Do you regularly confirm the successful receipt of your credit card payments by the bank? If not, you should consider doing so. Failing to confirm payment can lead to various complications, such as incurring late payment fees.
Confirming the receipt of payment is a crucial final step in the process of paying your credit card bills. Without this confirmation, you risk unnecessary charges and potentially lowering your credit score.
Why are credit card payment receipts important – Understanding with an example
Confirming the receipt of payment by your credit card company is a very important step in repaying your credit card loans. A failure to confirm the receipt of credit card payment can lead to the credit card company or financial institution deeming your payments as “partial” and levying late payment fees.
Consider the case of a senior citizen from Bengaluru who could not close his account until he cleared a due of 35 paise and maintenance fee as imposed by the credit card company in question. The individual was informed about his due payment by the company in September 2021, when it had been two years since his payment had been marked as “partial” or “pending”.
He paid ₹ 595 towards his outstanding dues but the company insisted that he pay ₹6,000 more as pending maintenance charges. The individual approached the Consumer Disputes Redressal Commission in April 2022 for relief. The court ruled in his favour and asked the company to pay him ₹5,000 as a penalty and issue him a no-due certificate.
This case highlights the importance of confirming the receipt of credit card bill payments and card closures to avoid any complications.
Why is it important to confirm the receipt of credit card payments?
· Avoid late fees: Confirming payment ensures that the bank has received your payment on time, preventing any late fees from being applied to your account.
· Prevent maintenance charges: It helps avoid unnecessary maintenance charges that can accrue if the payment is not correctly recorded.
· Maintain your credit score: Timely confirmation of payments helps maintain a good credit score by ensuring there are no missed or late payments reported.
· Resolve disputes quickly: If there is any discrepancy or issue with your payment, confirming receipt allows you to address and resolve it promptly.
· Peace of mind: Knowing that your payment has been successfully processed provides peace of mind and allows you to manage your finances more effectively.
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To sum up
While repaying your credit card dues, you must confirm thecredit card payment receipt by the bank to avoid any complications in the future. This helps avoid late fees, maintenance charges, and lowering of your credit score.