If you have landed on this page, we take it that you are curious to know how to pay credit card bill faster. So, let’s not waste any more time and dive straight into some of the smartest ways to pay off your credit card bills:
- Note down all your debts
Note down the details of each card and its respective outstanding amount and update on a spreadsheet every month. It could help you plan how to pay your credit card bill faster and also prevent over-expenditure.
- Set a monthly payment goal
Every month, as soon as you receive your salary, calculate how much funds you can allocate to debt clearance after you have deducted all your necessary expenses (EMIs, house expenses, savings). Being regular with your debt clearance is the fastest way to pay credit card bills.
- Consider a balance transfer
Transfer all the balance outstanding of several high-interest cards into one card with the lowest possible interest rate. Not only is it the fastest way to pay your credit card bill, but it also reduces the financial burden that comes with paying dues at a higher interest rate.
- Pay off cards with high-interest rates first
If, for some reason, the balance cannot be reshuffled, you should pay the credit card bills that come with a higher interest rate first. When bigger dues are paid, you might find it easier to deal with smaller debts and also save on the high interest that could be levied.
- Stop using all your cards
There is no sugarcoating this; spending and paying is a vicious cycle. Do you end up maxing out your cards too? To quick pay credit card outstanding dues, stop making decisions that lead to more dues.
- Follow the snowball method
Start with the cards that have the lowest outstanding while paying the minimum due on others. We often underestimate the effect of psychological wins — clearing a payment on one card might be the push you need to clear your most high-interest, high-debt credits. This is also one of the ways to pay off your credit card bills.
- Always pay more than the minimum due
Ensure faster payment of credit card bills by always paying more than the minimum due. Slowly, you will realise that you are well on target to quick pay credit card bills. Ideally, you must pay the entire outstanding amount at the earliest.
- Take a loan to pay off all cards at once
This option is the fastest way to pay your credit card bill. It also ensures that you pay a low interest amount. Personal loan interest rates are usually low compared to the interest rates that credit card companies levy.
- Talk to the bank to reduce interest
If you contact your bank and tell them about your genuine inability to pay off the dues, they may reduce your interest rates a bit. So, this relaxation can enable you to quickly pay credit card bills.
- Convert outstanding to EMIs
You might have the option to get your credit outstanding converted into doable EMIs, which are automatically deducted from your salary account.
Looking for more tips on how to pay your credit card bill faster? Explore more options by reaching out to an investment advisory today.