Why online bill payment is better than offline payments

Standing in long queues was quite a common sight before the advent of the online bill payment apps. It was quite a struggle to actually go visit the administrative offices and pay your bills.  But now our lives have been made easy due to the digitization of bill payments. We no longer have to wait for lengthy hours for our turn to come to pay bills.

There multiple payments that we have to make like electricity bill, water bill, LPG, landline etc. A single bill payment app can make your life way easier. Paying for utility bills online using the bill payment apps has the following benefits –

·         Timesaving

·         Safe payments

·         Convenient

·         Online tracking

·         Eco-friendly mode

·         Rewards & cashback

Timesaving –

Making bill payments online has the biggest advantage of being timesaving as it happens within minutes. In only a few clicks you can initiate the payment and with a good internet connectivity, it is completed within a minute. The hassle of waiting in queues is completely eliminated and you can save time for other important tasks at hand.

Safe payments –

Some people might have a notion that paying bills online might not be safe and can have the risk of online frauds. But all of these concerns can be easily dealt with if we are a bit more vigilant and aware of certain do’s and don’ts like not sharing your OTPs, CVV numbers, or passwords with anybody. If you take such precautions, bill payments are completely safe and secure.

Convenient –

It was never convenient for any of us to go to the service providers’ offices, stand in lines, and wait our turn to pay. Payments for utilities such as electricity, water, LPG, and other utilities have never been easier thanks to online bill payment apps.

Online tracking –

Apps for online bill paying are available almost all of the time. They are not restricted by working hours or even holidays. You have the option of paying whenever it is convenient for you. You can easily track all the payments online with just a tap of your finger.

Eco-friendly mode –

Online mode of bill payment is always eco-friendly as it eliminates the usage of paper completely. In turn this is good for the environment as the lesser is the use of paper, the more trees we would save. Going paperless is the need the need of the hour plus it has the benefit of convenience.

Read Also - Types Of Utility Bills Payments With Mobile App

Rewards & Cashback —

Some bill payment apps offer you rewards and cashback on using their platform to pay your bills. This helps you save money. The cashback vouchers can be redeemed at the partners of the app that you have used to avail the cashback benefit.

 

What are the important things you should check in your credit card statement?

Credit cards have become a vital part of everyday life as an easy-to-pay alternative for most daily purchases, making transactions simple by reducing the burden of carrying cash in our pockets. Credit card usage in India increased to 52 million in 2019 and are predicted to grow at a CAGR of over 25% between 2020 and 2025.

The nicest thing about credit cards is that they are much more secure and safe than debit cards, as they provide greater security against online and in-store purchases. They also feature a slew of advantages, including global acceptance, payback points, rewards, cash withdrawal from ATMs similar to debit cards, and ease of use in an emergency.

If you are a regular user of credit cards, here are a few things that you must be aware of –

1) Account Summary –

You must carefully go through your credit card statement after you receive it. Usually, things like credit card balance, opening balance, amount of purchases, interest rates, statement closing date etc are mentioned on it. You must know that payments made post the billing cycle won’t be reflecting in your current statement.

2) Due Date –

The deadline to pay your credit card bills is called the due date & it is explicitly mentioned on your statement. If you miss this due date, you may be charged with high interest on your pending bill amount. This is one of the most important points in the credit card statement.

3) Min. amount due –

In case you are unable to pay the entire bill of your credit card in full, there is a minimum amount defined on your statement which can paid to avoid any penalties. This is your minimum amount due which is the least amount expected from you to be paid. One must note that even if you pay the minimum amount due, interest will be charged for the outstanding amount.

4) Total amount due –

This is the sum total of the interest rate on the outstanding amount, late fee if applicable, carry forward amount from previous billing cycle, applicable service charges, or penalties.

Read Also - What are credit card cashback rewards?

5) Grace period –

 After you spend a certain amount from your credit limit, you get a grace period of generally 45 days to repay the amount. If you pay your bills within the grace period, you are not charged with any extra fees or charges. 

6) Rewards & Perks –

This is one of the major reasons why people choose to use a credit card app for payments. Users win reward points when they spend money from their credit limit to purchase goods or services. You can easily convert these into cash or redeem them while shopping. 

7 Top Questions Answered about credit card

 

An effective mode of payment, credit card adds ease to all lives. If used responsibly, credit cards are indeed a blessing. You're actually better off paying with a credit card than a debit card and keeping cash purchases to a minimum if you can utilise the cards properly, contrary to popular assumption.  

Q] What is the difference between a credit card and a debit card?

A credit card allows you to borrow money from a credit card business in exchange for agreeing to pay a percentage of your outstanding debt in interest at the end of each billing cycle. A debit card withdraws funds straight from a linked bank account. Credit card usage that is done responsibly might help you create a positive credit history. Debit cards, in general, are unable to do so.

