Statement in the post

Sncjw

Hi I got my statement for my credit card in the post but I have paid the money off via my online banking couple of days after it said statement due.

I set up direct debit prior to my card coming so would the direct debit be cancelled as I've already paid it,

Thanks

McKneff

It may well take the money again. Why pay it if a dd is setup. It just confusesthe system

Superscrooge

Did the statement mention that the full balance would be collected by direct debit?

Sometimes it can take a couple of weeks for a DD to become active. So if this is your first credit card statement and there is no mention on the statement that money is to be collected by DD. It is likely that the DD had not become active in time.

If the statement does say the full balance will be collected by DD then I would expect it still will be.

grumbler

Superscrooge wrote: »

If the statement does say the full balance will be collected by DD then I would expect it still will be.

This depends on the card, and most will adjust the DD amount, especially for so early extra payment.

My randomly selected statement says: "Your statement balance, less any interim payments, will be collected by DD..."

Sncjw

The reason I paid early is because it's my first credit card.

I use online banking a lot so would it better to cancel the dd and just pay it like I did

Sncjw

Also it was after the statement on the online banking showed that I so much to pay off not beforehand

grumbler

Sncjw wrote: »

I use online banking a lot so would it better to cancel the dd and just pay it like I did

No. If you pay manually a mistake can be costly. Much easier is to relax with a DD.

chattychappy

grumbler wrote: »

No. If you pay manually a mistake can be costly. Much easier is to relax with a DD.

I can never "relax" knowing that I have agreed to grant access to my current account (despite the so-called DD gurantee).

Sitting back and relaxing with a DD can be costly in the event:
1) A cardholder forgets to have the funds available in the bank account when the DD is due to be taken. This can result in double charges and a double report to a CRA.

2) Whilst relaxing, a cardholder doesn't bother to check statements any more, knowing that the payment will be taken automatically.

3) A cardholder is paying interest - in this case it is better to pay as much as possible as soon as the funds are available (though I accept with some cards, you can still run a DD at the same time and things will work out OK).

....though I accept they work well for some!

betterdaysahead

If I were you, I would continue with things as you are. Depending on how your credit card is with, if you have a DD set up to pay the full amount on a certain date they will only take an amount which is your statement balance minus any manual payments you have paid. This is what I do with Vanquis. I usually manually pay off the full amount at the beginning of the month so I know what moneys I have available in my current account for the rest of the month. Having the DD in place gives me the peace of mind that if I forget to do so, the full amount will be paid on the due date, ensuring that I never miss a payment.

Sncjw

So they won't take the money out. I'd rather pay it off soon as rather than wait for dd the dd says it will go out on the 29th of the month but I want to make sure it's paid.

Should I cancel the dd or keep it

YorkshireBoy

Sncjw wrote: »

Should I cancel the dd or keep it

Both sides (the pro DD and the anti DD camp) have presented their cases, and the merits for each. If you can't make a decision based on that, or want a higher sample size, then post a vote option and then go with the majority vote?

Just on chattychappy's comment above...we have a great number of people on here saying they "forgot" to pay their credit card on time. I don't recall seeing many posts from people saying they "forgot to have funds available in the current account on DD day and so incurred two lots of charges".

One final thought...if you continue to pay manually the DD will lapse anyway, under the dormancy rules. So don't rely on it always being there as a fall back...because it won't be!