Credit card bill payment hack

[ask_utkarsh]

People buy from credit cards and when its due for payment they are unable to make full payment. They choose emi option or minimum payment option and end up paying unnecessary interest.

 

[ask_utkarsh]

People buy from credit cards and when its due for payment they are unable to make full payment. They choose emi option or minimum payment option and end up paying unnecessary interest.

So one simple thing we can do here is whenever we make payment from credit card, immediately transfer that amount of money in your secondary bank account. That's how when its payment due we'll have that cash to pay that bill.

 

[hitirfan]

So one simple thing we can do here is whenever we make payment from credit card, immediately transfer that amount of money in your secondary bank account. That's how when its payment due we'll have that cash to pay that bill.

Ppl qho have money available can do it

 

[wcgxlr8]

If everyone did this, credit card business would shut down

 

[ask_utkarsh]

Ppl qho have money available can do it

People who don't have money, shouldn't be using credit cards. It's curse for them. They charge 36-48%.

 

[abhimarda]

So one simple thing we can do here is whenever we make payment from credit card, immediately transfer that amount of money in your secondary bank account. That's how when its payment due we'll have that cash to pay that bill.

But what exactly is the hack? How does it help to transfer to another bank account? I can as well keep money in one account as I know how much I need to pay as card bill

 

[hitirfan]

But what exactly is the hack? How does it help to transfer to another bank account? I can as well keep money in one account as I know how much I need to pay as card bill

It would be helpful for those who over spend.

 

[abhimarda]

It would be helpful for those who over spend.

Those who overspend will not have money in first account either...how does that help?

 

[hitirfan]

Those who overspend will not have money in first account either...how does that help?

If they start following this once that would help them from over spending

 

[abhimarda]

If they start following this once that would help them from over spending

Whats stopping from spending from second account? An overspender will spend from multiple accounts as well.

 

[hitirfan]

Whats stopping from spending from second account? An overspender will spend from multiple accounts as well.

Then they should transfer that in my account for safe keeping

 

[ask_utkarsh]

But what exactly is the hack? How does it help to transfer to another bank account? I can as well keep money in one account as I know how much I need to pay as card bill

I've already explained it in a thread. It was for those who end up spending money that they don't have.

 

[wcgxlr8]

I've already explained it in a thread. It was for those who end up spending money that they don't have.

I guess what they are suggesting is that if someone who cannot control their spending transfers it to a 2nd account, it won’t stop them unless there is some restriction on using that money from the 2nd account. My suggestion is to pay back whatever you use the same day to your credit card.

 

[lakshay]

So one simple thing we can do here is whenever we make payment from credit card, immediately transfer that amount of money in your secondary bank account. That's how when its payment due we'll have that cash to pay that bill.

I do something similar. I have Jupiter account and have a pot dedicated to credit card. I transfer a fixed amount in beginning of month (regular expenses) to the pot and add additional amount if I exceed it.
It has helped me out whenever there is unexpected expenses.

 

[Chaitanyabrahma]

So one simple thing we can do here is whenever we make payment from credit card, immediately transfer that amount of money in your secondary bank account. That's how when its payment due we'll have that cash to pay that bill.

And how to transfer the money. Are there any fees? Kindly explain. Thank you.

 

[ask_utkarsh]

And how to transfer the money. Are there any fees? Kindly explain. Thank you.

One can have multiple bank accounts. I've 4 bank accounts. So i simply dedicated one account for credit card payment. So whenever i use credit card for certain ammount i simply transfer that amount to dedicated bank account through UPI.

 

[ask_utkarsh]

One can have multiple bank accounts. I've 4 bank accounts. So i simply dedicated one account for credit card payment. So whenever i use credit card for certain ammount i simply transfer that amount to dedicated bank account through UPI.

You can have multiple upi accounts also. You can pay phone pay to gpay to a the relative accounts.
Or
You can use "transfer to yourself" facility in phonepay

 

[wcgxlr8]

And how to transfer the money. Are there any fees? Kindly explain. Thank you.

No fees usually, you can use NEFT or UPI (IMPS might have a fee)