Credit card always paid in full but ...

Bgecosse

I was very surprised and then disappointed that I appear to lose by up to 10 days benefit of retaining money in my account.
I pay my credit card in full by direct debit each montb. The bank claims that as I have it set-up to always clear the full balance they need to take the money 10 days earlier. For example credit card is due for full repayment on 31 Aug 2017 and the direct debit comes out on tbe 21st. Tbey advise that they cannot negotiate on this 10 day period.
Frustrating as I am being responsible but yet if I set it up to pay the minimum by direct debit tben tbis would come out on 31st and I can pay by mobile phone banking or cash also on the 31st.
Perhaps others experience this? Seems very unfair that I am being penalised and I am sure they will put those 10 days they have my money to their benefit!
Bruce

amfan

You could always change to minimum by direct debit and transfer the rest over yourself 9 days later?

PeacefulWaters

Change to a card that collects later in the cycle.

SnowTiger

Natwest?

It's been mentioned here before.

You could follow amfan's advice, which is what I do.

Vortigern

Bgecosse wrote: »

The bank claims that as I have it set-up to always clear the full balance they need to take the money 10 days earlier.

Name the bank please - so we can avoid it.

Eastminster

NatWest do this and it is quite outrageous. I always manually set my payment up for the due date as soon as I receive my statement.

bigadaj

It's years since I have had a natwest card, and the only one I've had recently that does this was amex.

PeacefulWaters

Eastminster wrote: »

NatWest do this and it is quite outrageous. I always manually set my payment up for the due date as soon as I receive my statement.

It isn't outrageous.

They tell you their T&Cs for payment collection and stick to them.

Eastminster

PeacefulWaters wrote: »

It isn't outrageous.

They tell you their T&Cs for payment collection and stick to them.

With NatWest you can set up a monthly direct debit for the minimum required payment or full amount. If you choose the minimum it will be taken on the due date. If you choose the full amount it will be taken 10 days earlier.

If anyone can justify this as anything other than blatant profiteering I would love to hear it.

YorkshireBoy

Eastminster wrote: »

NatWest do this and it is quite outrageous. I always manually set my payment up for the due date as soon as I receive my statement.

That's going to catch you out sooner or later, if the payment due date falls on a non-working day.

If anyone can justify this as anything other than blatant profiteering I would love to hear it.

How did NatWest justify it when you brought your displeasure to their attention?

Eastminster

YorkshireBoy wrote: »

That's going to catch you out sooner or later, if the payment due date falls on a non-working day.How did NatWest justify it when you brought your displeasure to their attention?

I set up my payment from my NatWest current account and they do not accept future payments for non working days. I would be surprised if any bank allowed a future payment to be scheduled for a non working day.

As to your question, I know better than to bang my head against a brick wall. :rotfl: