Credit cards have become an essential financial tool in our daily lives, offering convenience and flexibility in managing our expenses. Businesses can also benefit from credit cards as they make purchase transactions seamless and also support their online payment gateway to boost their finances. One popular feature is autopay, which allows us to automatically pay bills that can be deducted from our credit card each month.
However, there might be situations where you wish to deactivate this option temporarily or permanently. Fortunately, with the advent of digital payment platforms, it has become easier than ever to control autopay credit card bills.
In this blog, let’s explore the simple steps to deactivate the autopay option in your credit card using digital payment methods.
1. Access your digital payment platform
The first step is to access the digital payment platform associated with your credit card. Most credit card issuers provide their customers with dedicated mobile applications or online portals. These applications include mobile banking apps, e-wallets, or specific credit card dashboards.
Download or launch the relevant application on your smartphone or visit the official website on your computer.
2. Log into your account
Once you have accessed the digital payment platform, log into your account using the provided credentials. This step ensures you have the permission to change your credit card settings. If you use a mobile app, enter your username and password or use biometric authentication if available. For online portals, enter your username and password in the designated fields.
Snippets: How do Banks Calculate the Eligibility for Your Credit Card
In India, banks use various factors to calculate the eligibility for a credit card. Let’s explore some common factors considered in the credit card eligibility calculation:
- Credit Score: The applicant’s credit score determines credit card eligibility. Banks assess an individual’s creditworthiness based on their credit history, including repayment patterns, outstanding debts, and credit utilisation.
- Income Level: Banks evaluate an applicant’s income level to determine their ability to repay credit card bills.
- Employment Status: Banks assess the applicant’s employment status to gauge the stability of their income.
- Existing Debts and Liabilities: Banks consider an applicant’s existing debts, such as loans or other credit card balances, to evaluate their repayment capacity.
- Age and Citizenship: Banks may have specific age requirements for credit card eligibility.
- Relationship with the Bank: Existing relationships with the bank matters, such as having a savings current or fixed deposit account, may play a role in credit card approval.
- Documentation and Verification: Banks require applicants to submit relevant documents such as proof of identity, address, and income.
It is important to note that meeting the eligibility criteria does not guarantee credit card approval. Each bank has its own internal policies and discretion in approving credit card applications.
3. Locate the Credit Card Settings
After logging in, navigate to the section where you can manage your credit card details and settings. The location of this section may vary depending on the specific digital payment platform you are using.
Look for options related to your credit card, such as “My Cards” or “Manage Cards.” If you have multiple cards, ensure you select the one for which you want to deactivate the autopay option.
4. Disable Autopay:
Within the credit card settings, you will find various options and features related to your card. Look for the autopay settings or similar options. It may be labelled as “Autopay” or “Scheduled Payments” on some platforms.
Once you have located the autopay option, toggle it off or select the disable option, depending on the platform’s interface. Some platforms require you to confirm your selection before turning off the autopay feature. Follow the on-screen prompts, if any, and review your changes before proceeding.
Fun Facts:
The first-ever credit card was made of cardboard!
The Diners Club card, created by Frank McNamara and Ralph Schneider, was initially intended as a credit card for restaurant use. The cardboard cards were imprinted with the cardholder’s name and account number. They were initially accepted at 27 restaurants in New York City when the card was introduced in 1950.
5. Verify the Deactivation
After disabling the autopay option, verifying that the changes have been successfully applied is crucial. Check if the autopay status for your credit card has been updated accordingly.
Some digital payment platforms display the current status or provide a confirmation message after you disable the autopay feature. Double-check that the autopay option is now inactive for your credit card.
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Sneak-Peek on Deactivating Autopay
When you disable your auto-pay feature on your credit card, all your Payment initiatives are made manually, which you must manually approve while paying a vendor or service bill. When your autopay feature is turned on while using your credit card, all your services and vendors get paid on time.
Your amount gets deducted from your account at the scheduled time and automatically credited to your vendor account. This happens when you link your bank account with your credit card wallet.
Your Wallet shares a unique ID with your service provider or vendor with high data security and easy payment transactions through the vendor-authorized online payment gateway. So whenever you are supposed to pay. You get notified through your mobile notification or email regarding the payment. However, when you disable your autopay, your autopay is paused. So you won’t be able to receive notifications regarding your upcoming or current payments with your service providers.
Benefits of Deactivating Your Autopay Feature in Credit Card
Deactivating the autopay feature on your credit card can offer several benefits.
- Increased Financial Awareness: By deactivating autopay, you become more aware of your credit card payments and due dates. It encourages you to review your credit card statements, track your expenses, and stay informed about your financial obligations.
- Flexibility in Payment Timing: Autopay deducts payments on a specific date each month, which may not always align with your cash flow or budgeting preferences. Disabling autopay allows you to choose when to make your credit card payments. You can align the payment dates with your income cycles or financial priorities.
- Control over Payment Amounts: Autopay often deducts the full outstanding balance or the minimum payment due, depending on your selected preference. By deactivating autopay, you have control over the payment amount.
- Avoid Overdrafts and Insufficient Funds: Autopay relies on the availability of funds in your linked bank account. If there are insufficient funds at the time of the automatic deduction, it can lead to overdraft fees or failed payments. By manually initiating payments, you can ensure that you have enough funds in your account to cover the credit card payment and avoid any associated penalties.
- Prevention of Unwanted Charges: Disabling autopay allows you to identify any unauthorised or incorrect charges and dispute them promptly. It allows you to scrutinise your expenses and ensure you only pay for legitimate transactions without hidden charges.
- Enhanced Budgeting and Financial Planning: Deactivating autopay lets you access your overall budgeting and financial planning. You can allocate funds specifically for credit card payments, monitor your credit card balances, and prioritise debt reduction strategies.
It’s important to note that while there are benefits to deactivating autopay, it also requires discipline and responsibility to ensure timely payments. Without autopay, you must proactively manage your credit card payments and stay vigilant about due dates to avoid late payment fees and negative impacts on your credit score.
Use Credit Cards seamlessly without Autopay
Managing your credit card payments becomes seamless with the availability of digital payment platforms. By following these simple steps, you can easily deactivate the autopay option on your credit card using digital payment, granting you better control over your finances.
Regularly reviewing your credit card statements is advisable to ensure accuracy and prevent unauthorised charges.
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