Overpayment advice

amorge

Hi, I have a £2k balance with Capital One platinum card. Im now in a position to make overpayments each month to get this cleared. My statement date is 13th of each month and my DD for min payment goes out on 6th...

My question is what date am I best to make overpayment of £200 extra a month?

Many thanks for any advance
Anna

Tremour-88

You cant really make an "overpayment" on a Credit Card, unless you pay more than your total balance.

As long as you have your Min. payment DirectDebit setup you can pay off anything extra ANYTIME you want, the sooner the better since Interest is calculated daily

amorge

Thanks, I assume interest is charged daily so I'll pay them on payday

michelle2008

Totally agree with last poster!! This is not an overpayment like a mortgage!! Pay off as much as you can afford as early as you can.

Poosmate

Your interest is calculated up to your statement date so ideally, the best date to make an extra payment would be the day after your statement date. If you don't have the spare money till pay day then make the payment on pay day. The sooner you do it the less interest you will pay.

Poo

bigadaj

michelle2008 wrote: »

Totally agree with last poster!! This is not an overpayment like a mortgage!! Pay off as much as you can afford as early as you can.

Interestingly in this aspect it is a little like a mortgage, just one with a very high interest rate. I don't think the use of the term overpayment is particularly inappropriate, but would urge the OP to overpay as much as reasonably possible as early as possible to reduce and eventually remove the debt.