Nowadays everyone has a credit card Payments. I also use it. Whenever you need to do shopping or any urgent work, using a credit card makes the work easy. And if you cannot pay for something in one go, you get the option of Loan repayment, which means you can pay a small installment every month. But the problem occurs when we are busy or forget. If the EMI is not paid on time, a late fee is charged, interest also increases, and sometimes the credit card score also gets spoiled. All this creates tension.
That’s why I thought it is important to set Loan repayment reminders. So that the payment is made on time and no extra money is spent. If you are also like me and sometimes forget, then these methods are very useful for you.
Use mobile calendar
The calendar on your phone is the most straightforward method. Every phone has a calendar. Google and iPhone both have it. I made a new appointment on the calendar.. I named that event “Credit Card Loan repayment Payment”. Then I set the Loan repayment date. I also set the time, usually in the morning. Then I turn on “repeat every month”. I receive a reminder each month in this manner. I also turn on the notification so I remember. Sometimes I keep the alert tone different. So I know it is an EMI reminder. I also write down the Loan repayment amount in the notes. You can also use colors. Like red color to make it look important. You will never forget your Loan repayment using your mobile calendar. This method is easy and free.
Turn on bank app reminder
Nowadays every bank has its own app, like HBL, Meezan, UBL, etc. If you have a credit card payment, its details are available in the app. I open the app and go to the credit card section. There I found the EMI schedule. You can turn on SMS alerts and push notifications. With this, the bank itself sends you payment reminders. This is a very easy and convenient way. Sometimes you get an alert even a day before the due date. This way you can pay the Loan repayment on time and avoid late fees.
Google Assistant and Siri
You can use your voice assistant to set up Loan repayment reminders. I use Google Assistant. I say, “Hey Google, remind me to pay my Loan repayment on the 5th of every month at 10 AM.” Then it gives a reminder every month. You can also use Siri. You Credit Card can say the same thing to Siri. Say it once, then the phone will keep reminding you every month. This method is very easy. This is best for busy people. With this you can avoid late fees. And your credit score also remains good.
Write it on WhatsApp or in notes
Sometimes I use WhatsApp’s “Message Yourself” feature. There I write, “Loan repayment due 5th date.” Until I pay the Loan repayment, I pin that message. Make a tick box there and write the name of the Loan repayment. When you make the payment, checkmark that box. This method is very simple and helpful. This way you do not forget the Loan repayment. These small habits help in paying the Loan repayment on time.
Pay attention to bank emails
Every month I get an email from the bank. That email contains the credit card statement. It contains both the due date and amount. Sometimes this email goes to the spam folder, so you should check there as well. I have marked the bank email as “important” so that I don’t miss it. You can also do the same in your email. Email reminders are also very useful. With this, you can pay your Loan repayment on time.
There is also an option for auto-debit
Some people are very busy, or there is a high chance of forgetting the Loan repayment. For them, auto-debit is the best way. Contact your bank and fill the auto-debit form. Then every month the Loan repayment payment will be deducted from your account. In this manner, Loan repayment is not a concern for you. Just keep one thing in mind – there should be money in the account. If there is no money, the payment may fail. You can avoid penalties and late fees with auto-debit. This way is very safe and easy, especially for people who are busy.
Reminder is ignore mat avoid
Sometimes reminders come, but we ignore them. The reminders are useless this way.. That is why I keep the tone of my Loan repayment reminders different. So that they get noticed easily. I also pin the reminders on my phone’s home screen. You should also give high priority to EMI reminders. You can also set an alert a day in advance. This prepares you to pay. Such reminders save you from late fees. And it becomes easy to pay the Loan repayment on time.
Extra Tips which I follow
- Put a small sticky note on your fridge or dressing table – “Loan repayment 5th date”.
- Tell your partner too, he might be able to remind you.
- Create a different reminder for each card, you will not get confused.
- Keep a record of Loan repayment in a diary or Google Sheet. It will be useful later.
Conclusion
Paying (equated monthly installments) on time is very important. If you pay the Loan repayment late, you Additional late fee have to give and yours Credit score is adversely affected. It happens. Because of a bad credit score, you may have trouble getting a loan or getting a new credit card in the future. Hence, paying Loan repayment on time is a good financial habit that keeps your credit health strong.
You have to make sure that you don’t miss out on your Loan repayment. Set reminders. You can set a reminder in your phone’s calendar that will alert you on a specific date each month. Every bank or financial app these days will notify you of a specific date. Payment alerts or push notifications also send, which you can activate.