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Length of time for card to clear
Cuckooclock
Posts: 125 Forumite
in Credit cards
I am curious to know why my CC payment comes out of my bank account on the 4th of the month, but doesn't clear the balance until the 11th. In these days of fast payments why does it take so long, it the money just in limbo or in the Bank for the CC?
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Cuckooclock wrote: »I am curious to know why my CC payment comes out of my bank account on the 4th of the month, but doesn't clear the balance until the 11th. In these days of fast payments why does it take so long, it the money just in limbo or in the Bank for the CC?
What CC Company are you with? Are you paying by direct debit or standing order or faster payment?Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
I have an M&S card pay balance off every month by direct debit, is that not the fastest way?0
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Cuckooclock wrote: »I have an M&S card pay balance off every month by direct debit, is that not the fastest way?
On your last statement, what was the payment due date and what date did the money actually come out of your account?Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
Cuckooclock wrote: »I have an M&S card pay balance off every month by direct debit, is that not the fastest way?
No, not usually the fastest, but usually the most convenient - see this thread for some recent debate about DDs being collected before the due date....0 -
The date was the 4th, that's the date it came out of my account, it cleared from my card on the11th. Wondering where it goes that it takes that long.0
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Thanks eskbanker the thread was really useful, I am thinking of DD for minimum payment just to cover myself. Then manual payment for the rest.0
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