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How to send money to a credit card

According to Bankrate.com, there are a number of different payment methods that cardholders can use to pay balances and increase credit availability. Each credit card company has its own policy, but it is usually possible to make cash payments at banks or retail locations, make mail payments, or arrange bank or debit card bills by phone or online.

How to Deposit Money on a Credit Card
How to Deposit Money on a Credit Card

Online Payment Options

Consumers are increasingly choosing to pay their bills online. In most cases, you’ll have at least two options for depositing money online into your credit card account.

Credit card website: Your credit card website may have an online payment option that allows you to set up a one-time or monthly bill on your checking or debit card account for the amount you choose to pay.

Pay your bill through the bank: Your bank may provide bill payment services that allow you to pay bills directly from your checking account. You can make electronic payments, which means the money will be transferred directly from your account to your credit card issuer. Another option is to ask your bank to send a paper check by mail to your credit card issuer.

Pay by phone

Credit card companies sometimes offer the option of paying by phone, allowing you to use an automated voice system to pay with your bank or debit card details. It is also possible to speak directly to the customer service agent, who can handle the payment for you. If you have a smartphone or tablet, you can also make a payment via the mobile app of your credit card issuer.

Pay at an ATM or Branch

Some banks, such as Chase, offer the option of paying by card issued by bank by going to a bank branch and asking the teller to make a payment to you or via an ATM owned by the issuing bank. The advantage of this option is posting payments quickly, as well as the ability to use cash, debit or credit cards to make your payments.

Third-party cash payments

Both chain retailers – such as drug stores, grocery stores and large canned stores – and cheque payment services offer direct billing options. You’ll need to give your card cashier along with the cash and explain that you want the cash to be transferred into your card balance. There will usually be a fee for this and the cashier can be instructed to check your ID and enter your personal information into the store’s cash register before processing the transaction. You will receive a receipt for your deposit that you will hold until the deposit is applied to your account, which usually takes less than an hour.
The main advantage of retail store payments is that you can pay in cash and get receipts that show what you paid for. The disadvantage is having to pay an additional fee for this convenience.

Mail-in payments

For decades, credit card holders have made mail payments using paper checks or money transfer orders. Using mail to pay bills is less common than it used to be, but many people still prefer this method. In fact, if you’ve chosen to continue receiving paper statements by mail, chances are your credit card issuer will send you a free envelope and pay stalk in each mailing.
The main drawback is the possibility of mail delays and delivery issues that can delay your payments. This can lead to late charges as well as can cause damage to your credit score. Many people who continue to pay their bills by post choose to pay extra for the tracking service so they can know when the bill payment actually reaches the credit card’s payment center.

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