The interest rates of the credit cards are on the rise, and there is no way you would want to increase them with the late fine. It is best to go for the online platforms for the bill payment. There are a few things to know about credit cards, and you will be able to handle the whole thing in a simple way.
There are a few simple steps for the online credit card payment. Below are a few ways in which you can carry out the credit card payment.
- Visa Credit Card Pay
- Electronic Bill Payment
- SBI Auto Debit
- Pay Via UPI
- Pay via Mobile App
- Debit Card
Application of Increasing Interest Rates in Other Forms of Debt
- Buying a new car: It is estimated that financing a car that is worth 25000 dollars would raise the interest rate by about 3 dollars per month.
- Home Equity Line of Credit: It is forecasted that a 30000 dollars’ worth of credit would cost 75 dollars more in annual interest.
- Mortgages: It is interesting to note that a new mortgage on a home that is worth 200000 dollars at an annual interest rate of 4% can cost an individual an additional amount of 720 dollars provided that the increase in the three interest rates happens as expected.
However, it is worthwhile to note that the mortgage rates that are long term in nature and do not have any connection to the federal interest rate may not be affected by the increasing trend of the interest rates. Hence it is best to pay the credit card bills through the online domain.
Stepwise Guide to Pay through NEFT
Paying off your credit card bills online is easiest through the NEFT process. The first step is to log in to your bank profile and activate online or internet banking. Then you will have to enter your account IFSC code. With this, your account will be validated. Instead of the account number, you will have to give the sixteen digit card number on the page of the banking. Fill the name of the bank and then fill in the credit card details. After that, all you need to do is pay through the online medium.
Several Ways to Tackle Rising Interest Rates
- Using Debt Dash in paying debts swiftly: It is highly recommended that you arrange your debts in order of least to greatest by balance. After arranging your debts, make sure that you pay the debt that has the lowest balance. Once the debt has been paid, you are suggested to pay the next debt. Repeat the process until all the debt is paid. Many experts have opined that it is the most efficient and effective ways to which debt can be paid.
- Efficient planning: The budget counsellors advice decreasing discretionary spending before the effect of future interest rates.
- Lower interest rates: Many financial experts think that by locking in lower interest rates, one can save almost thousands in the long run. Moreover, they are also of the view that those individuals who have ARMs should move to a long-term mortgage rate. This is so because it would help in providing the stability that would assist in the budgeting process.
- Don’t pay late: It is of utmost importance not to pay late or miss payments. It is so because it can prove to be disastrous due to the reason that most companies dealing with credit cards levy stringent penalties. Hence the online domain is one of the best ways to tackle.
Hence it is easy to understand that paying the credit card bills through the online domain is way more beneficial and efficient. As a result, you will not even have late fine and will not have any problem with the increased rates of interest. You will easily be able to pay off your credit card debts and bills with the help of the online domain.