In India, credit cards are soon becoming one of the most preferred modes of transactions. Between January 2017 and 2018, almost 7.39 million new cards were issued to customers. People prefer credit cards over other types of cashless mediums because of the convenience they offer. However, credit cards are debt products and everytime you swipe it, you basically take a short-term loan from the credit card company. This means, you’ll have to pay back the availed loan before the due date in order to avoid penalty and interest charges. Apart from that, if you fail to do so, your credit score is likely to go down affecting your credit eligibility for a very long time.

So, if you are using a credit card, it’s better if you pay the debts on time. Talking about how, you can use NEFT for credit card payment.

What is NEFT? 

 NEFT refers to National Electronic Funds Transfer System and has been in existence for a very long time. In fact, it is one of the most common methods of credit card bill payment. NEFT allows instant fund transaction and thus, requires you to activate online banking services.

Here’s how you can use NEFT system for credit card bill payment:

• Payee Name – The name that is printed on your credit cards.

• Payee Account number – A unique 16-digit number printed on your credit card.

• Bank Name – Name of the lender.

• IFSC Code – A unique identification number used to identify your lender’s branch. You will find it in the card statements online from the organisation’s website, or by calling them.

• Branch location – It will be available on the previous statement.

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