Paying the minimum on credit cards

Christopherj_2

I received my Natwest credit card 16th of July. My first statement is due mid August. From the 16th of July (when I received my card), I have been using ym Natwest credit card for purchases and making payments to my credit card to credit my account.

As I have set up a direct debit, will I still have to pay the minimum on my first statement, even though I have been making payments to my credit card? The payments total to more than the minimum would be.

surreysaver

What does it say on the statement? It should say the minimum amount will be collected by direct debit if it has been set up. Or you could make a manual payment anyway, just in case.

YorkshireBoy

Any payments you make between 16th July and your first statement date in August WILL NOT be taken into account when they calculate the minimum payment due in September.

The minimum payment will be calculated as 2.25% of your balance as at the statement date.

Also, with RBS Group cards even if you make a manual payment between your statement date and it's payment due date the DD will still be collected based on the statement balance. If your funds are limited, you might want to bear this in mind.

Christopherj_2

surreysaver wrote: »

What does it say on the statement? It should say the minimum amount will be collected by direct debit if it has been set up. Or you could make a manual payment anyway, just in case.

I haven't received my first statement yet.

latecomer

Are you planning on paying off the full balance of the card as you use it? If so then why not just keep the money until the end of the month and then pay the full balance on the statement. This way you will not pay any interest and dont have to worry about whether your interim payments have been counted.

As others have said take careful note of the minimum payment if you are not paying the full balance.