What is the alternative of CRED for paying Axis Bank credit card for paying credit card bill?

The alternative of CRED, PhonePe, PayTM and Amazon Pay for paying Axis Bank credit card bill is making the payment via NEFT. The account number is the 16-digit card number and the IFSC code is UTIB0000400.

What is the alternative of CRED for paying Kotak Bank credit card for paying credit card bill?

The alternative of CRED, PhonePe, PayTM and Amazon Pay for paying Kotak Bank credit card bill is making the payment via NEFT. The account number is the 16-digit card number and the IFSC code is KKBK0000958.

What is the alternative of CRED for paying ICICI Bank credit card for paying credit card bill?

The alternative of CRED, PhonePe, PayTM and Amazon Pay for paying ICICI Bank credit card bill is making the payment via NEFT. The account number is the 16-digit card number and the IFSC code is ICIC0000004.

What is the alternative of CRED for paying SBI Bank credit card for paying credit card bill?

The alternative of CRED, PhonePe, PayTM and Amazon Pay for paying SBI Bank credit card bill is making the payment via NEFT. The account number is the 16-digit card number and the IFSC code is SBIN00CARDS.

What is the alternative of CRED for paying Standard Chartered Bank credit card for paying credit card bill?

The alternative of CRED, PhonePe, PayTM and Amazon Pay for paying Standard Chartered Bank credit card bill is making the payment via NEFT. The account number is the 16-digit card number and the IFSC code is SCBL0036001.

What is the alternative of CRED for paying HDFC Bank credit card for paying credit card bill?

The alternative of CRED, PhonePe, PayTM and Amazon Pay for paying HDFC Bank credit card bill is making the payment via NEFT. The account number is the 16-digit card number and the IFSC code is HDFC0000128.

What is the alternative of CRED for paying Citi Bank credit card for paying credit card bill?

The alternative of CRED, PhonePe, PayTM and Amazon Pay for paying Citi Bank credit card bill is making the payment via NEFT. The account number is the 16-digit card number and the IFSC code is CITI0000003.

What is the alternative of CRED for paying IDFC First Bank credit card for paying credit card bill?

The alternative of CRED, PhonePe, PayTM and Amazon Pay for paying IDFC First Bank credit card bill is making the payment via NEFT. The account number is the 16-digit card number and the IFSC code is IDFB0010225.

What is the alternative of CRED for paying Indian Bank credit card for paying credit card bill?

The alternative of CRED, PhonePe, PayTM and Amazon Pay for paying Indian Bank credit card bill is making the payment via NEFT. The account number is the 16-digit card number and the IFSC code is IDIB000C106.

What is the alternative of CRED for paying Indian Overseas Bank credit card for paying credit card bill?

The alternative of CRED, PhonePe, PayTM and Amazon Pay for paying Indian Overseas Bank credit card bill is making the payment via NEFT. The account number is the 16-digit card number and the IFSC code is IOBA00CARDS.

What is the alternative of CRED for paying YES Bank credit card for paying credit card bill?

The alternative of CRED, PhonePe, PayTM and Amazon Pay for paying YES Bank credit card bill is making the payment via NEFT. The account number is the 16-digit card number and the IFSC code is YESB0CMSNOC.

What is the alternative of CRED for paying Amazon Pay ICICI card Bank credit card for paying credit card bill?

The alternative of CRED, PhonePe, PayTM and Amazon Pay for paying Amazon Pay ICICI credit card bill is making the payment via NEFT. The account number is the 16-digit card number and the IFSC code is ICIC0000004.

What is the alternative of CRED for paying Flipkart Axis credit card for paying credit card bill?

The alternative of CRED, PhonePe, PayTM and Amazon Pay for paying Flipkart Axis credit card bill is making the payment via NEFT. The account number is the 16-digit card number and the IFSC code is UTIB0000400.

« The worst performing equity mutual funds post-COVID: are you invested in these funds? What are the rolling returns of SIP and lump sum of direct mutual funds? (July 2024 edition) »

Calling CRED, PhonePe, PayTM and Amazon Pay users: if you cannot make credit card payments any more then read this

Posted on 03 Jul 2024
Author: Sayan Sircar

Tags: News

5 mins read
📢Join 3400+ readers on WhatsApp and get new post notifications!

This article provides a solution for making credit card payments for banks that do not support BBPS from 1st July 2024.

