8 Different Ways to Pay for Your Credit Card Bill

by Venus Zoleta, on category "Credit Card"

June 21, 2018


Credit Card Payment | MoneyMax.ph

 

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.

1. Over-the-Counter Credit Card Payment in a Bank Branch

Credit Card Payment - Over the Counter | MoneyMax.ph

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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.

Pros:

  • Same-day or next-day posting when paying in cash at a branch of the issuing bank
  • Cash and check payments accepted

Cons:

  • Time-consuming due to travel time to and from the bank and long lines at the branch
  • Available only during banking hours

How to Make a Credit Card Payment in a Bank Branch

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.

2. ATMs

Credit Card Payment - ATM | MoneyMax.ph

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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.

Pros:

  • Same-day or next-day posting when paying via an ATM of the issuing bank
  • Available 24/7 (except when an ATM is offline) at accessible locations

Cons:

  • Using an ATM comes with the risk of skimming and other banking scams.

How to Make a Credit Card Payment Through an ATM

  1. Insert your ATM or debit card.
  2. Key in your PIN.
  3. Choose Bills Payment > Credit Cards.
  4. Choose your issuing bank.
  5. Enter your account number.
  6. Choose between Savings Account and Current Account.
  7. Enter the amount to pay and confirm it.
  8. Wait for your transaction slip.

3. Phone Banking

Credit Card Payment - Phone Banking | MoneyMax.ph

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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.

Pros:

  • Can be used when there’s no internet connection
  • Pay for credit card bills anytime and anywhere

Cons:

  • It may take a while to complete a transaction when lines are busy.

How to Make a Credit Card Payment via Phone Banking

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:

  • BDO: 631-8000
  • BPI: 89-100
  • Metrobank: 5-8000 or 1800-1-888-5800

4. Online Banking

Credit Card Payment - Online Banking | MoneyMax.ph

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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.

Pros:

  • Easy and quick way to settle credit card bills
  • Pay for your credit card bill anywhere in the world
  • Available 24/7 (except during system maintenance and upgrade)

Cons:

  • Security risks such as unauthorized transactions are a reality in e-banking.

How to Make a Credit Card Payment via Online Banking

  1. Visit the bank’s e-banking site and enter your username and password.
  2. Click on Bills Payment.
  3. Choose your bank account from where you’ll source the payment from.
  4. Choose the biller or credit card issuer.
  5. Enter your account number and the amount to pay.
  6. Click on Confirm or Submit to proceed with the payment. You may be asked to enter your password.

5. Mobile Banking

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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.

Pros:

  • Easy and quick way to settle credit card bills
  • Pay for your credit card bill anywhere in the world
  • Available 24/7 (except during system maintenance and upgrade)

Cons:

  • Using a bank’s mobile app comes with certain risks such as unauthorized transactions. Here’s how to protect yourself against mobile banking security threats.

6. Auto-Debit Arrangement (ADA)

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.

Pros:

  • Easy and quick way to settle credit card bills
  • Never miss a credit card payment

Cons:

  • You must fund the source bank account at least two days before the payment due date.

7. Over-the-Counter Credit Card Payment in Bills Payment Centers

Credit Card Payment - Bills Payment Centers | MoneyMax.ph

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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:

  • Bayad Center: BPI, Equicom, Metrobank, RCBC, and UnionBank
  • Cebuana Lhuillier: BPI and Metrobank
  • ECPay Outlets: Asia United Bank, BPI, and Metrobank
  • SM Bills Payment Counters: BDO, BPI, Citibank, EastWest Bank, HSBC, Metrobank, PNB, RCBC, Security Bank, UnionBank, etc.
  • Robinsons Business Center: BPI, Citibank, Equicom, Metrobank, and RCBC
  • TrueMoney: Asia United Bank, BPI, and Metrobank

Pros:

  • Accessible locations
  • Convenience for shoppers and those who pay other bills
  • 24/7 availability of some bills payment centers

Cons:

  • Some bills payment centers operate only on weekdays during office hours.

How to Make a Credit Card Payment in a Bills Payment Center

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.

8. Mobile Payment Apps

Credit Card Payment - Mobile Banking | MoneyMax.ph

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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.

Credit Card Payments via Coins.ph:

  • Asia United Bank
  • BDO
  • BPI
  • Citibank
  • EastWest Bank
  • Equicom
  • HSBC
  • Metrobank
  • Maybank
  • PNB
  • PSBank
  • RCBC Bankard
  • Security Bank Diners Club and Mastercard
  • Standard Chartered Visa and Mastercard
  • UnionBank MasterCard and Visa

Credit Card Payments via GCash:

  • Allied Bank
  • BDO
  • Citibank Visa
  • EastWest Bank
  • HSBC
  • Metrobank
  • PNB
  • PSBank
  • RCBC Bankard Mastercard, Visa, and JCB
  • Security Bank Mastercard
  • Standard Chartered
  • UnionBank

Pros:

  • Easy and quick way to settle credit card bills
  • Pay for your credit card bill anywhere in the world
  • Available 24/7

Cons:

How to Make a Credit Card Payment Through Mobile Wallets

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:

  1. Log on to the mobile payment app.
  2. Choose Pay Bills.
  3. Choose your credit card provider.
  4. Enter the amount to pay and your account details.
  5. Confirm your payment.

Final Thoughts

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.
Credit Cards | MoneyMax.ph