Accident at the Bank?

hairmetelheaven

Hi,

I travel for work and have to pay a lot of expenses, which I put on my credit card. I pay the balance in full by direct debit every month, this month I had a problem. I read my statement and they were going to take out my bill the day before payday, not on or after my payday date as agreed. It is the same day every month, so I never worry too much. Luckily I caught it.
I called them, and they said they can't change direct debit but can cancel it and take a minimum payment by direct transfer. I did this, and we agreed I will set up the direct debit again as soon as my pay has gone in. I also had them send me a letter explaining why I cancelled the debit, for my records.
Way I see it it's their fault the problem occurred as their system changed an agreed date.
My question is two fold - will it cause a black mark on my credit rating, and do I need to do anything else?

Thanks

Hairmetelheaven

Stuart107

Assuming you paid the minimum balance by the due date (or rather, ensured that the minimum balance was credited to the CC account by the due date) then any effects will be essentially null. There's a possibility of a minimum payment marker being applied to your credit history but for one month this will have very little - if any - effect as it's a one off.

I'm sure you're aware of this but remember to pay the remainder as soon as possible after payday to avoid interest accumulating. You will have some interest to pay even if you pay within a day or two since you only benefit from the interest free period if paid in full so paying the minimum will mean that interest is due from the statement date.

You'll need to repay the balance in full for two months to stop any trailing interest from accumulating.

Finally, you might want to ask the bank if they can move the statement date forward a few days so that there's some buffer between payday and CC due date since the later can, and will, vary due to the calendar.

pvt

If this occurs again you might try asking your company for a cash advance to cover the business expenses. I now have a corporate card, but when I had to use my personal card for travel expenses, cash advances were always available to me.