Credit Card Bill Payment

    Credit Cards are the bread and butter of our wallets, one that we can’t do without in our day to day activities. What we should not do without is missing payments on our credit card bills. Missing payments and making late payments on credit card bills incur additional fees, charges and penalties. However, all banks in Singapore today have made credit card payments completely simple and hassle free by providing an array of bill payment options so we do not miss out on payments. Payments through Online Banking, Phone Banking, SMS, cheques, cash etc. are some convenient ways of making payments among others.

    Credit Card Bill Payment Options in Singapore

    Leading Singapore banks offer a range of widespread options for making credit card bill payments:

    1. Online Banking : This is one the most preferred and commonly used option chosen to make credit card bill payments. This is because online banking or internet banking is available 24/7 anywhere in the world. This helps skip long queues during busy hours of the day and simply make the payments electronically. Online banking also provides various other benefits including storing your eStatements, checking your account balance, transfer funds etc.
    2. InterBank Giro : When you choose InterBank GIRO as your preferred payment option, your credit card bill payment will be deducted from your selected bank account on a predetermined date every month without you having to worry about keeping track of your credit card bills and payments. To apply for this facility, you will need to visit your bank’s website, download the GIRO application form, complete it and submit it to the bank. Depending on the bank, the processing of your application and completion might take between 2 to 6 weeks. Until your GIRO facility is activated, you must continue to make payments using your current mode of payment.
    3. Phone Banking : All leading Singapore banks provide phone banking services to customers. This service also allows you to make payments on your credit card bills. Similar to online banking, phone banking offered by certain banks are also available 24/7. You can make your credit card bill payments by entering your NRIC/ATM or Credit Card number when prompted and following the instructions to make the payment. You will also have access to additional card services including checking your account information, fund transfer, temporarily increasing your credit card limit, balance transfer, requesting for cheque books etc.
    4. AXS : AXS is a one-stop payment service offering an extensive range of payment options and online services at AXS stations. AXS offers more than 150 services to its customers. AXS e-Station allows payments on credit card bills online free of cost in addition to other payments including loans, insurance, healthcare etc. Even prepaid top-up facilities are available.
    5. S.A.M.  Machines – Singapore Post Self-Service Automated Machine : SAM is a convenient service provided by Singapore Post that can take care of your bill payments, postal requirements, financial requirements, lifestyle needs and much more. Apart from making your credit card bill payments, you can also use SAM for transaction related activities including making top-ups, bookings, ticketing etc. There are more than 300 SAM kiosks strategically situated across Singapore that offer services 24/7. You also have the choice of opting for SAM Web or SAM Mobile to make credit card payments.
    6. ATM : Some banks on the island offer its customers the option of making their credit card bill payments through the bank ATM using their Current or Savings Account or their ATM Card or Debit Card.
    7. Cash : Cash is an acceptable mode of payment for your credit card bill payment when made physically at the local branch or any Cash Deposit Machines (CDM) of your credit card issuer. However, banks usually do not accept cash when mailed to their bank address.
    8. Cheque : When you make your credit card bill payment via cheque, make sure to cross the cheque and make it payable to the name of your bank’s card centre. You will be required to mention your credit card number/s and the amount payable for each of your credit cards at the back of the same cheque. Also note that many banks in Singapore do not accept postdated cheques. You must check with your bank as to whether they accept such cheques.
    9. SMS : There are some banks on the island that allow credit card bill payments to be made via SMS. It usually requires a onetime setup followed by which you will receive payment instructions to complete the transaction. The components of your message will include the type of payment you are making (minimum payment or full payment), the last few digits of your credit card and your account number. Setting up this service may take up to 1 week or more. Until this payment option is setup for your card, you must continue making your credit card payments through your current payment mode.

    Tip: Always make sure to make your credit card bill payment at least 2 working days before the Payment Due Date to allow the bank to process the payment. Otherwise, you may incur late payment charges if the payment does not reach the bank on time.

    Advantages of Paying Credit Card Bills Online

    • Convenience – Online banking or internet banking is available 24/7. This allows you to spend more time on your everyday activities and less time on banking. You can skip standing in queues and going to the bank physically during their operating hours and perform an array of banking services with a few simple clicks online.
    • Ease and simple steps – There is no requirement for you to take physical forms, fill it up and then submit it to the bank. All the process is paperless and online when you just need to fill in certain details and submit it. When online, you only need to key in minimum details and make payments on your credit card bills, open RDs/FDs and so on.
    • Enhanced Security – All banks that offer online banking in Singapore are highly secure and guarantee the safety of your account information and money. They also guarantee safety on all your online transactions and cover any loss or damage in case of fraudulent activity on your account.
    • No additional charges – Online banking is offered absolutely free of cost by all banks in Singapore. There is no fee charged for this service and at the same time offers a multitude of features and benefits that make banking extremely convenient and simple.

    Credit Card Statement

    You can receive your monthly credit card statement in two ways – physical statements and eStatements (electronic statements).

    The components of a credit card statement are as follows:

    • Statement Date – It represents the date your bank sent you your financial statement for the month. It is also the date when the last transaction made on your credit card was recorded by the bank.
    • Transaction Date – It represents the exact date when you made a particular purchase or transaction.
    • Description – It represents the nature of your transaction and will include the details of your retailer as well but may not be the case necessarily.
    • Account Balance – It represents the total balance on your credit card account which is inclusive of your last statement balance, purchases and payments made previously.
    • Minimum Payment Due – It refers to the absolute minimum payment that you need to make on your credit card bill so as to not incur a late payment fee. The normal minimum payment due on credit cards in Singapore currently is S$50 or 3% of the outstanding balance on your credit card, depending on whichever of the two is higher.
    • Outstanding Payment Due – It refers to the total outstanding amount due on your credit card till date.
    • Credit Limit – It refers to how much more you can borrow on your credit card. Banks in Singapore allow you to borrow up to 90% of your credit limit on your credit card.
    • Reward Summary – This feature is specific to cards that offer a rewards programme, depending on which it will contain information including the points earned, spent and the balance.
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