Credit card is a great tool to buy things on credit without asking for money from anyone or without taking any pain to get the loan sanctioned from any institution.
Credit card is a great tool to buy things on credit without asking for money from anyone or without taking any pain to get the loan sanctioned from any institution. If used judiciously, credit card holders may enjoy interest-free credit till the end of the billing cycle to manage their month-end expenses. But for enjoying all these facilities, it is necessary not to miss the due date of making the full payment of the card bills.
In case you fail to pay a bill on time, not only you need to pay late fee and interest, but your credit worthiness will also take a hit. If your credit score determined by Credit Information Bureau (India) Limited (CIBIL) on the basis of your credit history gets deteriorated, it would become difficult for you to get loans conveniently at a cheaper rate. So, making bill payments on time is very important to continue enjoying the benefits.
Another thing you should keep in mind is to pay the full bill amount and not to get deceived by the minimum amount payable. If you pay the minimum amount, you have to pay hefty interest on the remaining bill amount along with taking a hit on credit score.
To ensure that you may pay the full bill amount, always keep track of your credit card spending and never cross the limit of your capacity to pay the bill amount on or before the due date. Banks would automatically increase your credit card limit if you pay the bills on time, but don’t get carried away by the enhanced limit and spend only that much, which is necessary and within your spending capacity.
Sometimes, card holders unintentionally miss the bill payment due date because they are on the move and don’t have proper access or facility to make payment on time. To help solving the problem for its card holders, the State Bank of India (SBI) has provided an opportunity to its credit card holders to link their cards with YONO apps and make payments of card bills with ease anywhere, any time.
To link your card to YONO app, first log in to YONO app or sbiyono.sbi and then click on ‘Go to Cards’ and select ‘Link SBI Credit Card’. Then enter your SBI card user name and password to get OTP on your mobile number registered with the SBI credit card. Enter the OTP to link your SBI credit card to YONO app.
Once the card is linked, you may pay your card bills on YONO and get the benefit of instant credit limit renewal.