Q] What are the advantages of a credit card?

Credit cards also aid in the improvement of your credit score (CIBIL score). When we don't have the funds available right away, it can also be a valuable tool for purchasing large-ticket items like televisions, vacation packages, and jewellery. Having another payment method in your back pocket has its benefits. For starters, you'll have a safety net in case you run into a budget problem soon. You may just open your wallet and charge it to your card if you're short on cash and your automobile requires new brakes.

Q] How does a credit card help with my credit score?

You'll need a credit score if you wish to borrow money because it's based on your financial activity history. These ratings are influenced by your credit card history. Using your credit card responsibly is good to your financial health on multiple levels. To begin, you can increase your credit score by using credit responsibly, which means spending less than 40% of your credit limit and paying your bills on time and in full.

Q] What is the eligibility criteria for a credit card?

You must meet certain eligibility standards in order for your credit card application to be approved. Different parameters may apply to each bank or lender or card. Your application may be refused if you do not meet the bank or lender’s requirements. Your credit score may suffer as a result of this. The common parameters for acceptance is age, stable income source and your credit history.

Q] Can I manage my credit card with my mobile?

Yes, you can manage your credit card with a mobile app. Credit card lender such as Bajaj Finserv have a mobile app to help keep track of your credit card spends. With the Bajaj Finserv app, you can easily pay all your credit card dues.

Q] Is shopping online easier with a credit card?

More purchase protection, as well as additional warranties and benefits, are frequently available when shopping online with a credit card rather than a debit card. Although not all credit cards are made equal, many of the best ones include features like purchase protection, extended warranties, return guarantees and rewards programmes.

Read Also - Things to keep in mind before applying for a Credit Card

Q] How do I redeem reward points on my credit card?

Some programmes have no expiration dates, so you can earn and redeem prizes whenever you choose. Others offer annual programmes with "use it or lose it" stipulations that require you to redeem prizes within a specified time frame or they will be forfeited. Check your Credit Card Agreement to see whether and when your benefits may expire.

Q] Can I pay my monthly bills with a credit card?

Yes, you can easily pay your monthly bills with your credit card app. With apps like Bajaj Finserv, you can pay all your bills, simply from the payment gateway, choose credit card and enter your details. You can also save your card details for hassle-free checkout.

 

How you can reduce & pay your Bills

 

One of the simplest methods to save money on a monthly basis is to cut back or bundle your cable and internet services. Stop paying for channels or internet connection speeds you don't need; instead, look around for the best offer or use a bargaining bot like Trim to cut your costs. Downgrade from premium to basic cable bill payment, or think about cutting the cord entirely. One of the most difficult aspects of personal finance is figuring out how to spend less money, and one of the most effective methods to do it is to reduce your monthly bill payments. Even though some of our regular bill payments may appear little in and of themselves, their cumulative effect can be massive - and a significant strain on our resources.

• ·         Contact several lending institutions if you believe you could be eligible to refinance your mortgage at a reduced rate. Locking in a lower interest rate can save you money over the course of the loan, as well as reduce your monthly payment and enhance your monthly cash flow.
• ·         Determine whether it makes sense to consolidate all or some of your student loans if they have a high interest rate. While most federal loans now have fixed rates, if you can find a decent loan consolidation programme, you may be able to save on bill payments every month.
• ·         If you have a significant credit card amount, contact your credit card company and ask for a rate decrease. They may be prepared to compromise if you pay your account on time every month. If they refuse, request a 0% balance transfer to a card with a lower interest rate.
• ·         Indians spend a lot of money on energy bill payments, thanks to scorching summers, freezing winters, and all the gadgets we plug in; in fact, the average household spends approximately ₹2,000 per year on bill payments. Fortunately, technological advancements have provided us with a few viable options for increasing energy efficiency and lowering that figure.
• ·       If your home's lightbulbs haven't been updated in a while, consider converting to CFLs or, better yet, LEDs. These bulbs are approximately four times more energy efficient than incandescent bulbs and have a long lifespan. One piece of advice: when comparing bulbs, use the lumens number rather than the comparable wattages. The quantity of light emitted by the bulb is measured in lumens.
• ·         If they looked hard enough, most people could find a cheaper method to watch their favourite shows. You might be able to reduce from premium to basic cable, or possibly get rid of your cable bill entirely (we finally did). Cutting the cable and watching less TV can help you save money on your online electricity bill payment while also exposing you to less advertising that encourage you to buy things.
• ·         Make a large batch of whatever you're cooking at home so you can freeze some for later meals and, even better, take some leftovers to work for lunch. Some people dislike leftovers, but there are a few tricks to making them taste as excellent as the original.

