What is Credit Card Due Date in Billing Cycle | ICICI Bank

5 Tips to Ensure Timely Payment of Your Credit Card Bills

Credit Cards are not just a convenient way of making make secure cashless payments but are also great for earning cashback & reward points and for building your credit score. To have a healthy credit history, it is important to make your purchases wisely and pay your Credit Card bills on time.  Missing a payment can attract late fees and penalties and negatively impact your credit score. Thus, it is crucial that you pay your bills on time. Here are 5 tips you can follow to ensure timely payments of your Credit Card bills.

1. Set up Automatic Payments 

One of the easiest ways to ensure timely payments of your Credit Cards bills is to set up automatic payments. Depending on your finances, you can pay the minimum amount or the full bill amount; however, paying the entire amount is always better. Many Credit Card providers offer online facilities to set up automatic payments, making the process easy, quick and convenient.

2. Mark Payment Due Dates on Your Calendar

Make a note in your calendar or diary to remind you when your payment is due. You can use a desk or wall calendar at home / work, the calendar in your mobile phone or any other digital calendar. Set reminders for a few days before the due date to ensure timely payments.

3. Use Payment Reminders

All leading Credit Card providers in India offer payment reminder services. You can receive them as notifications, SMSs or e-mails. Some providers set up these reminders for their customers as soon as their Cards are activated. You can also set them up yourself to alert you a few days before the payment due date or on the due date itself.

4. Pay Early

It never hurts to pay your bills early. If you have the financial capacity, pay your Credit Card dues before time. This will help you avoid late fees and interest charges and can also help improve your credit score.

5. Pay All Your Bills at Once

It's harder to keep track of multiple due dates of multiple bills that are spread throughout the month. If you pay all your bills at once, everything is taken care of for the rest of the month, in one go.

How to know the Billing Cycle and Due Date of your Credit Card

Check your Credit Card statement or your mobile banking app to find the billing cycle and due date of your Credit Card. The billing cycle is the period of your Card activity, while the due date is when the payment is due. Knowing both helps you plan and pay on time.

ICICI Bank offers multiple payment options to ensure timely and convenient Credit Card payments. Some of them are:

• Auto Debit Facility: You can set up an auto debit from your ICICI Bank Savings Account to pay your Credit Card bill. The minimum amount due or the total amount due (as per your choice) will be automatically debited from the linked Savings Account on the payment due date.

• Standing Instructions: If you have a Savings Account with another bank, you can set up Standing Instructions (SI) for automatically paying your Credit Card bill from that account. You can choose to pay either the minimum amount due or the total amount due from your linked account on the payment due date.

• Visa Money Transfer (VMT): The Visa Money Transfer (VMT) facility allows Cardholders to make automatic bill payments. The payment is made through an NEFT transaction from your bank account to your ICICI Bank Credit Card account.

• iMobile: You can pay your Credit Card bill manually using the iMobile app. You can pay the minimum amount due or the total amount due. You can also set up auto debit instructions for automated payments.

• Net Banking: You can pay your Credit Card bill manually by logging into Net Banking. You can pay the minimum amount due or the total amount. You can also set up auto debit instructions for automated payments. The payment will be debited from your linked ICICI Bank Savings Account.

ICICI Bank Credit Cardholders can also receive e-mails, app notifications and SMS alerts about their upcoming payment dates.

Conclusion

Not missing your Credit Card payment due date is essential for responsible Credit Card management. You can use any of the above tips to avoid late fees & interest charges and maintain a healthy credit score. Whether it is automatic payments or manual calendar entries or reminder alerts, there is sure to be some solution that helps you pay your Credit Card bills on time.