In the Corona crisis many people are struggling with economic problems. In such a situation, there is a problem in paying EMI. For this, you can resort to some other options.
Credit card bill payment methods in corona era
Many people have lost their jobs during the Corona period. Due to which they are facing financial problems. They are most worried about filling the credit card bill. Because not filling the bill in time can result in penalty. If you are also unable to pay the credit card bill due to the lack of money, then do not take tension. Because through some other options you can deposit money immediately. So, let’s know what those methods are.
Amount can be transferred to another card
If a credit card bill is high and you have more than one credit card, then you can transfer some amount or bill to your other credit card. This will give you extra time to pay the bill. The good thing is that there will be no increase in interest in this process.
Bill can be paid in EMI
If you are not able to fill the entire credit card bill due to bad financial condition, then you can convert it to EMI. With this, you will have to pay less in installments. This will give you less interest. Normally, the bank takes an interest charge of 2% per month for converting the bill to EMI. Paying the bill at the right time will not spoil your CIBIL score.
Pay the minimum bill
If you cannot collect the credit card bill, then you can choose the minimum payment option of the credit card bill. With this, you have to pay the minimum amount of the bill, that is, about 5%. You will get extra time to pay the remaining 95% amount. However, the remaining amount will come in the next billing period with 3-4% interest.
There is also an option for personal loan
You can also take a personal loan to pay the credit card bill. With this, you will be able to pay the bill immediately. Although you will also have to pay his installment on taking a personal loan, but for this you will get enough time.
Take advantage of reward points and cash back
If the bank issuing the credit card has not yet generated the bill, then you can take advantage of your reward points and cashback. You can use these to pay credit card bills.
Also read: There will be no problem in withdrawing funds after leaving the job, you can update the date of exit from this service of EPFO
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