Credit Card Payments

Terry98

I have a couple of credit cards and have noticed it takes one day for the remittance to reach the credit card account even though the cc's are with the same bank as the remittance.

Is this anything to do with ring fencing or has it always been the case?

Superscrooge

My experience is that it has always been the case.

PeacefulWaters

It will depend on the bank's systems. But it's normal for some and used to take much longer!

Nebulous2

There are several different methods of making a payment, including:

Direct Debit
Debit card
Faster Payment

Faster Payment is best for me. I always leave time for it to go through, but with my credit cards a faster payment may not appear on the credit card account until the next day, but it is backdated to the day the payment is made.

A direct account-to-account payment within an app appears to behave the same way as a FP, it is taken from my current account immediately, doesn't appear until later but is credited from the day I make it.

I always make payments in the early morning, those made after banking hours may be subject to a days delay.

Terry98

Thanks for the replies which coincide, more or less, with my experiences.

Payments do seem to be backdated to the day of payment but I would rather not make any purchases that take into account the remittance until it is showing on my account.

Shaunthompson90

Hi I'm asking this on behalf of my partner. She has 1 credit cards with Halifax. With a promotional 0% balance which ran out november this year. And another promotional 0% balance which runs out april 2018. She made a lump some payment which they have paid off the April 18 balance and started charging interest on the outstanding november balance. Even though she was told the lump some would come off the november balance. My question is, is there any legislation stating that Halifax should be using the positive payment method, thus paying off the balance that would accrue interest first?

Shaunthompson90

Sum*........

[Deleted User]

Payments go towards the highest interest bearing balance. If both balances were on a 0% promo, then the terms and conditions will tell you which will be paid.

It may be the first started, the first ending or something else. Her terms will tell her.

Dobbibill

When did the BT promo's start?

It looks like the April 2018 balance was added to the account first - thus being the first to be paid off while both on the same offer - this next payment should come off the interest bearing portion of the balance.