Question about paying off credit card every month / ensuring no interest

chuckley

why would you pay by debit card?

chattychappy

I personally never use DDs, but many people here do like them.

I wouldn't pay debit card - it can take a couple of days for a payment to be applied to the account. I use faster payments from my current account. In my experience, it is always credited immediately. Indeed with some CCs, you can have your online account open in one window, with your bank account open in another. On making the faster payment you can see that the payment is made instantly by doing an immediate refresh on the CC window.

Back to DDs. I would only set it up if you are sure your pay will arrive in time for the DD to be taken. If setting up a DD just for the minimum (with the intention of paying the rest manually), be sure to understand how a manual payment will interact with the DD. Some CCs adjust the DD if you send a manual payment.

curiousralphy

Simple solution is to call up your bank and get the statement date changed to the same as your pay day.

Kim_13

If you set up a DD for the full statement balance, the CC company will take the DD on such a date that it will be applied to your account in time to avoid any interest.

If you pay by card on payday, you run the risk that it won't be applied in time and you'd then be charged interest.