over-the-limit fees.
- Zero cash advance fees credit card
It offers interest-free cash withdrawals. So if you withdraw cash using this card, cash advance fees won’t be charged.
#2 – Pay More Than the Minimum Amount
Paying only the minimum credit card amount doesn’t help in the long run. The remaining dues will keep accumulating. So it’s best to keep repaying the balance as and when you can before the due date. That way, ensure to pay it in full within the interest-free grace period.
#3 – Consider Choosing Automatic Bill Payments
Suppose the repayment deadline arrives and you can’t get access to your bank or you’re travelling. Besides, sometimes you may forget the deadlines. Then it’s good to opt for credit card bill payments that don’t need your manual intervention. These are automatic bill payments. They automatically deduct the unpaid amount from your bank account before or on the due date. For that, just provide a standing instruction to the bank beforehand.
#4 – Convert Credit Card Payments to EMIs
If you have too many accumulated credit card dues difficult to clear, consider converting them to EMIs.
Here is what you need to do:
- Learn the minimal monthly interest and processing fees charged for this facility.
- Pay the monthly instalments as per your convenience within the repayment tenure.
#5 – Track Your Credit Card Bills Regularly
Check your credit card statement periodically so that errors like miscellaneous charges or unauthorised transactions don’t add to credit dues. For example, if you notice fraudulent transactions, take the following actions:
- Report the suspicious transactions to your card issuer at once to have them investigated.
- Request to block the compromised card immediately. This can prevent further illegal card-based purchases from getting added to your dues.
There is another benefit of checking your credit card statement every month. If you see that you’ve overspent, try to keep your credit card bill within your budget. Then you can pay your bills faster!