In the period between 2018 and 2019, India recorded a credit card debt of Rs. 853 Crore. In the post-demonetisation period, due to extensive credit card usage among Indians, the financial liabilities of households have also increased manifold. Thus, if you are a credit card user, it is crucial that you plan your finances effectively to avoid accumulating credit card dues.
Unplanned usage of credit cards can easily lead to a debt trap. But there are a few methods through which you can avoid challenging bills on the card. You should opt for cards which offer easy EMI conversions and substantial interest free periods on various transactions. For instance, if you have a Bajaj Finserv RBL Bank SuperCard, make sure you are completely up to date RBL credit card payment to avoid incurring interest.
Following are a few methods you can utilise to make sure that you pay off the debt on your card on time.
How can you pay off your credit card debt fast?
Following are a few methods you can avail to pay off the debt on your credit card –
- Convert your repayment amount into EMIs
If you are finding it difficult to repay your credit card amount, you can convert your credit card purchases into EMI amounts. Most credit card companies allow individuals to convert their outstanding credit card amount into EMIs with additional monthly interest. They also charge an additional processing fee on the outstanding debt amount. You can avail this advantage to pay off your debt on your Bajaj credit card.
- Use the balance transfer facility
Using the balance transfer facility, you can transfer all your dues from multiple cards into a single one. Consolidating all your debts allows you to make a single payment each month to get rid of the outstanding debt amount. For instance, if you use the Bajaj Finserv RBL credit card payment, you can also use its Transfer N Pay facility for balance transfer. This can make paying off your credit card debt easier.
Additionally, Bajaj Finserv has also brought several pre-approved offers that can make availing their service faster and easier. These offers are available on various financial products offered by the NBFC. You can check your pre-approved offer by providing your name and phone number.
- Pay off the credit card debts with high interest rate first
While making payments for multiple cards, individuals mostly pay off the ones with a shorter due date first. However, it is better to clear the debts on the card which will incur a higher interest amount. By doing so, you can lower your total interest liability because dues with a higher interest rate accumulate interest at a faster pace. It is one of the most convenient options to pay your credit card bills faster.
- Refer to customer service
You can reach out to your credit card issuing company and go through the repayment terms or even negotiate on them. If your bills are more than what is expected, you should immediately inform the same to your issuer to avoid unnecessary charges.
- Have solid repayment plans
There are a few strategies that you can adopt to help you out in paying off your credit card bills, viz. –
- Convert credit into a personal loan
With a Bajaj finserv credit card, you can convert your credit limit into a personal loan which you can pay back in 3 easy EMIs. There are many reasons to opt for personal loan on credit card, one of the most important being easy repayment. Utilise the funds to erase or reduce the accumulated debt on your other credit card.
- Pay more than your minimum amount
Always try to pay the due amount in full or more than the minimum amount. If you pay more than the minimum amount, you reduce the amount of interest that is charged on every pay cycle.
- Automate credit card payments
Every financial institution has the facility of automated credit card payments to help individuals ensure that they are making timely payments. For instance, you can set up a standing instruction on your RBL credit card payment each month to make sure that you can pay off your dues on time.
These are a few methods through which you can make sure that you get rid of accumulating credit card debt. However, it is best to check if your credit card allows the above facilities before availing them. For instance, with the Bajaj Finserv RBL Bank SuperCard, you can avail all these features and more. So choose your method for paying off debt carefully.