Credit Card: Why it is Important to Know Your Billing Cycle?

Credit Card: Why it is Important to Know Your Billing Cycle?

Owning a credit card and using it is a very easy task, difficulty arises when it comes to billing date and due date. Most individuals get confused which results in delay in payment. Only understanding how to make maximum benefit out of credit card wont help unless you understand when to pay your bill. Click to know how interest rates on credit card are calculated?

Credit Card: Why it is Important to Know Your Billing Cycle?

Let us understand the difference between them and when to make payment. Here we need to consider two main dates that is:

Credit Card Billing Date

Credit Card Due Date

Credit Card Billing Date

 Credit card billing date is a date when your bill is generated. You will be notified with a SMS and email alert as soon as your billing gets generated. Billing date may vary, it may be 1st or 15 or any other day in a month. However, the date will be constant for every month. It can vary one or two days depending on the number of days in a month. He bill will have all the information of you purchases.

Credit Card Due Date

Credit card due date is a date which will be the last day to make payment of your credit card amount. In case if you fail to pay on that day, you will be charged a big sum of interest, processing fee, late payment fee, etc. 

To make it simple, let us consider an example:

Billing date 15th March, 2014: Means, your credit card bill will be generated on 15th of every month

Due date: 5 April, 2014: You need to pay the amount on or before this date for the bill generated on 15 March.

What if you purchase something on 16 March, this purchase will be reflecting in your next billing date.

What is Grace Period?

This is interest free period, varies with every credit card and usually is between 20 to 60 days

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How to Pay Income Tax Through SBI Debit Card?

How to Pay Income Tax Through SBI Debit Card?

These days paying your taxes are becoming easier, thanks to technology. Long queues and matching with branch timing was a difficult task earlier.

Now, you can now pay Direct Taxes such as Income Tax, TDS etc with the help of your ATM-cum-Debit Card issued. Here, to simplify we have considered SBI debit card. This is another way paying tax other than net banking. For that you need to register which is One Time Registration for getting a secure code (password).

Visit the CBDT website. You are displayed the Tax Information Network webpage of Income Tax Department.

1. Click the challan no. applicable.
2. Enter the PAN, name, address, assessment year, major head, minor head, type of payment etc.
3. Select State Bank of India from the list of banks.
4. You will be redirected to the OnlineSBI site.
5. You will be provided with options like internet Banking or ATM cum Debit Cards of SBI.
6. Select ATM cum Debit Cards of SBI and click the Submit button. You will be redirected to payment gateway site.
7. Enter the card details like card number, CVV / PIN number, other details and submit.
8. Enter your secure code password and submit.
9. Click the Submit button. You will be redirected to SBI with the account number details of your card number.
10. Enter the actual tax amount now. You will be displayed pre-confirmation page with the tax payment details.
11. Verify the details and click the confirm button.

Post confirmation page displays a link to print or download the receipt. These are the steps followed to pay through your Debt Card.

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