Paying Off in Full Each month

atesixate

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The_Boss

If you set up the direct debit to take all, it will do by the due date - I think that the instruction is sent a few days before to ensure this. I used to pay off in full on MBNA and Morgan Stanley for years and years and it all went smoothly.

techno_geek

If you set up a "Full Payment" Direct Debit, Barclaycard will take the money you owe them in time and so you won't pay any interest... this system works, and if they make a mistake I don't think you're liable.

When you receive a statement, it will say how much you owe and the date the sum needs to be paid by (Therefore, the Direct Debit will be taken on this date unless you are told otherwise).
Naturally, any transactions you have made that don't show on that statement will be shown on the next statement... you won't pay any interest in the meantime, as long as you pay each month's statement in full.

Hope this helps!

Bisoy

atesixate wrote:

I have just received my first credit card (barclaycard student)
I would like to pay off the balance in full each month so that I don't pay any interest.

It is a good habit to have your first card paying the balance in full each month as you won't pay any interest. When you have built up your credit rating the next one to go for is the cash back card and that will give you incentive in paying your card balance in full every month on it's anniversary by giving you some money back. Good luck.

ariba10

atesixate wrote:

I have just received my first credit card (barclaycard student)
I would like to pay off the balance in full each month so that I don't pay any interest.
However, to be careful and so that the debit clears in time, I think I should pay off the balance (with a debit card) at least two days before the due date.
If I do this, what will happen to any purchases in those two days - ie if i buy something on my card after I have paid off the balance in full but before the "month" is up, will these purchases be transferred to next month and charged with interest.
I'm a little confused, any help would be greatly appreciated..

The ballance that you are about to pay was made up about three weeks previously. Anything you use the card for since the last statement will be on the next statement.

As long as you pay each statement by the the date they ask for payment you will have no problems.

Robert_Sterling

If you set up a direct debit to pay off your card in full then it is the Credir Card Company's duty to meke sure it gets the right amount of money at the right time.