Not paid full balance...by 1p!

fivegoldstars

Quick question - though I'll know the answer soon enough when my statement comes through.
I use my Debenhams Mastercard (was Santander, believe its now Newday) for all purchases throughout the month, and repay in full every month without fail. Balance is usually around £1.5k. Unfortunately, this month I've paid 1p short of the statement balance! Is this going to mean I'm going to pay interest on the full balance? :eek:

grumbler

Yes - and the same for the next month as well.

MallyGirl

if you had it as a pay in full DD this could not happen. You can try and appeal to their generosity but ultimately you messed up

fivegoldstars

Ah crap. It's a pain to pay in full DD as I pay 3 payments through the month from different incomes. My statement isn't due for another couple of days - I assume it would be in my interest to make further payments now, to reduce the next statement balance, and then use a different card for future purchases?

reclusive46

fivegoldstars wrote: »

Ah crap. It's a pain to pay in full DD as I pay 3 payments through the month from different incomes. My statement isn't due for another couple of days - I assume it would be in my interest to make further payments now, to reduce the next statement balance, and then use a different card for future purchases?

Yes but give them a ring because they may credit you back the interest as a gesture of goodwill.

Hooloovoo

fivegoldstars wrote: »

Ah crap. It's a pain to pay in full DD as I pay 3 payments through the month from different incomes.

You need to hold a float in your account to buffer your income. That way your income is decoupled from your expenses and you don't have to worry about exactly when you get paid or when a bill is due.

My statement isn't due for another couple of days

In that case, any payments you have made thus far apply to your previous statement.

Are you suggesting that you always make payments to ensure your balance is zero at the point your statements are generated? I think you are misunderstanding how credit cards work.

fivegoldstars

No, my minimum payment due date is 15th of the month, my statement date is the 19th. I always pay off the previous statement balance in full by the minimum payment due date. So, April statement was £941.01, I have paid, throughout the month, £941, the last payment being on the 13th. May's statement is due on the 19th. If I pay more now, am I still ok?

Quentin

Paying more now won't stop them charging interest if they already done so.

If it's your first transgression just ring and beg forgiveness and a credit of any interest they charge.

fivegoldstars

There isn't an interest charge yet, as the statement hasn't been generated.

fozmcfc

Don't these cards offer a certain amount of interest free days on purchases anyway, providing the balance is always paid off?

Surely as it is paid off in full every month, then the interest is likely to be minimal, if any at all.

Hooloovoo

fivegoldstars wrote: »

No, my minimum payment due date is 15th of the month, my statement date is the 19th. I always pay off the previous statement balance in full by the minimum payment due date. So, April statement was £941.01, I have paid, throughout the month, £941, the last payment being on the 13th. May's statement is due on the 19th. If I pay more now, am I still ok?

No, you're too late. To avoid an interest charge you needed to have the full balance paid off by your payment due date, which was the 15th.