Go lightly on me!

TWS89

I'm a newbie to CC's!! So, I've had my CC for 2 months now. The first bill I received was for £0.00 so I obviously didn't pay anything.

I received a statement for this month asking for me to pay £5.00 on the 1st Dec. I want to pay it all off today (Balance of £500) can I pay it all off or am I better paying £495 and letting them take the £5.00 set up on the DD?

YorkshireBoy

They'll submit the DD request today (it's a 3 working day process), so you may find whatever you pay now has no effect and the £5 will be taken on Monday regardless.

But in general, not all providers operate the same policy in respect of additional payments made affecting the DD. If you say which card it is, someone may be able to tell you how your card operates.

TWS89

YorkshireBoy wrote: »

They'll submit the DD request today (it's a 3 working day process), so you may find whatever you pay now has no effect and the £5 will be taken on Monday regardless.

But in general, not all providers operate the same policy in respect of additional payments made affecting the DD. If you say which card it is, someone may be able to tell you how your card operates.

My concern is that I pay the complete balance and then they say that they couldn't take payment (Because it's all paid!) and then it's logged as a missed payment!

It's a BarclayCard Initial

agrinnall

As this is the first payment it might be better to wait until the DD is taken then pay the remaining balance, it might cost you a small amount of interest on your next statement but at least you'll know that the principal has been paid. If you think you will always be in a position to pay off the balance each month then get the DD changed to take the full balance rather than the minimum, that way you'll never pay any interest.

YorkshireBoy

TWS89 wrote: »

My concern is that I pay the complete balance and then they say that they couldn't take payment (Because it's all paid!) and then it's logged as a missed payment!

Worry not! If they receive a payment of at least the minimum amount due BY the payment due date you won't get a missed payment marker.

It's a BarclayCard Initial

The interest rate is quite high then?


A word of caution...you've left it quite late to pay. Barclaycard are known to vary the statement dates often, so next month...or the month after...may catch you out.

YorkshireBoy

agrinnall wrote: »

As this is the first payment it might be better to wait until the DD is taken then pay the remaining balance...

OP needs to check the statement to see if it says the payment will be taken by DD.


To cover all bases though, I'd be paying now...and risking being £5 in credit if they also take the DD (of course they won't be in credit if they've spent on the card since the last statement).

TWS89

My online account says:

Payment due in 3 days
You're paying minimum amount by Direct Debit.

Yes, the interest is 34.9%! I've paid £490.00 onto the card just now so will leave the other £10.00 on there for them to take the DD and then pay the other £5 off.

I will be paying the card off monthly so will change my DD to reflect this.

TWS89

YorkshireBoy wrote: »

A word of caution...you've left it quite late to pay. Barclaycard are known to vary the statement dates often, so next month...or the month after...may catch you out.

So payments won't always be taken on the first of the month?

lulu_92

TWS89 wrote: »

So payments won't always be taken on the first of the month?

No, my barclaycard payments have been due on the 1st, 4th, 8th and 13th in the past

TWS89

lulu_92 wrote: »

No, my barclaycard payments have been due on the 1st, 4th, 8th and 13th in the past

I'll keep an eye on that then! I won't be using my card once christmas is out of the way (Using it for the protection as a lot of things are online!) Will just be using it to put £100 a month on so won't get caught out hopefully!

lulu_92

TWS89 wrote: »

I'll keep an eye on that then! I won't be using my card once christmas is out of the way (Using it for the protection as a lot of things are online!) Will just be using it to put £100 a month on so won't get caught out hopefully!

Yeah I try to put on as little as possible. Like I've mentioned in my thread, I get paid 4-weekly so the statement dates are a nightmare - they started to line up now they're edging further away from each other!