Credit card always paid in full but ...

SnowTiger

Eastminster wrote: »

So once again I ask the question why do NatWest take the payment 10 days earlier than other banks?

I think you know the answer already.

Tesco Bank shaves a few days off the interest free period for all customers.

Most credit cards offer up to 56 days interest free credit. Tesco Bank offers up to 51 days interest free credit.

There's lots of choice. At least as far as Natwest is concerned, there's a way around their ruse.

SnowTiger

societys_child wrote: »

'cos they can?

Is it not in the T&Cs?

I don't think it is. And they don't appear to give a warning when you set up a full payment direct debit online.

The date of the direct debit is mentioned on statements, though. As it has to be.

RG2015

To be fair, NatWest are quite open about this as the link below shows.

http://personal.natwest.com/personal/credit-cards/manage/payments.html

YorkshireBoy

Eastminster wrote: »

£2,000 x 3% x 10/365 = £1.64.................. every month. Also NatWest are likely to earn more than 3%. Then multiply this by thousands of customers. It all adds up.

Do NatWest (and other cards from the RBSG stable) still operate 'small balance write off'? If they do, then why not get your own back by clearing everything but 99p each month? That way you can profit at their expense to the tune of £11.88 per year. That'll offset the aforementioned £1.64 per month somewhat...who knows, with a small monthly spend you might even turn a profit!

Fight fire with fire.

redpete

Eastminster wrote: »

£2,000 x 3% x 10/365 = £1.64.................. every month.

It's not that much every month, not intuitive but it's not.

Bgecosse

For clarity it is an RBS Mastercard and despite all the interesting responses I still remain frustrated that there is no automatic way for me to pay the full balance automatically no later than the due date but without RBS keeping my money for 10 days!
Changing the due date (after discussion with RBS) has no effect as they will always take the full amount c. 20 days before.

Bgecosse

Sorry I meant to 10, not 20.

pmartin86

Bgecosse wrote: »

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

Ahem, YOUR money? Correct me if im wrong, but this is to settle a bill that you owe them isnt it?

PeacefulWaters

Bgecosse wrote: »

For clarity it is an RBS Mastercard and despite all the interesting responses I still remain frustrated that there is no automatic way for me to pay the full balance automatically no later than the due date but without RBS keeping my money for 10 days!

when did your debt to RBS become your money?

enthusiasticsaver

As the bill for the any credit card is for borrowing you have taken out technically until you have cleared the credit card bill it is their money. I am not sure why RBS take the full amount 10 days early. My credit card is Santander 123 and they take the full amount of our credit card bill the day before it is due.

I personally would not bother with the palaver of only paying minimum and hoping you remember to pay the difference when it is due. If it bothers you that much apply for a different credit card and check terms and conditions.