Fluid credit card - designed to catch you with default sum for non payment?

Herbalus

londonTiger wrote: »

Thanks, the guy is a complete dweeb. Banks have a duty to make things simple to consumers. This legalese of due date, due by date has no difference in plain English.

I don't know why he keeps harping this nonsense over and over again.

Yorkshire Boy is a consistently useful poster and very rarely gets things wrong, so not sure where the "dweeb" comments are coming from?

The importance of the due by sounds like semantics but is actually key to this whole debate. The money has to be there by that date, which means before it.

If the due date/due by date falls on a Sunday then you have to get the payment there before the Sunday, and as MBNA don't process card transactions on a weekend, you have to organise around that. I don't see how it's problematic - they give you three weeks to make the payment. If you want to make manual payments, why not pay the week you get the statement?

As for the comments about electronic payments being instant, faster payments (not BACS as mentioned earlier in the thread - personal current accounts can't send BACS) are not always instantaneous, so it's good sense to allow for some time.

Chrysalis

on my cap one card in the past year I think I made 2-3 payments late, I dont blame cap one for that tho, was my own fault.

Now I follow MSE advice which is to setup DD for min payment and do topup payments manually.

I was still automatically approved (no manual referral) for a new transfer balance CC with those 2-3 late payments, so I dont think they had a big bearing on my credit worthiness, especially as the late payments were within the first week of following month and well above the min payment.

The card companies also offer features to make it easier, both cap one and tesco bank e.g. allow you to setup auto notifications a week before payment is due.

londonTiger

Chrysalis wrote: »

on my cap one card in the past year I think I made 2-3 payments late, I dont blame cap one for that tho, was my own fault.

Now I follow MSE advice which is to setup DD for min payment and do topup payments manually.

I was still automatically approved (no manual referral) for a new cashback CC with those 2-3 late payments, so I dont think they had a big bearing on my credit worthiness, especially as the late payments were within the first week of following month and well above the min payment.

The card companies also offer features to make it easier, both cap one and tesco bank e.g. allow you to setup auto notifications a week before payment is due.

don't you lose your cashback when you miss or payment (or fall down to a much more reduced rate).

Chrysalis

Its not a cashback card so I had no cashback to lose.

I see why you mentioned cashback now, my post was an error I edited it.

Paul_1977

Always set up minimum payment, by direct debit, always always always, why would you not.

Chrysalis

my reason was I was paying the card via other funding not my bank account, it was a pain to transfer money to my bank just to pay my card.

But I decided now to do the DD as the penalty on the tesco card for a late payment is losing the 0% offer.