End of 0% due, will I get charged interest ?

US4

My 0% deal comes to an end on 5 April, but my current statement's minimum payment is due 29 March.

If I pay the March statement min balance, and wait for my April statement which will be due end of April, will I incur charges on the balance, or providing I pay off in full against by due date still have another 0% for 4 weeks ?

lipidicman

I dont think you can wait that long.

I have a question - can you make a payment by April the 5th and be OK, or do you go by the due date BEFORE the 0% runs out. ie will the card company accept payments between your normal payment dates?

US4

lipidicman,

its not worth paying the min 29th and keeping the rest til the 4th, I'd only earn about £3 in my savings a/c.

don't all cards accept payments at any time ?

Reaper

Just to confirm:

Yes, you can make payments at any time, although note the minimum payment often then collects even if you pay off the whole lot (their computer systems are not very bright)

Yes, you need to pay it off by the end of the 0% period, even if that falls between 2 statements. Many people get caught out by this.

nh

It depends on the card, and who you speak to at customer services!

I got a Virgin (MBNA) card last year and was told the 0% deal would run out on the due date immediately after the nine months was up ie. if the due date is on the 22nd of the month and I opened the card on November 2, nine months would be up on August 2, but if I paid the balance in full by August 22nd, I wouldn't be charged interest.

I questioned her on this, and she was adament. I didn't believe her though!

I know others have been tripped up because the statement may say estimated interest next month £0, and then they have been charged interest anyway.

US4

thanks

think I'll play safe and pay Halifax One the full amount by 29 March satement due date.

lipidicman

US4 wrote:

lipidicman,

its not worth paying the min 29th and keeping the rest til the 4th, I'd only earn about £3 in my savings a/c.

don't all cards accept payments at any time ?

I agree there would be almost no advantage, I was just asking about whether they accept payments at any time - and it looks like they do.

On mine I will just change the DD from Minimum to full balance for the payment before the nine months is up I think

Milarky

US4 wrote:

think I'll play safe and pay my Halifax One the full amount by 29 March satement due date.

Check! Well not quite - I have to pay my Halifax One statement balance by 29th March - the min payment was due 22nd - as interest starts being charged from 30th.

However either way you really need to pay this one today - because your 'due date' is now only two 'working days' away [i.e. Wed to Thur, then Thur to Tues]. Missing the due date [eg even by one day] would cost you a lot more than meeting the min payment in time and tihen going a day or two beyond the end-of-promotion since they will charge £25 for a missed payment but maybe only a pound or two interest each day on the outstanding balance.

Good luck

lipidicman

Milarky wrote:

the min payment was due 22nd

didn't see this mentioned by the OP - you have confused me!

Margaret_Millne

Once you have paid them if you need the cash for real debt it is worth asking for a special Balance Transfer Rate. I got a permanent rate of 6.9%, which was useful as I had some at 7.9% I could reduce.

Sorry - that is for US4