Calling CRED, PhonePe, PayTM and Amazon Pay users: if you cannot make credit card payments any more then read this

📚 Topics covered:

What is the news?
How do you make credit card payments if your bank is not live on BBPS?
How to make credit card payments via NEFT for banks not yet on BBPS?
Should you wait for BBPS to be activated by your bank before making credit card payments?
What about credit card payment reminders?
Which card-issuer banks are live on BBPS?

What is the news?

From 1st July 2024, per RBI rules, third-party apps like CRED, PhonePe, PayTM and Amazon Pay must use the Bharat Bill Payment System (BBPS) to make credit card payments.

Let’s break this down:

What is a third-party app? Services mentioned above sit between the credit card user like you and me and the bank that has issued the card
What is BBPS? BBPS offers a universal interface for any service provider (insurance company, mobile, internet, electricity, magazine subscription, school fees etc) to receive one-time and recurring (say monthly) payments. The system is very robust and is monitored by the RBI
How do third-party apps make credit card payments? These apps directly settle the credit card payment to the card issuing bank via NEFT/IMPS/RTGS
What is the RBI regulation: Third-party apps must use BBPS going forward instead of direct payment

What is the problem then?

34 banks issue credit cards in India
only 12 out of the 34 are live with BBPS
large card issuers like Axis, HDFC etc are not live on BBPS
credit card holders of the 22 non-BBPS banks can no longer use these third-party apps for bill payments

The problem affects those

who do not have an account with the same bank that was issuing the card
who were using these third-party apps for making credit card payments

How do you make credit card payments if your bank is not live on BBPS?

The solution is straightforward: make a National Electronic Fund Transfer (NEFT) transfer via Netbanking to pay the credit card bill.

All you need to do is:

map the credit card via the 16-digit card number and the correct IFSC code as an NEFT payee in your bank’s Netbanking site/app
make a ₹100 test transfer for the first time (this will settle in a few hours and you will get email/SMS confirmation from the card issuer bank)
the amount to be paid is on the credit card statement
use this facility going forward

The biggest benefit of bill payment via NEFT is the robustness of the NEFT payment network which operates almost 24x7 and there is no third party involved in the chain.

We have a detailed article on this concept here: How to pay your credit card bill by NEFT?

The article also has a large list of IFSC codes specific to credit card payments.

Did you know that we have a private Facebook group which you can join for free and ask your own questions? Please click the button below to join.

How to make credit card payments via NEFT for banks not yet on BBPS?

You already have the card number. All you need is the IFSC code. Here are the IFSC codes for select card-issuing banks not yet live on BBPS:

Card issuer	IFSC	Link to bank site	Google search
Axis Bank	UTIB0000400	Axis website	Google search
HDFC Bank	HDFC0000128	HDFC website	Google search
IDFC First Bank	IDFB0010225	IDFC First website	Google search
Indian Bank	IDIB000C106	Indian Bank website	Google search
Indian Overseas Bank	IOBA00CARDS	Indian Overseas Bank website	Google search
YES Bank	YESB0CMSNOC	YES Bank website	Google search

Pro tip: A few these banks even offer credit-card payment via UPI. The details will be there on their website.

A more extensive list is here.

Also read
Should you invest in hybrid funds via SIP for short-term goals?

Should you wait for BBPS to be activated by your bank before making credit card payments?

Most credit card payments will be due within the next 30 days at most. Banks, as per news report, will take “months” to onboard BBPS. It is advisable to use the NEFT method or open an account with the card issuer bank which may not be always practical.

Of course, there are severe interest charges of 3%/month + GST on the entire outstanding balance if you delay a credit card payment.

What about credit card payment reminders?

Many of these third-party apps offer payment reminders. You can use the calendar app on your smartphone (iPhone or Android) to create a recurring reminder to go off before the credit card due date. This app is built into all smartphones.

Which card-issuer banks are live on BBPS?

The following credit-card issuer banks are live on BBPS:

AU Small Finance Bank
Bank of Baroda
Canara Bank
Federal Bank
ICICI Bank
IDBI Bank
IndusInd Bank
Kotak Mahindra Bank
Punjab National Bank
Saraswat Bank
SBI
Union Bank of India

Cardholders can use third-party apps to make payments for these cards. But there is no real reason to do so given that the business models of free services include harvesting personal data.

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