How to make bill payments from home?

Read Also - What are credit card cashback rewards?

You can easily choose to pay all your bills with the trusted Bajaj Finserv app. Apps give you the flexibility to pay all your bills with various payment means like UPI, digital wallet, net banking, credit card and debit card. You can easily pay all your bills anywhere and anytime. No more crowding outside stores or shops to process your payments. Its all done with a single tap. Especially post the pandemic, when online payments are encouraged, it is better to opt for such apps to make your bill payment.

 

5 Ways to Pay Utility Bill Smartly with Ease and Convenience

Once upon a time, paying electricity bills on time used to be a challenge, especially for working professionals. To pay electricity bills, telephone bills, and other bills, one had to go to the local office and wait in line. And keeping up with the due date was often difficult, resulting in a penalty or additional charges. You can complete a number of chores without ever leaving your house or going anywhere else –– office, café, hotel, or even while traveling. All you need is a device (a laptop or smartphone) and a high-speed internet connection. There has been a paradigm shift in the way individuals deal in the last several years, particularly since demonetization.

Today, online payment systems/platforms are accessible for a range of utilities, including landline bills, mobile bills, piped gas bills, electricity bills, DTH recharge, data card recharge, toll payments, credit card bills, and so on. Apps like Bajaj Finserv app aid in the easy and quick payments of your utility bills. Here are a few methods from which you can do Utility Bill Payment

1.       UPI

The National Payments Corporation of India (NPCI) established the Unified Payment Interface (UPI) last year, which has been a boon and has brought a dramatic change in the way transactions are conducted. Because UPI is based on the Immediate Payment Service (IMPS) infrastructure, it is available 24 hours a day, seven days a week. UPI apps are now available from a large number of banks.

2.       Mobile digital wallets

A mobile wallet is a device that allows you to carry cash in a digital form. You can use your mobile device to attach your credit card or debit card information to a mobile wallet application, or you can transfer money to a mobile wallet online. Your smartphone can now act as a wallet if you have a good mobile wallet. Because the notion has been broadly embraced across points of sale and services, you won't need to carry wads of cash. Many mobile wallets have integrated utility billers, online shopping, and travel booking, among other features that may be accessed at any time and from any location.

3.       Net banking

All Savings and Current account holders will find Internet banking to be a simple way to bank––anytime, anyplace. You don't need to establish a new account here. You can make an online payment to your biller by simply logging into your internet banking account. A user-friendly dashboard is available from many banks, which offers a slew of benefits. It not only lets you to pay bills, transact, and invest, but it also gives you more control over your own resources. After you've paid your bills online, you may keep track of your spending and make adjustments as needed.

Read Also - How to pay your medical bills online

4.       Credit card

Credit cards, like debit cards, can be used to pay for utility bills. When you use your credit card, you can earn reward points (which can be used to purchase certain items) and take advantage of interesting cash-back/discount offers, which can help you save money.

5.       Debit card

Your debit card, which is linked to your savings account, can be used to pay your utility bills as well. It's simple to use and may be used on multiple biller sites. You don't need to carry wads of cash to pay your power bills on a monthly basis. It is a simpler alternative, especially when you have the available balance in your savings account.

All of the above-mentioned payment modes, are available on the mobile app of Bajaj Finserv app. The app is available on both android and iOS devices. Payments with mobile apps add both convenience and speed to your daily life.

Why covid the financial crisis a good time to get a personal loan?

 

Many people have had their salaries cut in the recent year as a result of poor business performance, which has been exacerbated by the global coronavirus outbreak. Transitioning to a lower pay scale can be a difficult process. Borrowing as a way out, even to meet the most basic of requirements, is only logical in such a situation. People have been contacted by lenders offering personal loans. If you're in a similar situation, you might find it comforting to know that you can get a personal loan accepted quickly if you're in a pinch. If you have an excellent credit score and have been a good borrower, the loan will be easier to obtain. Should you take out a personal loan to bridge the gap in your budget caused by layoffs? Is now a good time to take out a personal loan because of the present financial crisis?

So how can a Personal loan help you?

