Paying Off Natwest Credit Card

planemad

I have just taken out a Natwest Credit Card, i use the credit card for my work expenses with they pay back to me monthly.

I already bank with Natwest so my credit card account shows on my online banking.

Can the balance monthly be cleared by Faster Payments so that I do not have to set up a direct debit.

Thanks

lufc7

Yes it can, that's what I do

YorkshireBoy

On the basis that it's better to 'teach a man to fish'...

Go to the NatWest website
In the search box type "credit card faster payment"
Click the first result returned

And you get...

http://www.natwest.com/personal/credit-cards/g4/common-questions.ashx#payment

wapow

Why would you not want a DD and instead use FP?

Gromitt

When you want full control?

If you setup a DD, the CC provider could take how much they want when they want. You'll get back anything taken incorrectly via the DD guarantee, but some people prefer not to have the hassle.

If you pay via FP, you are in full control and pay them when you want to pay them and how much.

I prefer DD, as I'll forget otherwise!

NickX

wapow wrote: »

Why would you not want a DD and instead use FP?

Well Faster Payments can be set up in seconds and the transfer of funds is close to instaneous.

Direct Debits mean you give the creditor the key to your bank account and let them take as much as they see fit when they see fit. They take ages to get activated and any alterations have to made over a week before the actual payment date. In my opinion Direct Debits are an outdated clumsy method of payment and with the advent of Faster Payments I really don't see why they are still advocated so much on these boards.

YorkshireBoy

Gromitt wrote: »

If you setup a DD, the CC provider could take how much they want when they want.

NickX wrote:

Direct Debits mean you give the creditor the key to your bank account and let them take as much as they see fit when they see fit.

Just to pick up on the above, and to balance the argument a little (;)), I've been using DDs for over 30 years and never once have I had a DD taken that I wasn't pre-notified of (at least 10 working days prior)...of both the amount and date to be collected.

NickX

YorkshireBoy wrote: »

Just to pick up on the above, and to balance the argument a little (;)), I've been using DDs for over 30 years and never once have I had a DD taken that I wasn't pre-notified of (at least 10 working days prior)...of both the amount and date to be collected.

I fully agree that you are made aware beforehand of the payment date and the payment amount with a Direct Debit and another advantage is that they are probably the safest way to make payment on the last possible day, thereby maximizing the profit from any funds you are stoozing.

However, I really do not like the way that different Card Providers handle additional payments differently in that some still take the DD, some adjust it for the additional payment and others (I think) don't take the DD at all. Its very inconsistent and I have seen many posts on this board with has resulted from this confusion. Added to that there are issues of the DD not getting set up for the first payment which subsequently gets missed, the fact that they seem to go "dormant" after 13 months, and at the end of the stooze I would need to alter the Minimum Payment DD to Full Payment.

Each to their own, but I prefer to be able to press the button to pay my chosen amount when I want from whichever current account I want. Faster Payments gives this flexibility.

I would agree that if you are the sort of person who is forgetful when making payments, then maybe a DD would work out better.

For me, Faster Payments is the way to go to though

bigadaj

AlwYs used to pay manually but now do so by direct debit, currently working overseas so it does make things a lot easier.

Would seem sensible for most people to have a DD set up for the minimum payment, as even if this is in addition to the full balance it's not overpaying by too much.

I know faster payments are supposed to go within a couple of hours but it's always worth doing a day or two in advance, a card I've closed became due for payment whi,st I was away and the miss us told me the wrong date, it should be the last payment on the account, paid by FP on the Saturday of the bh weekend with it due on the Wednesday so hopefully it is all ok.