Why Citibank Credit Card Payment should be done Timely? You must have felt a little bit hesitant when a Citibank official offers you a credit card. It’s because you know that you’ll end up spending more than you earn. Eventually, leading to default in credit card payment. Only if you are confident that you can manage your credit card expenses and pay the bills on time, then you can opt for a Citibank credit card. You’ll end up paying excruciating amounts of interest rates if regular default in credit card payment is made. You’ll be shocked to know that the interest rate on credit card can go upto 30% per annum, which is maximum in the case of any lending products. Upon this, you also have to pay late payment charges. Thus, Citibank credit cards can be beneficial or a wreck depending on how you manage it. What are the Challenges you may Face due to Delay in Citibank Credit Card Payment? Card Blocked: If you don’t make the time in the stipulated time frame offered by Citibank, the bank blocks your card, restricting you from the usage of the rest of the credit limit. As a result of this, you will face difficulty in making daily payments from expenses and cutting down your lifestyle. Credit Score: Most amount of damage that is done by non-payment of credit card bill is to your credit score. You will not realize the magnitude of maintaining a credit score until there comes a situation in your life, where you have to take a loan from Citibank or other banks. Credit score is a major factor that lenders check mandatorily before giving out loans. And due to delay in credit card payment, your credit score will be very low resulting in rejection of loans. Legal Action: Obviously, it’s someone else’s money you are using to live your lifestyle. So, if the money isn’t returned on time, Citibank has full right to sue you. Due to delay in payment, your account may be denounced as delinquent by the banks and legal notices will be sent to you. Post which, legal actions will also be taken against you. High Interest Rates & Other Charges: Default in Citibank credit card payment leads to an increase in your credit card bill. You will probably ignore it saying that it is okay to delay the payment by just 4 months. But in the long run, if you see, the interest rate you will pay may go upto 30% per annum. Not only you’ll have to pay the interest rate, you will also have to pay late payment charges by the bank every month.
How to make Citibank Credit Card Payment? After reading the repercussions of defaulting credit card payment, you might be scared and know how you can make Citibank credit card payment at the earliest. Banks for the convenience of their credit card customers have launched a series of online payment and offline modes that help them clear their bills within minutes. Online: Citibank Net Banking: Netbanking is really a popular mode of credit card payment among the that has gained popularity due to digitisation in India. All you are required to undertake to do is link your credit card to your Citibank net banking account and easily pay your credit card bills. Auto Debit: You can give Citibank SI (standing instructions) to debit a certain amount every month from your savings bank towards your credit card account. Mobile Banking: In this day and age, everyone is glued to their smartphones watching their favourite shows or listening to banging music or reading something. So, Citibank decided to offer you the convenience of paying the bill due through you smart phones. All you need to do is download the Citibank App from the Play Store or the App Store. Offline: Branch: All Citibank branches offers credit card payment facility to their customers. Just take the payment slip, fill in the beneficiary details as your credit card number and write the bill amount. Deposit the amount with the slip to the teller, and that’s it. ATM: Visit the nearest Citibank ATM. Press on the credit card bill payment tab, enter the bill amount and you’re done.