Payment Query

ColdAsIce

Dear all,

I recieved my Capital one card, and ive been welcomed to the world of credit cards.

Had some advice, in terms of balances do you advise i pay it off all in one at the end of the month.

Example i bought some food from Mcdonalds, its obviously added to my balance after 48 hrs, instead of me forgetting shall i pay it off right away.

But i purchased some food from pizza hut along with filling up petrol yday also, its very unlikely i will use the card again, but does everyone advise i pay it off straight away once its updated, obviously so that i dont stung with interest.

Its 34.9% on the Capital one classic, im just trying to build up my credit history.

Ive made a spreadsheet outlining payments so i can keep on top of this.

Also i had £1 taken from my account for the equifax i swear they said the service was free of charge, however it isnt showing up on my transactions as its still pending.

I did ring them up regarding this, they advise its a ghost transaction and they will return this accordingly.

Also its a rip off right, to take money from a ATM, how would someone also borrow on a card?

The 56 days interest free, is that monthly if i keep up to payments.

Also shall i keep this card for 6-12 months pay off my balances on time so that it can increase my credit history so that i can apply for a cheaper rate credit card.

Im going back to Uni in october so was looking maybe at a student credit card.

Look forward to hearing frrom you.

cifpower

You do not have to pay each transaction off as soon as it appears on your statement. When you receive your monthly statement you have about 2-3 weeks to pay it off. If you clear it in full each and every month you will not pay interest.

jonesMUFCforever

Whatever you do don't take cash out on the card.
Pay the statement balance in full and in time every month and you should be ok.

never-in-doubt

jonesMUFCforever wrote: »

Whatever you do don't take cash out on the card.
Pay the statement balance in full and in time every month and you should be ok.

Paying in full serves as no benefit to any account conduct. In fact, to be truthful banks prefer customers who actually don't pay their account off in full each month.

Only benefit to paying in full is no interest....

jonesMUFCforever

never-in-doubt wrote: »

Paying in full serves as no benefit to any account conduct. In fact, to be truthful banks prefer customers who actually don't pay their account off in full each month.

Only benefit to paying in full is no interest....

Balderdash!
Spending money and paying it off in full every month will give you a row of green marks on your credit files which may make other lenders give you a loan or credit.
It doesn't matter what the banks think of you.

Mark64uk

Do the bank not get a cut of the Card processing fees ?

Even thought you do pay in full they wont benefit from any interest from your account but they will get money from the card processing ?

dc110

Also i had £1 taken from my account for the equifax i swear they said the service was free of charge, however it isnt showing up on my transactions as its still pending.

if it is pending but not debited they have probably just initiated an authorisation of £1 to ensure your card is valid. They wont collect any payment and it will drop off authorisations in a few days.