Credit cards are slowly becoming preferred payment tools because of attractive features such as ease of application, rewards and benefits, a simple credit card apply online procedure, etc. However, to maximize the utility of your credit card, you must make sure to pay off the outstanding amount in time. If the amount is not paid within the due date, users can encounter issues that dampen their financial outlook and create unnecessary strain. The following reasons necessitate timely payment of credit card bills.

• In case the credit card outstanding amount is not paid by the due date, cardholders will have to pay interest at a high rate.
• They will also have to pay a hefty fee as late penalty charges.
• Furthermore late or missed payment of credit card bills will also significantly affect their credit score as well as the credit report. A credit score is a three-digit number that lending institutions use to gain an idea regarding a borrower’s payment behavior.

Therefore, it is crucial to pay off the outstanding amount on or before the due date.

Credit cards come with a pre-set limit known as the credit limit. Whenever any purchase is made with the card, the available limit reduces. After the outstanding amount is paid off, this limit gets restored. Thus, non-payment or partial payment of these dues also restricts one's credit limit and restores it for the next billing cycle only by the amount paid.

Cardholders can easily pay their outstanding bill for credit cards such as RBL Bank SuperCard through online payment modes including NEFT, Net Banking, NACH Facility, Mobile app, Bill desk etc. They can also complete the payment through offline modes via cash or by drawing a cheque.

Additional Read: Lowest Interest Rate Credit Card

However, one should opt to apply for a credit card only after careful consideration of all essential factors since it is an important financial decision.