#bankingcomplaint

A credit card is a great asset if used carefully and smartly. It can help you solve your money problem in times of financial crunch, make you get through an unexpected event of expense and give few days of time leverage to pay that amount later. However, credit card users tend to spend more than what their pocket allows and do not plan their credit card expenses well. It is an art few people could plan wisely while others learn with time.

When it comes to paying the credit card bills, usually credit card companies give a minimum 20 day time to pay your bills before charging a daily interest and late fee charges on the bill amount not paid. Also, there are multiple ways in which you can pay your credit card bills, most of which are described below:

·         Net banking: The most convenient way to pay your credit card bills. You can get your cards registered on net banking and make bill payments every month. For ex., HDFC Bank account holders can register their HDFC Credit card or any other company’s credit card on their net banking and keep paying bills easily, every month.

·         ATM Funds Transfer: Another easy way to pay your bills. Go to your bank ATM and transfer funds from your bank account to the credit card account.

·         NEFT/VISA money transfer:Money transfers through NEFT is also possible into your credit card account number.

·         Pay by cheque: Make a cheque in favour of your credit card account number and submit at your nearest branch or put it in an ATM drop box.

·         Autopay: You can also provide standing instructions to get your credit card outstanding amount or minimum amount due, deducted from your bank account every month. An autopay registration form must be filled and submitted at your bank to start this service.  

Electronic transfer is the modern way to transfer funds. Gone are the days where you would have to visit your bank branches and get the money transferred to the desired account. Today, thousands of amounts can be transferred in a few clicks on your touch smartphone. Also, electronic transfer systemshave added more security with increased usage, to avoid incidences of wrong transactions.

Have you seen yourself jumbled with the different modes of fund transfers, namely NEFT, RTGS and IMPS? While the common objective of all these modes is the same, they still have functionality differences based on which they operate. There are differences on charges, the time it takes to transfer, the daily time till which you can transfer funds and some other operational differences

However, each transfer mode has its purpose and none of them is a clear-cut winner, below are some of the reasons people choose NEFT over other modes:

·         It is the oldest electronic mode of transfer. For those who play safe and have lesser information on new digital banking offerings, they would always choose NEFT mode of transfer.

·         For RTGS, the minimum amount to be transferred is 2 lakhs. With NEFT there is no minimum limit while there is a limit of maximum of 10 lakhs per day for the retail banking.

·         With IMPS, if a new beneficiary is added, you can only transfer a maximum of INR 10,000 in the first 24 hours and a maximum of INR 25000 in the first 48 hours. With NEFT, you can transfer INR 50,000(in full or parts) in the first 24 hours and INR 100,000 for the first 48 hours.

·         NEFT has the lowest charge structure. So, if you have no hurry on a fund transfer, NEFT should always be your preferred choice.

Even though the banking sector has developed considerably in the past few years, getting fast, going digital and much more secure, the unlucky ones still face issues with it. Things like transactions going into the wrong account, wrong amount getting credited etc. keep happening.

www.BankingComplaint.com