Is paying off credit card instant?

CreditCrunchie

If I pay off my credit card in full today by doing a transfer from my bank/ pay with debit card, will it show instantly, as in 0 balance, or will it take a few days? Thanks

bossymoo

It depends. I pay mine online using the faster payments system, and I can see it leaves my account immediately, however it doesn't show in my CC until the next working day. However, it is dated the same day of the transfer.

Check with your CC company when they apply credits, if its real time or in batch overnight.

DebtFree14_2

It will more that likely show as a pending transaction. Most of the time it takes 2 working days to show as a card payment. That being said if it does show as a pending transaction you may well find your available balance is cleared and states you can spend up to your limit.

CreditCrunchie

Thanks both

PeacefulWaters

Don't pay by debit card. Send a Faster Payment.

planteria

i pay Amex on americanexpress.co.uk and the Available Balance appears instantly. but the transaction doesn't show until the following day.

CreditCrunchie

The two working days is fine. For future reference though how do I do it as a faster payment?

YorkshireBoy

CreditCrunchie wrote: »

The two working days is fine. For future reference though how do I do it as a faster payment?

From within your bank's online area, using the details (sort code, collection account number, and 16-digit credit card number as the reference) on the back of your statement.


Always, but always, send a token £1 test payment first!...and save the payee details ready for your 'payment in anger'. It's generally the first thing I do when I get a new credit card.