Now Reading: Best credit card bill payment apps with low convenience fees
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Best credit card bill payment apps with low convenience fees
Stashfin, CRED, super.money, CheQ and PayZapp are among the top credit card bill payment apps that charge low or zero convenience fees. Stashfin charges zero convenience fee and supports payments for over…
Stashfin, CRED, super.money, CheQ and PayZapp are among the top credit card bill payment apps that charge low or zero convenience fees. Stashfin charges zero convenience fee and supports payments for over 30 banks. CRED does not charge any convenience fee for standard payments through eligible methods, though charges may apply to certain transactions.
super.money, a UPI-based platform, has fees that vary by transaction type. CheQ may charge a base processing or convenience fee for standard payments. PayZapp by HDFC Bank charges zero fees for credit card payments made via UPI, PayZapp wallet or eligible HDFC Bank cards.
Experts advise users to compare fees, supported banks, payment methods and security features before choosing an app. Users should also enable due-date reminders, verify card details before payment and keep digital receipts.
Indian Opinion Analysis
The convenience fee on credit card bill payments typically ranges between 0.5% and 1% of the transaction amount when using third-party apps, according to industry norms. Apps that absorb this fee often rely on interchange revenue from card networks or cross-sell loans and investments to stay profitable. Users paying large bills, say above Rs 1 lakh a month, should calculate whether the reward points or cashback on a fee-charging app outweigh the flat zero-fee benefit of a no-frill app. The RBI's 2021 circular on recurring payments and the upcoming card tokenisation deadline also affect how these apps store card data, which can change the fee structure or payment success rate. Watch whether apps like CRED or CheQ revise their fee policy after the next RBI payment-system review.
Source: nationalheraldindia.com
This brief was synthesised by AI from the source linked above.
