How Paperless Billing Works
Electing to receive paperless billing, or e-bills, is a growing trend among credit card customers as a convenient and easy way to keep track of statements and expenses and pay bills on time.
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To gain the most from the paperless options available from your credit issuer, it helps to understand what paperless billing is, the advantages of shifting to paperless billing, and then to follow some easy tips to make sure you stay on top of your bills.
Paperless billing means receiving your credit card statement online rather than through a traditional paper statement that is mailed to you each month.
Why Go Paperless
There are several reasons why receiving credit card statements online works to customers’ advantage.
E-bills reduce clutter. With some owning multiple credit cards, keeping track of paper statements can be a daunting task, as they travel from the mailbox to various nooks and crannies in your home.
Save time and hassle. You’ll save yourself time spent tracking down bills when everything is available on your computer or mobile device. Many credit card companies will send you an email each month letting you know when your electronic statement can be viewed in the online account center.
You’ll help the earth. According to the website Greenbill.com, converting just one paper bill and statement, each month for three years, saves one pound of paper, 10 gallons of water, one gallon of gasoline and 44 pounds of greenhouse gases.
Improve your organization. Electronic statements allow consumers the option of quickly searching through years of transactions and organizing transactions by category.
Keep your information in one place. Paper bills leave cardmembers vulnerable to potential information breaches, says Eva Valasquez, CEO of the Identity Theft Resource Center. “An advantage of paperless billing is the ability to avoid having piles of personal information going out with your trash,” she says.
Take Paperless Billing One Step Further
Many customers who haven’t signed up for e-billing express concern about forgetting to pay a bill without a mailed statement to remind them of the due date.
There are a few tools available to help ensure that you will never miss a payment.
Make sure your reminder alerts are configured correctly. Most financial companies that offer e-billing offer several alerts related to statements, transactions and billing that can be set to your preferences.
For example, Discover allows you to receive notifications by email or text when:
- Your statement is available
- Your minimum payment is due
- A payment has posted to your account
- Your card has been declined
- A refund from a merchant or a balance transfer has posted
You will also automatically be enrolled in email alerts regarding possible fraudulent activity. Optional alerts include emails or texts that track your spending and notify you when you’ve exceeded a limit that you set, or notifications of offers and awards.
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Sign up for automatic payments. An easy way to take the stress out of paying your bills is to configure your account to automatically pay your minimum payment or your credit card balance each month. To set this up, you’ll need to connect your account with your bank account information, select your payment amount and the date to withdraw funds each month.