• ·         Taking out a personal loan makes sense in most cases when it is the least expensive type of credit and is used for something that has the potential to improve your financial situation, such as debt consolidation or home improvement, so that your budget is not put under strain.
• ·         A personal loan for discretionary needs, such as a trip, on the other hand, can be costly and unneeded. Even in a crisis, a personal loan to pay bills such as rent, utilities, or medical bills is a pricey choice that should be considered only after all other options have been exhausted, such as loans from friends and family, crowd-funding, and so on.
• ·         When you are dealing with medical emergencies, and you are short of cash, a personal loan can come in handy. You can use the personal loan to pay for hospital and medical bills.
• ·         Borrowers with a solid credit score and history are more likely to get approved for the loan. However, as a result of the financial crisis, several lenders have raised their income and credit score criteria, making it more difficult for borrowers to qualify for a loan or secure a low interest rate.
• ·         As a result of the foregoing, it is now more vital than ever to shop around for a loan. NBFCs are more likely than banks to offer loans with more flexible terms. If you have a good credit history, check with your bank to see if you can get a better loan approval, as well as reduced rates and other benefits. If you have a friend or family member who is ready to co-sign a personal loan, including them on the application will help you get approved or get a better interest rate.

Make a list of the attributes that are most important to you while deciding between lenders. Think about how much it will cost and when you'll need the money. You could use pre-qualified offers to see what rate and terms you'll get, while some may specialise in quick finance. Make a list of the attributes that are most important to you while deciding between lenders. Think about how much it will cost and when you'll need the money. You could use pre-qualified offers to see what rate and terms you'll get, while some may specialise in quick finance.

Read Also - Benefits Of Personal Financial Planning

Apps like Bajaj Finserv offer an instant personal loan of up to ₹25 lakhs to help you with medical emergencies. With an easy to apply mobile process, you can get your personal loan in a few easy steps with minimal documentation and quick disbursal. You can easily apply for a personal loan in a few easy steps with the mobile app.

The process to apply for Bajaj Finserv EMI Network Card

 

With the advent of online bill payments, there have been many new inclusions to simplify the process. One of the inclusions is an EMI card. Imagine purchasing electronics, home appliances, clothing all at easy no-cost EMIs. It gives you the power to purchase for electronics and more and pay for it later in a flexible repayment tenure.

The Bajaj Finserv EMI Card allows you to use a digital credit line to get a pre-approved loan up to Rs. 4 lakh. You can utilise the card's credit line to make no-cost EMI purchases from 60,000+ partner businesses, including home appliances, groceries, and even gym subscriptions. The Bajaj Finserv EMI Network Card is a credit line provided through a card that allows you to pay for goods and services in instalments. The card functions as a pre-approved credit line that may be used at a variety of partner stores. No, the Bajaj Finserv EMI Card is not a credit card; rather, it is a card that offers a pre-approved line of credit. With minimum documentation and no cost EMI, you can use the loan amount on the card to buy a selection of electric products from 60,000+ partner businesses. Most products can be purchased with the Bajaj Finserv EMI Card at "No Cost EMIs," meaning you will pay no interest at all. Some items, on the other hand, may have a nominal interest rate attached to them.

The Bajaj Finserv EMI Card is a one-of-a-kind network card that works as a pre-approved loan, allowing you to break down the cost of your appliance or gadget purchase into simple, no-interest EMIs. This EMI card's adaptability enables you to swiftly and simply conduct secure online transactions. As part of the Bajaj Finserv EMI ne, you may shop from a variety of offline partner stores of the Bajaj Finserv EMI Store.

The Bajaj Finserv EMI Network Card's validity is stated on the card itself. You can also check the validity of your card via the Bajaj Finserv app or contact customer service for more information.

 Some of the benefits of EMI card include,

• ·         With the EMI Network card, you get a pre-approved loan of Rs. 4 lakh that you may use at 60,000+ partner retailers in over 1,300 cities.
• ·         Amazon, Flipkart, MakeMyTrip, Paytm, Samsung, and other major e-commerce platforms accept the card.
• ·         With the EMI Network Card, you can purchase select products from Bajaj Finserv's partner retailers for no cost EMI, i.e., you won't have to pay any interest to convert your purchases to EMIs.
• ·         The card has a variable repayment period that ranges from three months to two years.
• ·         Only the essential KYC documents are required. If you already have an EMI Network Card, you don't need to present any documents when you buy something.
• ·         The Bajaj Finserv app is included with the EMI Network card. As a result, you won't have to carry the card with you all the time. Alternatively, you can use the wallet mobile app to make payments.
• ·         If you foreclose your loan account after paying the first EMI, Bajaj Finserv will not charge you any fees.

How to apply for the EMI card?

• ·         You can apply for the EMI card with the Bajaj Finserv mobile app. You just have to register with your 10-digit mobile number in the app, and go to the offers section. Or you can click on the EMI card above and proceed to application. Once you are done with registration , your card will get activated for online shopping.
• ·         Visit a Bajaj Finserv EMI Network partner store in your area. To find the nearest store, go to the Bajaj Finserv website and use the store locator. Select the item you wish to purchase. Choose in-store financing by contacting a store representative. Choose in-store financing by contacting a store representative.