tesco card direct debit date

eeebee

I have 4 different credit cards and pay them all in full by Direct Debit.

3 of them take the full payment on the nearest working day before the due date.

Why is Tesco the only one that insists on taking the payment a full 5 working days before the payment due date?

I can understand that it used to be that 3 working days were needed for the payment to clear but now everything goes through within one day.

Is this just a way of Tesco making money from those that pay in full each month and don't pay them interest? I notice that if I pay the minimum, then they need that by the due date and not before.

YorkshireBoy

eeebee wrote: »

3 of them take the full payment on the nearest working day before the due date.

That's very strange, because all mine take the payment the working day AFTER the payment due date if the payment due date falls on a weekend or a Bank Holiday.

Why is Tesco the only one that insists on taking the payment a full 5 working days before the payment due date?

They're not. Some other providers do the same, ie different DD collection dates depending on whether you're set up for full or minimum.

I can understand that it used to be that 3 working days were needed for the payment to clear but now everything goes through within one day.

Not it doesn't. The implementation of FPs has had no effect whatsoever on direct debit timings. Direct debit remains a 3-day process...

Day 1, submit
Day 2, process
Day 3, simultaneous debit/credit

Is this just a way of Tesco making money from those that pay in full each month and don't pay them interest? I notice that if I pay the minimum, then they need that by the due date and not before.

I take the view that it's simply the way it is! Does it really matter if you get, say, 51 or 56 days interest free?

Xbigman

Tesco's takes full payments 4 days before it takes part payments, but their website doesn't recognise this. If you look at the account summary it will tell you the later date but if you look at the actual statement PDF it will give you the correct (earlier) date.

IE my summary says full payment due on the 12th of the month but the statement says the 8th. They usually take the payment at midnight between the 7th and 8th. It varies depending on where weekends fall.




Darren