Pay credit card off after statement generated?

turtletom100

I posted a couple weeks ago about a capital one card and paying it off in the middle off the month, the outcome is that it could effect my credit file instead of helping but I am just wondering how it stands if the statement is generated and then a payment is made?

I am going away on the 27th March and my direct debit is set up for the 28th. It would be nice to have the credit card cleared prior to going just incase it is needed for whatever reason. If i was to wait for the statement to be generated and made a payment so it would clear before I went away would this still be bad?

Failing that when I get the statement shall I pay it all of other than say £10 and let the £10 come out via direct debit so it shows I have repayed in full still as that would be the remaining balance?

turtletom100

BTW the balance is £104 currently if that matters?
Credit allowance: £200

[Deleted User]

No problem with making an interim payment as a one off. In general though, wait for the statement.

Ben8282

Once the statement is generated you can pay as soon as you like. Pay the very next day if you want. The sole advantage of waiting until the payment due date is to maximise interest-free credit and keep the money in your account longer earning interest.
I recall from your previous thread that this card has a very low limit. In this case it may well be advantageous to pay early to give you more flexibility in using the card.
One thing though. I don't have a Capital One card and therefore do not know their policy regarding what happens to the direct debt if a manual payment is made prior to the direct debit being taken. On most cards so long as the payment is made at least 2 - 4 working days (depending on the card) prior to the direct debt date the direct debit is reduced or cancelled depending on the amount of the payment but on other cards the direct debit is taken regardless. I do not know which system Capital One apply.

Chappaz

turtletom100 wrote: »

BTW the balance is £104 currently if that matters?
Credit allowance: £200

Try and keep it below 30% if you can, so try not to have more than a £60 balance on the card at any one time.

It's a minor point but it helps your credit utilisation look a bit more favourable which lenders like. If you use too much of the credit available, it can be seen as a sign of financial problems.

£200 is not a lot to work with, but after a good few months of successful payments they'll most probably increase the limit on your card eventually so you have a bit more leeway.

It's also best to do this just to give you a bit more room to manoeuvre as well, as with only a £200 limit, it's a lot easier to accidentally max out the card or even overspend on it if you're not careful.

turtletom100

Ben8282 wrote: »

Once the statement is generated you can pay as soon as you like. Pay the very next day if you want. The sole advantage of waiting until the payment due date is to maximise interest-free credit and keep the money in your account longer earning interest.
I recall from your previous thread that this card has a very low limit. In this case it may well be advantageous to pay early to give you more flexibility in using the card.
One thing though. I don't have a Capital One card and therefore do not know their policy regarding what happens to the direct debt if a manual payment is made prior to the direct debit being taken. On most cards so long as the payment is made at least 2 - 4 working days (depending on the card) prior to the direct debt date the direct debit is reduced or cancelled depending on the amount of the payment but on other cards the direct debit is taken regardless. I do not know which system Capital One apply.

Cheers thats awseome, yes the card only has a £200 limit. I will have to check with capital one what their policy is if I pay it off before the direct debit date.

Sncjw

Best thing I wait for statement . With my account I can see when the payment is needed by before I get my statement you usually have about 28 days from statement date to pay it off