Paying your credit card bills on time will save you a lot of hassle – for instance, you’ll be saved from paying late payment fees. Defaulting on bill payments is not good for your credit score or risk profile. Most banks and credit bureaus come down heavily on those who fail to clear their dues on time.
Payments made through some modes may take up to three business days for clearance. Hence, most banks request their customers to pay their card bill early. You should clear it at least a few days before the actual due date to avoid inconvenience and last-minute rush.
OCBC offers multiple payment options and modes to you. The following table will give you a better idea on the processing time needed for payments made through particular modes:
|Instant Bill Payment Modes||Processing Time|
|OCBC online banking||Instantaneous (Just log in to their website and choose “Pay Bill” under the Payment & Transfer head to make the payment)|
|OCBC mobile banking||Instantaneous (Process of payment is similar to online banking)|
|OCBC ATM machine||Instantaneous payment can be made at any OCBC ATM counter if you have an OCBC chequing account.|
|OCBC cash deposit machine||As a valid holder of an OCBC current/savings account, you can also make instantaneous card bill payment by paying cash at a cash deposit machine.|
|Funds Transfer through FAST||If you want to make bill payment using funds from another bank’s account, just add your OCBC credit card to the payee list. Select the FAST option and make the payment. Settlement of bill is almost instantaneous.|
|Interbank GIRO||Select a payment date and indicate it in your Interbank GIRO service application form. Your bill amount will be automatically deducted from the linked bank account on the selected payment date. Just make sure that you have sufficient funds in your bank account at least one business day before the date of payment. Settlement is almost instantaneous.|
Payments made through the modes mentioned below will usually take longer to be processed.
|Payment Modes With Longer Settlement Times||Processing Time|
|Internet banking service of any other bank||Up to three days|
|Payment through CashCard or NETS payment service, paid via iNETS kiosk||For payments made before 5:00 p.m., the settlement will be on the same day. For those made after 5:00 p.m., the payment will only be processed on the following calendar day. Just remember to make payments for different card bills separately|
|Cash payment at an OCBC branch in Singapore||Same-day processing|
|Payment at an AXS station||For same-day processing of payment, you’ll have to make your payment before 10:00 p.m. Payments made after that will only be processed on the next calendar day.|
|Payment through AXS m-station (mobile)|
|Payment through AXS e-station (online)|
|Crossed cheque made payable to OCBC Bank (Post-dated cheques aren’t accepted)||Three business days after the payment is received (Drop it at a deposit box at any OCBC branch or mail it to the bank)|
If you want to know how you can use your card safely and responsibly, check this out.