Aqua - Shorter turnaround between statement & payment due

riskyinred

Hello,

Just wondering whether I've got unfortunate timing as to when I opened my Aqua account but the turnaround from statement to payment due date is about a week shorter compared to other accounts I have - is this normal?

Statement produced 4th of each month for a payment due 21st month.

My other accounts would do 4th for a payment due the 4th of the next month.

Just curious - is this just the way Aqua work?

ricky_v

Yes it's just how Aqua roll.

Herbalus

Yep. Aqua do things differently to most!

[Deleted User]

riskyinred wrote: »

Hello,

Just wondering whether I've got unfortunate timing as to when I opened my Aqua account but the turnaround from statement to payment due date is about a week shorter compared to other accounts I have - is this normal?

Statement produced 4th of each month for a payment due 21st month.

My other accounts would do 4th for a payment due the 4th of the next month.

Just curious - is this just the way Aqua work?

Just got my MBNA credit card statement today.

Statement date: 03 Mar 14
Payment due date: 21 Mar 14

:cool:

And if I use the Bank Giro Credit slip to pay by cash or cheque at a bank, I must allow at least 4 business days for the money to reach the account, even longer if I post it to them directly in the envelope they supplied.

I'll pay by Faster Payments...


Edit:
Comparing terms:

Aqua say:

Maximum 51 days for purchases if you pay the full balance shown on your previous and current statement on time
There is no interest free period on cash advances, balance transfers or cheques

Whilst my MBNA agreement says:

Maximum 50 days for card purchases if you pay the balance in full and on time each month.
There is no interest free period for any other type of transaction.

Herbalus

Unless you have a reason not to pay the full balance (e.g. 0% card), why not simply set up a direct debit??

That way you'll never pay late, will never forget, and are practically guaranteed to have the money if your (hopefully interest-paying) current account for the longest period of time. I always thought that paying the day you get your statement is a waste of 10 days interest!

molerat

My cards
Cap1 statement 7th, due date 21st
Luma (Cap1) statement 4th, due 30th
MBNA Statement 23rd/24th, due 15th/16th

[Deleted User]

Herbalus wrote: »

Unless you have a reason not to pay the full balance (e.g. 0% card), why not simply set up a direct debit??

That way you'll never pay late, will never forget, and are practically guaranteed to have the money if your (hopefully interest-paying) current account for the longest period of time. I always thought that paying the day you get your statement is a waste of 10 days interest!

I have several reasons.

e.g. I may not always have the necessary funds available to settle the credit card bill in one go, and so I like to stay in full control of how much I do pay the credit card company and when.

e.g. if I see an unrecognised transaction on my account, I will call the credit card company and ask that the transaction is held in dispute pending investigation by them. That means I don't have to pay them for that and no interest accrues whilst it is held in dispute.

e.g. I tend to use my credit card primarily for business/travel expenses. I then submit an expense report & get reimbursed. Only then may I be able to fully pay off my credit card bill.
Unfortunately my expenses may not come through promptly (despite me submitting my expense report promptly). In that instance I may only pay off the minimum payment due (to protect my credit status). It doesn't bother me as I can later claim for any interest charges too in such circumstances ... and billing for interest on business/travel expenses tends to see they receive more prompt attention in future