Making sure I don't pay any interest to Capital one; advice please!

Plxply

I personally have a direct debit for the minimum amount set up and then pay it in full as soon as it shows up online. This seems the safest to me (apart from a full DD), I know when to check online and if I did fail to pay, the minimum should be covered so there will be no default and the worst will be the interest for the month which would obviously be my fault.

cats2012

Just one other thing to bare in mind here, if you pay your credit card balance as it appears when you get paid, you wouldn't actually be paying the statement balance. I know people who do this (e.g. balance on payday is £200 - pay £200 by debit card), but it means you're not actually working to the card's cycle so if you ever need to change for some reason you might get a bit lost with the timings/amounts etc.

Just a thought though.

p00hsticks

Hairymonster wrote: »

Ok thanks for all replies; I will change my mind to full amount direct debit and set it up for 1st or 2nd of the month so not long after payday. Glad I started this thread

Before you do this you need to check that the DD date you choose (and you may not get a choice) falls into the window between the statement date and the payment due date, as this isn't usually a full month. for example, my statements are usually issued around the 4-5th with a payment due date around 28th. Payments on the 1st would be taken against the previous months statements, and if there is an outstanding balance left you may find yourself (bizarrely) getting charged a late payment fee as your next payment on 1st misses the due date of 28th.

Leave the bank to sort out exactly when it is going to take the direct debit for at least the minimum amount - that way you can never miss a payment or be late - but as papalimabravo says, speak to customers services to arrange the best statement date to ensure that the payments will be taken at the best time of the month for you.

Hairymonster

Thanks Poohsticks- if I can choose roughly what date for DD to come out I am going to still set up for the full amount to be taken and say to them look I want it to come out no earlier than 2nd of each month(not doing 28th as don't want any muckups with wages late of the month of February) and no later than the 10th- hopefully they can set it up in this window to ensure I always pay the full amount.

This should be fine shouldn't it?