Credit card always paid in full but ...

24

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Eastminster wrote: »
    I set up my payment from my NatWest current account and they do not accept future payments for non working days.
    So you don't set it up for the "due date" then, you set it up for the "working day before payment due date".
    I would be surprised if any bank allowed a future payment to be scheduled for a non working day.
    Tesco Bank allow future dated FPs for non-working days, and send them on non-working days. Be surprised. ;)
    As to your question, I know better than to bang my head against a brick wall. :rotfl:
    I was just interested in their reason, because there are far easier ways for them to make a profit, so there must be another reason.
  • Eastminster
    Eastminster Posts: 19 Forumite
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    YorkshireBoy wrote: »
    So you don't set it up for the "due date" then, you set it up for the "working day before payment due date".Tesco Bank allow future dated FPs for non-working days, and send them on non-working days. Be surprised. ;)I was just interested in their reason, because there are far easier ways for them to make a profit, so there must be another reason.

    Thank you for the information on Tesco Bank and correcting my "due date" mistake.

    I look forward to hearing ideas as to why NatWest do this. I guess that Bruce may also be interested although I am of course assuming here that he was referring to NatWest.
  • Nebulous2
    Nebulous2 Posts: 5,116 Forumite
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    Does this card offer anything over other cards who dont do this?

    I'd be inclined to vote with my feet and use another card unless there was a compelling reason to stick with them. If it was a long-standing card that you wanted to keep you could always put £5 through every 3 months.
  • chattychappy
    chattychappy Posts: 7,302 Forumite
    Eastminster wrote: »
    If anyone can justify this as anything other than blatant profiteering I would love to hear it.

    Oh really... if that's the way they want to do it that's up to them. Some CCs charge a foreign loading, some don't. Some charge high interest rates, some don't. Some give high limits, some don't. Some give you almost a month to pay, some just a couple of weeks. Some bundle in benetits, some don't. Some of local call centres, some don't. Some have great apps, some don't. Some do great BT deals, some don't. Some will let you off penalties, some don't. Some give airmiles, some don't.

    If you don't like when the do the DD, pay manually or change your card.

    I would rather they are "blatant" in their profit attempts than covert.
  • Enterprise_1701C
    Enterprise_1701C Posts: 23,409 Forumite
    Photogenic First Anniversary First Post Mortgage-free Glee!
    I am with First Direct and my CC is Tesco.

    When I receive my statement I go into my FD account and set up the payment to reach the CC by the due date. Doing this I have never had a late payment and it leaves and arrives on the same day.
    What is this life if, full of care, we have no time to stand and stare
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    First Post Combo Breaker
    YorkshireBoy wrote: »
    I was just interested in their reason, because there are far easier ways for them to make a profit, so there must be another reason.

    Actually, I can be pretty confident that this is the reason why it's taken early, although I'm afraid I'm not prepared to reveal why I know that.
  • redpete
    redpete Posts: 4,692 Forumite
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    Eastminster wrote: »
    NatWest do this and it is quite outrageous.

    Really?

    You still pay the full amount once a month. They effectively get a one-off 10 days worth of your money, so if a reasonably high spend of £2000 this might earn them £1.64 in extra interest. (That is £1.64 in total, not £1.64 a month.)

    Actually, over time it makes 0 difference.
    loose does not rhyme with choose but lose does and is the word you meant to write.
  • Geoff1963
    Geoff1963 Posts: 1,088 Forumite
    If you pay the card in full, 10 days before the deadline ; does it take 10 days for the money to reach the account, or is that credit immediately available to you ?
    If the latter, then you simply have fewer days of borrowing at 0 % APR, although if you have more than one card, and spend on them in sequence, you can get a longer average interest-free period.
  • Eastminster
    Eastminster Posts: 19 Forumite
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    redpete wrote: »
    Really?

    You still pay the full amount once a month. They effectively get a one-off 10 days worth of your money, so if a reasonably high spend of £2000 this might earn them £1.64 in extra interest. (That is £1.64 in total, not £1.64 a month.)

    Actually, over time it makes 0 difference.

    £2,000 x 3% x 10/365 = £1.64.................. every month. Also NatWest are likely to earn more than 3%. Then multiply this by thousands of customers. It all adds up.

    Then consider that almost all other banks take the DD on the due date so it is reasonable for a customer to assume that NatWest would also do this.

    So once again I ask the question why do NatWest take the payment 10 days earlier than other banks?
  • societys_child
    societys_child Posts: 7,110 Forumite
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    So once again I ask the question why do NatWest take the payment 10 days earlier than other banks?
    'cos they can?

    Is it not in the T&Cs?
This discussion has been closed.
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