Adhoc Card Payments?

RichL74

As long as I pay my minimum by the statement due date, am I right in thinking that I can also make additional payments to help clear my balance too?

I might be receiving some money from a friend for helping him set up his website, the circumstances, not that it is relevant for anyone, is that I wont ask him for money however if he offers some I'll take it.

Can I use this to make an adhoc payment on my outstanding balance?

Thank you.

bengal-stripe

Yes, you can make more than one payment a month to your CC.

If you have a Direct Debit for the minimum in place, watch out, some cards will take the minimum regardless while others cancel the minimum payment for this month (if the payment is higher than the minimum due).

RichL74

Nice one thanks, not too worried about them taking the minimum as like I say this will just be a one off payment of £xxx ammount but instead of pi$$ing it up the wall, I'd like to tap my balance a bit more.

Thanks again.

chattychappy

bengal-stripe wrote: »

If you have a Standing Order for the minimum in place, watch out.

I'm guessing you meant DD? Standing Orders can only be for fixed amounts and are sent from the bank to the CC, rather than being "pulled".

Else agree, adhoc payments can impact the way DDs are taken.

If you are paying interest on the balance, consider cancelling any DD and just pay as much as you can, as soon as you can (but always ensuring that at least the minimum in aggregate arrives between the statement date and due-by date). You will pay less interest that way. With DDs, you have to keep the money in your current account awaiting the DD day and will be paying interest in the meantime.

(Cancel the DD with the CC. If you simply cancel it with the bank, you might be charged by the CC when it fails.)

RichL74

What I was going to do was make sure payment (at least) has been taken on XX date as it currently is;

Then when (and indeed if!) I get this bonus cash, take it to the bank with my card and pay it in over the counter;

Then next month pay as normal as per step one.

So like this:-

1/12/12 payment £150 (or whatever it is)
12/12/12 payment £750 (adhoc)
1/1/13 payment £150 (or whatever it is)

Date and amounts for example only.

thenudeone

A credit card is a flexible product and you can always make additional payments at any time up to the card balance.

If you are paying the min. by DD, most card issuers will still take the min. by DD even if another payment is made. It's just possible that they would see you making a payment and stop the DD, but even if that happened, you could just make another payment.

broad-sword_2

Agree with the above, and glad to see you are looking ot pay off that evil genie. Keep it up!