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In today's fast-paced world, managing finances efficiently is crucial. One of the most effective ways to ensure timely payments and avoid late fees is by setting up autopay for your credit card bills. This feature not only simplifies your financial responsibilities, but also helps maintain a good credit score.
What is autopay?
Autopay is a feature offered by many credit card issuers that automatically processes your monthly payment when a new statement is generated. You have the flexibility to choose the payment amount and the date it is deducted. This tool is particularly useful for individuals who struggle with due dates or want to avoid missed payments.
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Types of autopay
Credit card issuers typically provide three autopay options, allowing you to set your payment to:
The minimum amount due
A fixed custom amount
The full statement balance
“One of the biggest advantages is that it reduces the risk of late payments, which can lead to hefty penalty fees and increased interest rates. Missed or delayed payments also impact your credit score, making it harder to qualify for loans and credit cards in the future. With auto pay, you ensure that your payments are processed on time, helping you build a strong credit history,” said Adhil Shetty, CEO of Bankbazaar.com.
“Another important benefit is the convenience and peace of mind it offers. If you choose to pay the total outstanding balance, you can also avoid high-interest charges that accumulate when carrying forward a balance,” Shetty said.
How to register for the auto-debit facility
Log into your credit card issuer’s website or mobile app using your credentials.
Look for the ‘auto pay’ or bill payment’ option under the payments section. Once there, you will be asked to choose how much you want to pay each month— either the minimum due (to avoid late fees but still incur interest) or the total outstanding amount (to clear the full bill and avoid interest charges).
Next, link your preferred bank account from which the amount will be debited.
Ensure that the account has sufficient funds to prevent failed transactions.
After selecting your payment type and date, carefully review all details before confirming.
Some banks may require an OTP verification or take one billing cycle to activate autopay.
Once set up, it is advisable to check your statements regularly to ensure that payments are processed correctly. Setting up auto pay saves time, reduces manual effort, and minimises the risk of missed payments.
Important considerations
Sufficient balance: Ensure that your bank account has sufficient funds on the payment due date to avoid failed transactions and penalty charges.
Monitor transactions: Regularly check your bank statements to ensure that auto payments are processed correctly.
Modify or cancel: Most banks allow you to modify or cancel autopay instructions as needed.
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