How to add a credit card to PhonePe? A step-by-step guide

Convenience is the most important thing in the modern digital age. One particularly great feature in UPI apps is being able to link a credit card, making paying even simpler. That is all the information that you will require to associate your credit card with PhonePe and make responsible use of it will be covered here.

Credit card

Banks and other financial institutions provide credit cards, a type of financial instrument, where you can borrow money to spend. For all technical purposes, using a credit card is essentially borrowing from the issuer and will need to pay back with interest sometimes. Well-handled credit cards can be quite rewarding and even help in building an excellent credit history. Just be sure to handle them wisely so that you are not overspending.

Smart tips for using credit cards on PhonePe

Remember these tips to get the most from your credit card on PhonePe:

• Monitor your credit limit: You should stay within your credit limit so that you do not end up overpaying.
• Check statements periodically: You should track all of your spending and check for fraudulent activities with regular credit card bills.
• Time payment: On-time payments mean that your credit score will be high, and you will not have to pay late fees.

How to transfer money to PhonePe from a credit card?

Transferring money from your credit card into your PhonePe account is straightforward:

1. Open the PhonePe app and head to the "my money" section.
2. Select "bank accounts" and then "add a new bank account".
3. Enter the details of your card, choose "credit card", and then the purchase is confirmed.

Steps to links credit card with Phonepe

To add a credit card in PhonePe, do the following:

1. Download PhonePe app: Download the application if you don't have it installed.
2. Register or login: Launch the application, enter your login information, or register for a new account if this is your first time using it.
3. Go to my money: After logging in, navigate to the "my money" area. You'll find yourself in a window where you can manage your linked bank accounts, cards, and wallets.
4. Add credit card: Select "add credit card", and fill in credit card number, CVV, and the expiration date with the information. Enter twice to check the correctness.
5. OTP verification: You will receive a one-time password on the registered mobile number that you have maintained with us. Validate your card using OTP.
6. Create a UPI PIN: Make a UPI PIN on your credit card for safe transactions. To do that, kindly refer to the instructions on your screen.
7. Link UPI number: After you have set the UPI PIN, your credit card will get automatically linked to the PhonePe account which will further simplify the process of payment.

In conclusion, you can easily make safe purchases and opt for smoothing online transactions after linking your credit card to PhonePe. However, even though credit cards offer many advantages, it does not mean that they are the best options as they have potential drawbacks. Credit cards can make one roll into high-interest debt, financially suffocate them through over-spending, and even deter your credit score if mishandled.

(Note: Using a credit card carries its own set of risks.)