Minimum Payments

jed1_2

If i set up a direct debit to pay the minimum payment on my credit card, then pay the rest manually the same day the minimum is taken will i still have to pay interest?

I know it sounds confusing like this but i want to make sure minimum is always paid then pay the rest off from a different bank account at the same time.

lisyloo

You need to make sure you allow enough time for payment clearance.
Are you paying by BACS??

You need to allow 4 working days for payment to arrive.

My direct debit goes very quickly so it might not give you enough time, you MAY have to pay it before.

jonesMUFCforever

You are making a mountain out of a molehill here. Make the D/D for the whole amount - make sure the funds to pay are in the right account to do so.
Faster Payments makes it easier to transfer monies between banks just do your homework beforehand to make sure you don't get caught out.

jed1_2

If i wanted to pay the full amount in one go from one account then i wouldn't be asking this question. Obviously there is a reason i am not setting up a direct debit for the full amount.

The funds will not be available to pay the full amount when due, hence why i want to pay the minimum then pay the rest manually when i have the money to do so. I'll try again anyway... if i pay the remaining amount the same day the minimum is taken will i still be charged interest?

chattychappy

jed1 wrote: »

I'll try again anyway... if i pay the remaining amount the same day the minimum is taken will i still be charged interest?

I think this answered the question albeit implicitly

lisyloo wrote: »

You need to make sure you allow enough time for payment clearance.
Are you paying by BACS??

You need to allow 4 working days for payment to arrive.

My direct debit goes very quickly so it might not give you enough time, you MAY have to pay it before.

Depending how you pay, you might have to pay earlier to ensure interest is not charged. All they care about is whether the whole balance is received by the due date. The DD will be. Your extra payment should be made if by BACS 4 days (say) before the due date. When the DD is taken has no bearing on how your other payment is processed. If they are both received in time (the DD will be assuming it doesn't bounce) then no interest. With faster payments and sometimes paying on the CC website by debit card I've had manual payments go through on the same day.

(Personally I never use DDs - but I think with some cards the amount taken can be affected by any manual payments already made, so check what your statement says about this, especially if making your manual payment well in advance. Plenty of threads on people getting confused by this if you browse around.)

jonesMUFCforever

jed1 wrote: »

If i wanted to pay the full amount in one go from one account then i wouldn't be asking this question. Obviously there is a reason i am not setting up a direct debit for the full amount.

The funds will not be available to pay the full amount when due, hence why i want to pay the minimum then pay the rest manually when i have the money to do so. I'll try again anyway... if i pay the remaining amount the same day the minimum is taken will i still be charged interest?

Manners cost nothing.

IMO your system will not work and you will incur interest charges.