CC Interest

Roseclose

Hi!

My CC has just been cancelled (without my knowledge).

The interest charged is 'daily'.

I can only afford to pay £80-£100 per month which is approximately £10-£30 more than the minimum payment at present.

As the interest charge is daily, should I be paying my monthly payment in small daily amounts? I can transfer the money from my current account to the credit card arm of the bank and not pay any fees.

Personally think this is a good way to make the bank spend their multi-millions as it must cost them to transfer the money each time!?!?!

Anyway, any comments gratefully received. I want to reduce this debt asap and if I can reduce the accruing interest even by pennies a month in the beginning, this would be a great start.

jonesMUFCforever

It won't make any odds to the credit card company as payments like this are electronic. They are only concerned at getting the debt repaid.
Is your credit history good? or are you in financial bother generally?
Have you tried getting a 0% card or low rate life of balance transfer card to cut down your interest costs?