Current Balance vs Balance on Statement Date

seabass90

Hi all, another newb credit card question again.

My current Credit Card Balance is showing as £294 which is fully what I expected.

However, when I open my latest statement (due for payment 4th Jan 2016), its £423!? The statement shows me transactions between 7th Nov - 8th Dec.

I think this has happened because during December I bought a lot of things online on my credit card which I end up sending back. If I go back to my main banking screen, I can see that since the 8th December, I've received all my refunds from the various different places. Would this explain the difference?

So do I still need to pay £423 by January 4th? My head is always in debit card mode, so I find it tricky to get my head around why I should be paying £423 this month when i've since had money refunded. Will this mean my statement for next month should be lower than expected? I consider myself a relatively intelligent person, but I swear when it comes to credit cards I seem to have some complete mental block :mad:

planteria

im not entirely sure, but i think you just need to pay the £294.
perhaps set up a DD to take full payment each month, pushing the onus on to the card provider.
and perhaps call them to check.

grumbler

seabass90 wrote: »

My current Credit Card Balance is showing as £294 which is fully what I expected.

However, when I open my latest statement (due for payment 4th Jan 2016), its £423!? The statement shows me transactions between 7th Nov - 8th Dec.

I think this has happened because during December I bought a lot of things online on my credit card which I end up sending back. If I go back to my main banking screen, I can see that since the 8th December, I've received all my refunds from the various different places. Would this explain the difference?

Well, you know better as you see the figures and, I guess, graduated from a school.

So do I still need to pay £423 by January 4th?

The refunds may or may not count for payments - make this sure with your CC provider. I think the reason why they may not count is that this would create a loophole for avoiding making minimum payments. Also, if you pay by DD, extra payments may or may not affect the DD amount - this depends on the provider.

My head is always in debit card mode, so I find it tricky to get my head around why I should be paying £423 this month when i've since had money refunded. Will this mean my statement for next month should be lower than expected?

If you pay £423 this will put your CC in credit. Your next month payment will be smaller or zero - depending on your new spending.

SnowTiger

In this instance I'd call them and ask.

anamenottaken

Who issues your credit card?

seabass90

anamenottaken wrote: »

Who issues your credit card?

It's Lloyds.

Thanks for all your responses everyone, seems to be mixed thoughts so perhaps I should just give them a call!

seabass90

Just incase anyone else stumbles across this thread looking for answers, I just phoned Lloyds who told me I need to pay the full (£400ish) amount to avoid having to pay any interest, but confirmed I will then be in credit at some point. To be fair they've said that when this happens, I can phone them and they can essentially move the credit over to my debit card which is good.. although this all seems a bit of effort, think i'll stick to my debit account for shopping purchases in the future!

[Deleted User]

Hi,

should the refunds not've been paid back to your credit card rather than bank?

CLAPTON

seabass90 wrote: »

Just incase anyone else stumbles across this thread looking for answers, I just phoned Lloyds who told me I need to pay the full (£400ish) amount to avoid having to pay any interest, but confirmed I will then be in credit at some point. To be fair they've said that when this happens, I can phone them and they can essentially move the credit over to my debit card which is good.. although this all seems a bit of effort, think i'll stick to my debit account for shopping purchases in the future!

I'm sure they won't pay it back to your debit card : they will pay it to your bank account

if you don't often get refunds for returns, then it seems a bit of an over reaction: but whatever suits you best

grumbler

[Deleted User] wrote:

should the refunds not've been paid back to your credit card rather than bank?

They get paid to the card (credit one in this case) that was used for the purchases.

You seem to be misunderstanding something.

CLAPTON wrote: »

I'm sure they won't pay it back to your debit card: they will pay it to your bank account

Essentially it's the same and doesn't make any difference to the OP.

[Deleted User]

Hi,

grumbler wrote: »

They get paid to the card (credit one in this case) that was used for the purchases.

You seem to be misunderstanding something.
Essentially it's the same and doesn't make any difference to the OP.

yes, I know refunds are paid back to the card used, but op said, 'If I go back to my main banking screen', which made me think he was talking about his current account, and refunds had been paid there.

Sorry, ,



100 lines, 'Read the post properly'.