Newbie credit card question

Thrifty33

Hi,

I have just been approved for, and received my first credit card (Capital One Platinum) and plan to use it to improve my credit score.

I have setup a direct debit to pay the balance in full each month.

My question is when will I have to pay the balance each month?

For example if I use it today (Monday the 25th) will Capital One try to take the money in the next few days (ie: at the end of the current month month)?

Or do they wait 30 days or something before trying to take the payment?

Thank you for any help!

w211

It's usually on the payment due date, or a day or two before.

Thrifty33

Thanks,

And yes I read that, but as I haven't used the card yet I don't have one.

ged1980

Thrifty33 wrote: »

Thanks,

And yes I read that, but as I haven't used the card yet I don't have one.

Your online account will give you the dates if you have not used the card you will not have a date yet once you use it just keep checking your online account

grumbler

Thrifty33 wrote: »

I have setup a direct debit to pay the balance in full each month.

My question is when will I have to pay the balance each month?

If you have a DD to pay it in full, you don't have to 'pay' it and just have to have money available in your current account on the DD date.

Each month a statement is issued on the statement date that tells you the DD date (~20 days later) and the amount that will be taken.

Outdoorsman65x

Be sure to keep track of everything through online banking, it makes the whole process so much easier!

Superscrooge

Thrifty33 wrote: »

Hi,

I have just been approved for, and received my first credit card (Capital One Platinum) and plan to use it to improve my credit score.

I have setup a direct debit to pay the balance in full each month.

My question is when will I have to pay the balance each month?

For example if I use it today (Monday the 25th) will Capital One try to take the money in the next few days (ie: at the end of the current month month)?

Or do they wait 30 days or something before trying to take the payment?

Thank you for any help!

You have done the sensible thing by setting up a direct debit to pay the full balance. So you will never have to pay interest.

Each month you will receive a credit card statement listing all your purchases that month, and showing the balance and the date the balance will be collected by Direct Debit from your account. Which is usually at least 2 weeks after the statement date.

So they won't be collecting payment for purchases you have made this week until at least mid February. .

pizzabread

Superscrooge wrote: »

You have done the sensible thing by setting up a direct debit to pay the full balance. So you will never have to pay interest.

Each month you will receive a credit card statement listing all your purchases that month, and showing the balance and the date the balance will be collected by Direct Debit from your account. Which is usually at least 2 weeks after the statement date.

So they won't be collecting payment for purchases you have made this week until at least mid February. .

I'm also a newbie (have just been accepted for my first credit card) coming here to look for advice and on my application, I didn't set up a direct debit as I thought there might be a possible downside to doing that, so I chose to pay bills manually. Is there any difference interest-wise to paying by DD and paying it this way, assuming the bill is paid before the due date, except that one is automatic and the other isn't? The card would only be used to pay for what I can already afford, just used to build credit.

Candyapple

pizzabread wrote: »

I'm also a newbie (have just been accepted for my first credit card) coming here to look for advice and on my application, I didn't set up a direct debit as I thought there might be a possible downside to doing that, so I chose to pay bills manually. Is there any difference interest-wise to paying by DD and paying it this way, assuming the bill is paid before the due date, except that one is automatic and the other isn't? The card would only be used to pay for what I can already afford, just used to build credit.

Having a DD set up saves you the hassle of having to remember every month to manually make the payment - what happens if you fall ill/family emergency etc. These things happen and far too many people are caught out when they realise. There is no difference interest wise if you are clearing your balance every month. Also, some people will use their credit card and make a payment the following day - this is a no no because on your credit files it will look like you are not using the card. You need to wait for your statement to be produced before making any payment.