By 
Timely credit card payment is crucial primarily owing to two essential reasons, which are mentioned below –
- Avoiding s high rate of interest or finance charges.
- Improving credit score.
As a result, people are looking for convenient means to manage their credit card payment. Doing so also enables them to eliminate piling debt caused by using multiple credit cards.
Therefore, credit card users should leverage some of the most convenient means to manage their finances efficiently.
Most effective methods to manage credit card payments
Firstly, it is apparent that credit cards lower the immediate financial burden on an individual making high-worth purchases. In addition, managing one’s credit card finances during the billing period also makes these purchases interest-free.
Therefore, the most prevailing methods to ensure a productive and rewarding credit card payment plan are as follows –
- Evaluate credit card bills
Reading through credit card bills helps an individual to gather an idea about his/her scale of purchases. Additionally, this process enables a credit card user to look out for unrecognised and authorised purchases, if any.
Besides, evaluating one’s credit card statement provides essential information such as the volume of monthly purchases and the amount payable through EMIs.
Since financial institutions accept credit card bill repayment through EMIs, evaluating the same enables individuals to chalk out a repayment plan. In addition, cardholders can also manage their personal finances for effective and timely credit card payment.
- Set a practical credit limit
Several credit card issuers provide users with the option to determine their own credit limit on their cards. Therefore, estimating one’s monthly expenses and types of purchases through credit cards helps a user to set their credit limit.
On top of that, determining one’s credit limit is beneficial in several ways-
- First of all, a fixed credit limit ensures that individuals do not make expensive purchases beyond the stipulated limit. As a result, they can actively maintain their finances without going overspending.
- On the other hand, keeping one’s Credit Utilisation Ratio (CUR) below 30% is an effective credit card payment plan. A credit card user can implement a few tested techniques to use a credit card wisely and keep the expenses under this percentage.
- Pay credit card dues within the billing period
It is well-known that credit cards charge high interest on the outstanding balance after the billing period gets over.
Therefore, paying credit card bills within the pre-determined period enables individuals to not only avoid paying interest but also additional penalty charges. Typically, these charges on credit cards take the shape of late payment fees. This adversely affects an individual’s credit score and makes it difficult for them to procure new credit.
Credit card users should thus consider clearing their dues within the billing cycle as determined by the issuer. It is one of the most beneficial ways to get the most of one’s credit card.
- Convert high-worth purchases into affordable EMIs
A wise strategy for convenient and secure credit card payment includes converting high-value purchases into payable EMIs. For instance, individuals making purchases such as electronics, kitchen appliances, or others can ask their lenders for EMI facilities.
In this manner, credit card users do not have to pay a hefty sum immediately for their expensive transaction. Therefore, an affordable EMI payment option significantly reduces a user’s immediate financial burden. In addition, it is also a convenient way to repay credit card debt.
In this regard, one of the most popular credit cards that individuals can avail for easy EMI payment options is the Bajaj Finserv RBL Bank SuperCard. In addition, people can also benefit from facilities such as interest-free cash withdrawal from ATMs and more.
An effective credit card payment strategy also includes securing a user’s credentials to prevent financial fraud. As a result, checking one’s credit card statement and securing details protects an individual from financial damages.
