Granite Card - Repayment and Funds Availability Question

StudentOfBusiness

So... I've got a granite card...

And I have had my statement for this month dated 4th January, which is £115, and this must be paid by 30th January. The minimum repayment is £5, which I am not interested in paying.

My question is... If i pay the full £115 off on the 28th January when I get paid, will this £115 become available to spend again after?

Or, what if I pay £80 off... Will this 80 become available?

Not really to sure how credit cards work properly yet as this is my 1st one...

Tremour-88

You always have available to spend up to your credit limit, e.g.

Your credit limt is £150, your used (spent) balance is £115 so you have £35 remaining to spend

If you paid £115 off your balance would become £0 so you could use the full £150 again, you dont have to wait untill your statement to respend it, just make sure its credited first (usually 2-5 days after you've paid it)

SnowTiger

StudentOfBusiness wrote: »

So... I've got a granite card...

And I have had my statement for this month dated 4th January, which is £115, and this must be paid by 30th January. The minimum repayment is £5, which I am not interested in paying.

My question is... If i pay the full £115 off on the 28th January when I get paid, will this £115 become available to spend again after?

Yes, although the payment may take a few days to be applied to your account, escpecially as the 28th is a Saturday.

You can check your account online if you sign up to eVanquis. Although there is a small charge if you still want to receive paper statements after doing so.

StudentOfBusiness

My credit limit is 250... And I've currently spend another £70 since statement day.
Could you explain further?

So in total I've spent £185, so I have £65 left to spend. And I'm going to pay £115 on the 28th January. Will this mean a couple days after I have paid it that my available funds will be £180?

SnowTiger

StudentOfBusiness wrote: »

So in total I've spent £185, so I have £65 left to spend. And I'm going to pay £115 on the 28th January. Will this mean a couple days after I have paid it that my available funds will be £180?

Of course, otherwise as you use the card your available credit would eventually reach zero, or close to it, and you wouldn't be able to use it again.

StudentOfBusiness

Thanks... That's good then, just wanted to make sure!

StudentOfBusiness

If I make a payment of £80? Will that become back available?

bouncydog1

It will - but why don't you set up online access to your card and you can then see what the available credit is? Just remember though if you get a bill for a £100 and only pay £50 then you are going to incur interest which is likely to be charged at a high rate.

When you get your first credit card, you are best to view it as cash to the date of statement and then pay it off in full by direct debit before the payment date. Think of your credit card as your cash for the week/month and set aside the amount you are going to spend into an account that earns you a little bit of interest - then use this cash to pay it off.

You should not view credit cards as long term borrowing until you are experienced in using and switching so they work for you and earn you money.

StudentOfBusiness

bouncyd!!! wrote: »

It will - but why don't you set up online access to your card and you can then see what the available credit is? Just remember though if you get a bill for a £100 and only pay £50 then you are going to incur interest which is likely to be charged at a high rate.

When you get your first credit card, you are best to view it as cash to the date of statement and then pay it off in full by direct debit before the payment date. Think of your credit card as your cash for the week/month and set aside the amount you are going to spend into an account that earns you a little bit of interest - then use this cash to pay it off.

You should not view credit cards as long term borrowing until you are experienced in using and switching so they work for you and earn you money.

I do have online access... Just want to run it as best as possible.
That was a brilliant reply thank you.
I am going to make the full payment:)