Natwest credit card - understanding statements

Cheetah

Hi there,

I have a Natwest Classic credit card (this is my first) and I am in confusing about when I get my statements.

My account opened 05/06, I activated my card on 15/06 and got my first statement on 03/07. I paid that statement off in full. Do I now get a statement on 03/09 because I paid my balance in full or should I expect one this month?

Apparently if I pay my balance in full I get interest free purchases for 56 days.

...Is that right or wrong?

Thanks.

CannyJock

Sounds like your statement date has been set to the 3rd of the month?

You should get a statement confirming the full payment you made.

Best bet is to phone the card people and check you've not missed one (or it's in the post).

Cheetah

CannyJock wrote: »

Sounds like your statement date has been set to the 3rd of the month?

You should get a statement confirming the full payment you made.

Best bet is to phone the card people and check you've not missed one (or it's in the post).

I use online banking and have my credit card attached. They received the payment fine (I checked)...

...there doesn't appear to be a statement produced for this month (because I could see the last statement online...and still can)

Thanks for the reply.

fozmcfc

I'm with Natwest and if your balance is at £0 then you will not receive a statement from them.

If on the online banking you highlight the account you can click on full statement, which will show you how much you have spent since your last statement and the minimum payment due which should be 0%

Regarding the 56 days, well that's upto 56 days. If your statement is produced on the 3rd August and you buy something on the card on the 4th August that purchase will show up on the 3rd September statement with no interest added. You then have up to your pay by date, which should be somewhere between about 25 - 29 September to pay the card off fully. If you only pay off some of the purchase, the rest of what what you owe will start to gain interest from that point.

So in short buy on the 4th August, pay by the 29th September in full and you won't have pay any interest and that works out at 56 days.

A few things to note.

1/ If you withdraw money from a cash machine, or gamble online with your card, that will start to gain interest from day 1.

2/ If you have payment protection insurance you will find that will cost you a few quid as well. Not sure how much but it might be £3 per every £100 on the balance. I.E. Make a £200 purchase, your balance will be £206.

Cheetah

Not sure I really understand alot of the 56days things, but I will read it a couple of times over when I get home from work...thanks.

Just got a statement (05/08). Due date is the 30/08 so does that mean it doesn't gain interest between that period and I can pay on the 25th? (payday)?

Thanks.

fozmcfc

If it's a normal purchase and not a cash withdrawal, then yes pay by the 30th and no interest, providing the purchase wasn't made back in June.

As far as paying is concerned, you should look at the back of your statement and it will tell you depending on how you are going to pay it, how long you should leave it.

If you are pay directly out of your Natwest bank account, it should reach your account within 3 working days, so yes the 20th would be the last day, as the 24th and 25th are not weekdays. In my experience if you paid on the 20th, it will reach your account by the 22nd, 23rd at the latest.

But if you are going to send a cheque you need to leave 7 working days to make sure you don't miss the pay by date. As weekends are not working day, you would need to send a cheque no later than the 20th.

Cheetah

fozmcfc wrote: »

If it's a normal purchase and not a cash withdrawal, then yes pay by the 30th and no interest, providing the purchase wasn't made back in June.

As far as paying is concerned, you should look at the back of your statement and it will tell you depending on how you are going to pay it, how long you should leave it.

If you are pay directly out of your Natwest bank account, it should reach your account within 3 working days, so yes the 20th would be the last day, as the 24th and 25th are not weekdays. In my experience if you paid on the 20th, it will reach your account by the 22nd, 23rd at the latest.

But if you are going to send a cheque you need to leave 7 working days to make sure you don't miss the pay by date. As weekends are not working day, you would need to send a cheque no later than the 20th.

I do mine via online banking. Transferring from my current account to the credit card which i believe is instant.