by Venus Zoleta, on category "Credit Card"
June 21, 2018
The key to managing your credit card successfully is planning where and when to pay for your monthly bill. Banks provide a wide range of credit card payment channels for their customers’ convenience. With many options available, there’s no reason for you to miss a payment.
Here are the different ways to pay for your credit card bill in the Philippines.
Over-the-counter transactions are the traditional method to pay for credit card bills in the Philippines. You can pay with cash or check at any branch of your credit card provider. Cash payments are posted within 24 hours or the next banking day, while check payments take one to three banking days to post.
You may also make an over-the-counter payment at one of your credit card provider’s partner banks. For example, BDO branches accept payments for HSBC credit cards. Security Bank branches accept Metrobank credit card payments and vice versa. Payments made at another bank are posted after one to three banking days.
To pay at a bank counter, simply get your queue number, fill out a payment slip, wait for your turn, and hand the slip and your payment to the teller. When paying via check, make it payable to your issuing bank and write your credit card account number (or the customer number found in your billing statement) at the back of the check.
You can pay anytime at an ATM of your credit card provider, its partner bank, or a BancNet or Megalink-member bank. When you withdraw cash or perform any transaction at an ATM, you can pay for your credit card bill as well.
Settling your credit card bill via this electronic payment channel is no different from any ATM transaction. The bank may require a one-time enrolment before you can use its ATM to pay for your bill.
Credit card payments via ATM of the issuing bank are posted on the same day or next banking day. Posting of payments made through ATMs of other banks is completed within three banking days.
Phone banking may not be as popular as other credit card payment channels in the Philippines. But it can be useful when you can’t go to a bank or an ATM and can’t access your online banking account.
You need to enroll first with your bank’s phone banking facility before you can use it to access your bank account and pay for your credit card bill.
Paying for your credit card bill via phone banking simply involves using a touch-tone phone to call the bank and following the instructions of the voice prompt. Payments are usually posted on the next banking day.
Here are the numbers of banks with a phone banking facility that you can call to pay your bill:
One of the most convenient ways to pay for your credit card bill is through the electronic banking facility of your provider or its partner bank. You need to have a deposit account with the bank and be enrolled for an online banking account before you can pay through this e-banking channel. Credit card payment via online banking gets posted on the next banking day.
Mobile banking is pretty much similar to online banking when it comes to credit card payment procedures and posting speed. The only difference is the tool used for transactions. With online banking, you access the e-banking facility on a browser using a laptop or desktop. Mobile banking is a bit more convenient because you pay your credit card bill through the bank’s mobile app, which you can download on your smartphone.
Too busy to settle your credit card bills? Enroll in an auto-debit arrangement with your credit card provider. This facility automatically transfers funds from your deposit account to pay for your credit card bill on every due date. You’ll never have to worry about missing a credit card payment as long as you have enough money in your bank account.
To enroll for ADA, you have to call your bank or visit its branch. You can choose to pay to your credit card account either your total outstanding balance or minimum amount due every due date.
For credit cardholders who aren’t tech savvy, another over-the-counter payment option is through one of the bank’s bills payment partners. Payment posting takes one to three banking days.
Here are the major bills payment centers in the Philippines and the credit card payments they accept:
Simply present your billing statement and payment. If you don’t have the credit card statement of your account, you can still pay by filling out a transaction form.
Did you know that you can use a third-party mobile payment app to settle your credit card bills? Coins.ph and GCash are two of the mobile wallets or digital payment platforms in the Philippines that support credit card payments. Payments via mobile wallets are posted within three business days.
If you have an account with one of these mobile apps, you can also use it to pay for your credit card bill. All it takes are a few taps on your smartphone. Here’s how:
When choosing the right channel for you, consider how long it can take to process your payment. Ideally, pay your credit card bill at least four days before the due date to avoid penalty fees for late payment.