The debt paid on a timely basis carves an impression of you being a responsible borrower. It further results in high credit scores and attractive credit offers. Lenders keep a close eye on your repayment pattern before offering you credits at attractive terms. Debt servicing of any form such as credit cards are under the supervision of lenders even though you may not be using their product. So, even if you have a credit card of ICICI Bank, you can get offers from its competitors based on the repayment pattern maintained at the former. You can thus imagine the importance of ensuring ICICI Credit Card Payment on time. So, read this article to know those vital steps, which if followed, can help you join the bandwagon of happy customers.
Prioritize Your Card Spends
Given the peer pressure that most come under, the spends can go beyond someone’s ability to pay on time. You would like to match your lifestyle with that of others and in process dent your financials. The bills can foot up momentarily and leave you in a tight corner as far as the timely payment is concerned. So, the point is to spend after prioritizing the spends – which is important and which is not so. Spends based on prioritization can help you keep the bill to a degree that is affordable to pay on time.
Spend According to the Income
Having an idea of the income and the pressure it can bear helps you spend judiciously. You may have cash expenses besides the usual card spends you make month-on-month. You must save at least 30%-40% of your net monthly income (NMI). So, you can’t afford the spends (cash+credit card) to be more than 60%-70% of NMI, assuming there are no other debts apart from a credit card. Adjusting your card spends in accordance with income and cash expenses can keep the bill under control.
Don’t Add to EMI Purchases on Credit Card
The old concept of EMI enables a lot of big-ticket purchases from credit cards. The EMI conversion means the payment would go in small bunches to the lender. But, when having to deal with multiple EMI-backed purchases, cardholders may find it hard to pay dues on time. So, avoid adding to the EMI purchases in order to pay on time.
Don’t Lose the Sight of Your Wallet in a Bid to Accumulate Rewards
Rewards and cashback are probably the biggest incentives using a credit card. The rewards can accumulate on all or specific spends at the rate as stipulated. These rewards can be used to purchase gift items at both online and offline stores to make it a memorable experience for cardholders. Cashback gets credited to the credit card account after a few days from the purchase. Now, in that race to firm up rewards and cashback, you could end up spending on a lot of unnecessary stuff. This could ultimately spike the bill beyond your reach to pay on time. So, the general advice would be to look for rewards & cashback but also glance on which these are applicable. Along with that, you need to check your income as well.
At a time when everything is getting online, is there a need to continue with the traditional payment modes like cash, cheque or demand draft? You would say, ‘No’, won’t you? You can thus look to pay via net banking or payment gateway. The online payment gets credited instantly without having you to move an inch from your place. You can do it from your home or office from mobile or desktop.