Direct debit for minimum payments

Degenerate

Typhoon2000 wrote: »

I have 2 MBNA cards on 0% and by minimum by DD and add pay extra by debit card and the 'Min Payment Y/N' is always No on my credit files.

Indeed. The min payment marker should account for all payments received by the due date.

Fiddlestick

rb10 wrote: »

No - see the original post, and you will see that the cards concerned are at 0%, so there is no interest to be paid on the card.

My bad, I didn't notice that.

jamesperrett

Typhoon2000 wrote: »

I have 2 MBNA cards on 0% and by minimum by DD and add pay extra by debit card and the 'Min Payment Y/N' is always No on my credit files.

I use credit cards mainly for large items that I know I can't pay for immediately but I will usually have the money in the next few months (thanks to overtime or bonusses). For the last 20 years or so I've always paid the minimum by direct debit after finding that I was missing payments if I had to remember to send off a cheque every month. I've never had any problems with direct debits.

I've also not had problems obtaining credit at decent rates, even though I will often only pay off the minimum each month.

James.

*Scarlett

Thanks to everyone for replying.

I've set up the DDs for the minumum payment. The statement is generated on 16th so I'll see it in a couple of days to see when the minimum payment is due. I can't find a date on the MBNA site - I can only see the dates that I have made previous payments which all vary! But there is always enough in this account to cover it - it seems £25 is what they ask for as minimum payment.

I also intend to make an additional debit card payment before the due date in case there are any issues with the DD.

Once again, many thanks for all the advice - it's much appreciated.

YorkshireBoy

*Scarlett wrote: »

I've set up the DDs for the minumum payment. The statement is generated on 16th so I'll see it in a couple of days to see when the minimum payment is due.

I've recently changed the bank account details for 2 of my MBNA DDs and this took a few days from my phone call to seeing them listed in my bank's online area.

So, pay particular attention to your first statement and if it doesn't state "your minimum payment will be taken by DD from your nominated account on xx/xx/xx" then quite simply IT WON'T BE...and you should make a payment of at least the minimum shown by other means.

it seems £25 is what they ask for as minimum payment.

It depends on your balance. These days it's either 1% (plus fees, interest, etc) or £25...whichever is the greater.

I also intend to make an additional debit card payment before the due date in case there are any issues with the DD.

Be aware that any additional payments you make WILL NOT reduce/cancel the DD collecting the amount shown on your statement...so don't leave yourself short!

rhcp

I have the DD set to minimum repayment just in case I forget to pay it. At least I am covered then. If I pay more than the minimum before the due date (which is what I usually do), then the DD is not activated for that particular month (that's with LLoyds). I just make sure that I use it at least once a year to keep the DD activated. It's worth having it more for peace of mind.

david39

But with MBNA, they will take the minimum payment on the due date whether you've paid them by other means earlier.
It's the same with Mint.