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Paying the remaining balance of 0% card
book12
Posts: 2,557 Forumite
in Credit cards
To pay the remaining balance of a 0% card, which method is better:
Pay by direct debit by changing the amount from minimum to 'full amount.'
Pay remaiming balance from bank account.
For example, the last month of 0% period is the end of April 2017, and the direct debit is taken around 7th of the month. After the March payment, set the direct debit to pay in full for 7th April, or pay the remaining balance by bank transfer?
How long does changing direct debit amount from minimum to full amount? Would it take get changed immediately or a few days?
Remaining balance is £5000.
Would paying a big amount mentioned above by direct debit or bank transfer block the bank account and online banking?
Pay by direct debit by changing the amount from minimum to 'full amount.'
Pay remaiming balance from bank account.
For example, the last month of 0% period is the end of April 2017, and the direct debit is taken around 7th of the month. After the March payment, set the direct debit to pay in full for 7th April, or pay the remaining balance by bank transfer?
How long does changing direct debit amount from minimum to full amount? Would it take get changed immediately or a few days?
Remaining balance is £5000.
Would paying a big amount mentioned above by direct debit or bank transfer block the bank account and online banking?
0
Comments
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The change could take several weeks, as they need to inform you of the amount, which will be done via the statement.
What do you mean by a payment blocking your bank account?0 -
Sometimes when paying a big amount from a bank account to another account, payment might get blocked.
Not sure if it will happen when paying the remaining balance of the card. Not sure if it will happen for a direct debit.0 -
I have never had payments blocked and many have been higher than £5000.
Personally I would change the direct debit to pay off in full after the March one has been taken. If it is not taken on 7th April then you can pay it off in full by bank transfer as the 0% deal does not finish until end of the month.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Nothing untoward will happen with a payment to a credit card.
May be different if you're paying some bloke with sunglasses in Colombia.0
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