56 days, how does it work?

Mentox

I have a credit card from Nationwide and the payments go out automatically on the 1st of every month. This has been setup by Nationwide.


However my balance is never fully cleared. Lets say I got 750 debt on the card, today they took 450 leaving 300 on the card. So the balance is not taken in full. As far as I can see I have never paid interest.


So even when they say they will take the balance in full they mean those that are made between the day they take the payment and 25 days ago (56-31)?

InsideInsurance

The balance in full is the balance as per the statement. If you spend between the statement and the DD being taken then this amount goes onto the next statement and will be taken by the following DD

SuperHan

They take the amount on your statement in full. Transactions after this hit your next statement.

*ETA: cross post*

moneysavinggirl40

Do you know if you have 0% purchase card? Have you used it to take out cash withdrawals at atm's? best to check your statement of the amount you have to pay, its not the amount always that you have spent, so if statement is sent before next lot of transactions these new transactions will show on the next statement, which give you a grace period before you pay the rest on you next statement. good thing about credit cards, you can set up direct debit pay in full, so you don't have to think about missing a payment and incurring interest

Mentox

I have not made any big payments with my credit card for over a week and there is still a big chuck left.

Today they took 300 but I have 500 left. This will be taken next month.

If I count all the expenses from the latest till I reach 500 I get to around the 7th of July.

So it doesn't make sense does it?

CLAPTON

Mentox wrote: »

I have not made any big payments with my credit card for over a week and there is still a big chuck left.

Today they took 300 but I have 500 left. This will be taken next month.

If I count all the expenses from the latest till I reach 500 I get to around the 7th of July.

So it doesn't make sense does it?

what was the figure on your last Statement?
what was the date of your last statement
what is the DD payment date

codeX

What was your latest statement date and amount? How does the statement say the payment will be taken?

I'm also a Nationwide CC customer and they always take the last statement amount on the payment date via direct debit.

Edit:- CLAPTON beat me to it!

bengal-stripe

Mentox wrote: »

Today they took 300 but I have 500 left. This will be taken next month.

If I count all the expenses from the latest till I reach 500 I get to around the 7th of July.

What is the balance on your latest statement, issued on July 7th (or thereabouts)? I presume, it is £300 which was taken as full payment today (some three weeks later).

Any other transactions which didn't make it onto the last statement (or what you spent between July 7th and now) will appear on the next statement, to be issued on August 7th.

If that is the case, all is correct.

Mentox

CLAPTON wrote: »

what was the figure on your last Statement?
what was the date of your last statement
what is the DD payment date

The Credit Card statement I have is a summary as at of 7th of July. The balance on this is around 300 and that is exactly the same as what has been taken via DD.

The DD payment date is the 1st of every month.

So it seems that they give me a statement and charge me a month later? :think:

penguingirl

It's useful to work out your dates.

So for example my main credit card is statemented on the 20th of the month, and the payment taken on the 10th of the next month (20 days later). This means that I only actually have 10 days per month when I'm only on one statement so to speak.

So if I spend £20 on 29th June, £100 on 2nd of July and £50 on 17th July
On 20th July my statement would be £170
I then spend another £50 on 28th July, and £30 on 5th August
On 9th August my total balance is £260 (as July statement not paid yet)
On 10th August my balance would be £80 (transactions since last statement) and £170 would have been taken by DD (full payment)

Does that make more sense?

dzug1

Mentox wrote: »

The Credit Card statement I have is a summary as at of 7th of July. The balance on this is around 300 and that is exactly the same as what has been taken via DD.

The DD payment date is the 1st of every month.

So it seems that they give me a statement and charge me a month later? :think:

Yes precisely.


I'm failing to see a problem