Help with my first Credit Card. How does it work?

jackieblack

Fingerbobs wrote: »

Ha ha! Yes, same with me! :beer:

Me too!

Surfeit75

grumbler wrote: »

If there was no any statement yet then you don't have to pay anything.

I appreciate that but I got scared and ended up making a payment to clear the balance because I am still confused as to why it says payment due on 04-02-14 ?

I probably won't even use the card until after the 4th to be extra safe, I just don't get it!

jennifernil

It also says that the minimum payment due on that date is £0.00.

If you are wanting to build your creditworthiness by using this card, you need to keep calm and let it work in the normal way.

By paying now you are delaying getting into the normal routine.

Only make a payment once the statement is produced and you have a payment date.

Best idea is to set up a DD for the full amount, you really don't want to incur charges and interest at this stage.

As you have a low limit, remember that in the interval between the statement being produced and your payment received, any spending will add to that outstanding balance and it can be easy to be going over your limit.

molerat

Surfeit75 wrote: »

I appreciate that but I got scared and ended up making a payment to clear the balance because I am still confused as to why it says payment due on 04-02-14 ?

I probably won't even use the card until after the 4th to be extra safe, I just don't get it!

molerat wrote: »

With my latest Cap1 the statement date is 1 month after the start date of the agreement (4th)(which was a few days before I received the card) and the due date is 25 days after that (29th). If you only got the card earlier this month you have not completed a full cycle yet. If your on line account is working as it should and showing purchases but no statement then everything is running to plan, stop worrying

Your first "statement date" was around the day the account was opened giving a payment date of 4th, as there was a £0 balance on that date then no payment was due.The second statement date will be one month after the card opening date and the payment date will be 4th March and cover all spend from the opening date. The Cap1 account screen is a bit confusing until you get into the proper billing cycle.