Paying Credit Card by Standing Order or Direct Debit?

redpete

moconnor wrote: »

I just checked and payment is due between 13-16 of the month and the statement is generated on the 20th of each month. So I take it I pay before the 20th to cover that months statement?

No, you need to make the payment sometime between the 20th (when the statement comes out) and the 13th of the next month (when the payment for that statement is due).

Kimberley

I pay the minimum by DD and also a weekly sum of £50 every week by S/O so would the same apply to me? Would I be better off saving the £50 a week and doing a one off faster payment of £200 a month instead?

YorkshireBoy

Kimberley wrote: »

I pay the minimum by DD and also a weekly sum of £50 every week by S/O so would the same apply to me? Would I be better off saving the £50 a week and doing a one off faster payment of £200 a month instead?

Since interest accrues daily, the sooner you make a payment, any payment, the less interest is charged on the following month's statement.

chattychappy

YorkshireBoy wrote: »

Since interest accrues daily, the sooner you make a payment, any payment, the less interest is charged on the following month's statement.

Good point...:D

Kimberley

YorkshireBoy wrote: »

Since interest accrues daily, the sooner you make a payment, any payment, the less interest is charged on the following month's statement.

I have a 0% interest card

YorkshireBoy

Kimberley wrote: »

I have a 0% interest card

In your shoes (and I am!), I wouldn't be paying anything more than the contractual minimum.

Kimberley

YorkshireBoy wrote: »

In your shoes (and I am!), I wouldn't be paying anything more than the contractual minimum.

But then you would have to keep getting 0% balance transfer cards rather then pay the debt off. Also by paying the minimum it will show on your credit file

YorkshireBoy

Kimberley wrote: »

But then you would have to keep getting 0% balance transfer cards rather then pay the debt off.

Not necessarily. If I couldn't get a profitable 0% BT card I'd pay the card off with the money I'd been saving (ie 1% to the credit card and the other 99% put in a savings account) over the 0% period instead of giving it to the card provider. It's called 'slow-stoozing'.

Also by paying the minimum it will show on your credit file

That's never bothered me, nor affected my ability to get credit. But you must remember (or maybe you didn't know?) that the minimum payment marker is accompanied by a 'promotional rate' marker if you're on a 0% deal...so lenders, in my opinion, will make allowance for it.

chattychappy

YorkshireBoy wrote: »

In your shoes (and I am!), I wouldn't be paying anything more than the contractual minimum.

Presumably plus £1 in order to avoid the "minimum payment" flag on the CRA file?

YorkshireBoy

chattychappy wrote: »

Presumably plus £1 in order to avoid the "minimum payment" flag on the CRA file?

Never have myself (other than an initial £1 to each card when opened...just so I can save the payee details for the final end of promotion payment), despite advising others carrying/managing an overall debt position to do it. But then again I've never had any 'real' debt on credit cards.