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  • FIRST POST
    • katie4
    • By katie4 7th Feb 18, 11:51 AM
    • 94Posts
    • 27Thanks
    katie4
    when to pay?
    • #1
    • 7th Feb 18, 11:51 AM
    when to pay? 7th Feb 18 at 11:51 AM
    Does it make a difference if you pay money onto your credit card before your statement is issued?

Page 1
    • zx81
    • By zx81 7th Feb 18, 11:55 AM
    • 15,497 Posts
    • 16,432 Thanks
    zx81
    • #2
    • 7th Feb 18, 11:55 AM
    • #2
    • 7th Feb 18, 11:55 AM
    Depends on what your objectives are.

    It may be reported to CRAs as if you are not using it.
    • katie4
    • By katie4 7th Feb 18, 11:59 AM
    • 94 Posts
    • 27 Thanks
    katie4
    • #3
    • 7th Feb 18, 11:59 AM
    • #3
    • 7th Feb 18, 11:59 AM
    Depends on what your objectives are.

    It may be reported to CRAs as if you are not using it.
    Originally posted by zx81
    no objectives I'm just wondering
    I do have a balance on my CC always pay minimum but have been paying more off as and when I get extra money

    • zx81
    • By zx81 7th Feb 18, 12:00 PM
    • 15,497 Posts
    • 16,432 Thanks
    zx81
    • #4
    • 7th Feb 18, 12:00 PM
    • #4
    • 7th Feb 18, 12:00 PM
    Presumably then your objective is to pay less interest?

    If you're not clearing in full, then you should pay as much as you can, as soon as you can, always ensuring that payments fall in line with the due dates.
    • katie4
    • By katie4 7th Feb 18, 12:39 PM
    • 94 Posts
    • 27 Thanks
    katie4
    • #5
    • 7th Feb 18, 12:39 PM
    • #5
    • 7th Feb 18, 12:39 PM
    Presumably then your objective is to pay less interest?

    If you're not clearing in full, then you should pay as much as you can, as soon as you can, always ensuring that payments fall in line with the due dates.
    Originally posted by zx81
    Yes I suppose it is to pay less interest I always clear in full but iI then make extra payments when I can

    • msallen
    • By msallen 7th Feb 18, 12:43 PM
    • 704 Posts
    • 696 Thanks
    msallen
    • #6
    • 7th Feb 18, 12:43 PM
    • #6
    • 7th Feb 18, 12:43 PM
    Yes I suppose it is to pay less interest I always clear in full but iI then make extra payments when I can
    Originally posted by katie4
    ??
    If you always pay in full you shouldn't be paying interest!

    (With the exception of an odd old card that used to operate in a different way but its very very unlikely you have one of those)
    • Ebe Scrooge
    • By Ebe Scrooge 7th Feb 18, 12:53 PM
    • 4,088 Posts
    • 3,522 Thanks
    Ebe Scrooge
    • #7
    • 7th Feb 18, 12:53 PM
    • #7
    • 7th Feb 18, 12:53 PM
    I always clear in full but iI then make extra payments when I can
    Originally posted by katie4

    In post #3 you said "I do have a balance on my CC always pay minimum but have been paying more off as and when I get extra money "


    Either you're clearing it in full or you're not. And if you are clearing it in full, then you shouldn't be making extra payments - this will put the card in credit, which is against the T&C's of pretty much all cards.


    Ideally you should wait until the statement arrives then pay in full before the "payment due" date. This way you will pay zero interest, and it will have the added bonus of reflecting positively on your credit record.
    I may not know much about art, but I know what I like.
    • zx81
    • By zx81 7th Feb 18, 12:55 PM
    • 15,497 Posts
    • 16,432 Thanks
    zx81
    • #8
    • 7th Feb 18, 12:55 PM
    • #8
    • 7th Feb 18, 12:55 PM
    If you're paying minimum payment, plus full balance payments, plus extra payments, you're going to end up severely in credit!

    You need to get spending...
    • katie4
    • By katie4 7th Feb 18, 1:27 PM
    • 94 Posts
    • 27 Thanks
    katie4
    • #9
    • 7th Feb 18, 1:27 PM
    • #9
    • 7th Feb 18, 1:27 PM
    Right maybe iv not worded it right
    I pay the minimum on time every month then i make extra payments on top
    I do get charged interest


    minimum payment is usually around £150 interest comes in at a whopping £110 i usually pay an extra £300 roughly to try to get the card paid off


    the balance is £3700 on a £4k limit card

    • zx81
    • By zx81 7th Feb 18, 1:29 PM
    • 15,497 Posts
    • 16,432 Thanks
    zx81
    Then we're back to the advice in post 4.

    Always make at least your minimum payments by the due date shown on each statement, but throw any extra money at the debt as quickly as you can.
    • 20aday
    • By 20aday 7th Feb 18, 1:33 PM
    • 2,135 Posts
    • 885 Thanks
    20aday
    I assume the credit card you're referring to is the Aqua card mentioned in your signature?

    If that's the case and you've got £7.93 on your Tesco Bank credit card do they have any Balance Transfer offers for you?

    You'd be able to transfer up to 95% of your balance (to allow for fees)-that way you'd be saving interest (so long as you don't mix it with Purchases) and able to make a dent in your balance.
    It's not your credit score that counts, it's your credit history. Any replies are my own personal opinion and not a representation of my employer.
    • katie4
    • By katie4 7th Feb 18, 1:37 PM
    • 94 Posts
    • 27 Thanks
    katie4
    I assume the credit card you're referring to is the Aqua card mentioned in your signature?

    If that's the case and you've got £7.93 on your Tesco Bank credit card do they have any Balance Transfer offers for you?

    You'd be able to transfer up to 95% of your balance (to allow for fees)-that way you'd be saving interest (so long as you don't mix it with Purchases) and able to make a dent in your balance.
    Originally posted by 20aday
    Hi unfortunately im not eligible for any offers, 0% cards or any loans for that matter


    Il just keep plouging what i can onto it thanks

    • Candyapple
    • By Candyapple 7th Feb 18, 1:38 PM
    • 2,652 Posts
    • 1,990 Thanks
    Candyapple
    Have you tried entering your details into the eligibility checker to see if you would be able to apply for a 0% balance transfer card elsewhere?

    https://creditcards.moneysavingexpert.com/?balance-transfer&_ga=2.41280098.1326189476.1517825568-1969417388.1516998791

    Even if you only managed to get a card with a low limit, that is preferable to move some of your £3.7k debt to 0% than none at all.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • katie4
    • By katie4 7th Feb 18, 2:56 PM
    • 94 Posts
    • 27 Thanks
    katie4
    Have you tried entering your details into the eligibility checker to see if you would be able to apply for a 0% balance transfer card elsewhere?

    https://creditcards.moneysavingexpert.com/?balance-transfer&_ga=2.41280098.1326189476.1517825568-1969417388.1516998791

    Even if you only managed to get a card with a low limit, that is preferable to move some of your £3.7k debt to 0% than none at all.
    Originally posted by Candyapple
    Yes see my previous post im not eligble

    • Candyapple
    • By Candyapple 7th Feb 18, 3:11 PM
    • 2,652 Posts
    • 1,990 Thanks
    Candyapple
    Ah ok. Keep doing what you're doing and check in say another 6 months time to see if you are eligible for anything then
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
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