Credit Card Full Payment?

fozmcfc

Basically if you pay off the card as soon as you spend on it, the balance on the statement is highly likely to be 0.

On your credit report, the balance for each month is shown, if it says 0, then it will look like you aren't using the card.

So as per post 1

Transact.
Get Statement.
Clear balance in full.

You get up to 50 - 56 days interest free on purchases, so if you spend say £200, then get your statement, then make another purchase for £50, the amount taken by direct debit will be £200, then your next statement and next month balance on your credit report will be £50.

Ben8282

TMinside wrote: »

Yes I've currently set it up for the direct debit to take the full payment every time. I asked the question as I just wanted to pay it off as soon as I used the card for anything. But either works fine for me as long as it helps to get my CR up.

Most people would choose to spend on a credit card in order to benefit from the maximum period of interest free credit not to get their CR up! If you are going to pay the card the same day you might as well use a debit card or just pay cash.

eskbanker

Ben8282 wrote: »

Most people would choose to spend on a credit card in order to benefit from the maximum period of interest free credit not to get their CR up! If you are going to pay the card the same day you might as well use a debit card or just pay cash.

Not sure it's helpful to generalise - in the context of someone with a newly-acquired Vanquis card and a desire to pay off in full rather than accumulating a balance then I'd say it wasn't unusual that they have (re)building a credit file in mind, as recommended at http://www.moneysavingexpert.com/loans/build-credit-history#creditcard and numerous posts on here.