Missed my first credit card payment, have i now messed up my credit rating?

trinidadone

I just called the bank, I was informed a missed payment would not usually lead to a withdrawal of a introductory offer. and my introductory offer is still in place. I was also informed the introductory offer is part of the T&C I signed up for, and if the T&C would change, i would be told first in writing. I was also advised the bank could not simply start charging me interest, without advising me first.

On the down side, the errors on the card is still showing £7.98 because of the weekend, so should come off on monday.

binaryuniverse

That's very unusual to be honest. Normally missing a payment is an immediate breach of terms of the offer and they withdraw a 0% offer. Usually, a first 'offence' is waived IF you phone and explain the situation.

Either way, it's not your credit history you should be stressing about, rather than the interest you could potentially getting charged. That's far more important. As long as the 0% offer is still in place, you're all good.

trinidadone

binaryuniverse wrote: »

That's very unusual to be honest. Normally missing a payment is an immediate breach of terms of the offer and they withdraw a 0% offer. Usually, a first 'offence' is waived IF you phone and explain the situation.

Either way, it's not your credit history you should be stressing about, rather than the interest you could potentially getting charged. That's far more important. As long as the 0% offer is still in place, you're all good.

well it is all good.

I am stressing about the credit history for other reasons.

as for the 0%, i could pay that in full tomorrow or get a 0% BT but with a damaged credit history, i would not.

surely a bank would need to tell you upfront on any new charges introduce, not just apply them

molerat

There would be no "new" charges as all the details of what would happen is contained in your T&Cs. You are on a standard credit rate of x% but with a promotional rate of 0%, breaching the terms can revert you to the standard rate. They would of course inform you that you are losing your promotional rate and, as mentioned above, it may be held back until the next billing cycle but a breach of terms could be an immediate change. If they have stated they are not revoking the promo then all should be good. Have they mentioned a late marker ?

sourcrates

trinidadone wrote: »

I have maxed out the card

Do not let this become a habit, unless you have the means to repay in full, on demand.

YorkshireBoy

trinidadone wrote: »

surely a bank would need to tell you upfront on any new charges introduce, not just apply them

Who's the provider and which specific card is it? I'm sure someone will point you to the relevant condition relating to your issue (as to how and when they'll notify you).


I trust you took the name of the call centre operative (and the date/time of the call) who told you your 0% rate was still intact?

trinidadone

molerat wrote: »

There would be no "new" charges as all the details of what would happen is contained in your T&Cs. You are on a standard credit rate of x% but with a promotional rate of 0%, breaching the terms can revert you to the standard rate. They would of course inform you that you are losing your promotional rate and, as mentioned above, it may be held back until the next billing cycle but a breach of terms could be an immediate change. If they have stated they are not revoking the promo then all should be good. Have they mentioned a late marker ?

The bank did not mention the late marker, but did mention the late payment could affect my credit rating

trinidadone

sourcrates wrote: »

Do not let this become a habit, unless you have the means to repay in full, on demand.

It is a habit to be honest, but i do have the means to pay in full tomorrow if needed. thanks for the concern

trinidadone

YorkshireBoy wrote: »

Who's the provider and which specific card is it? I'm sure someone will point you to the relevant condition relating to your issue (as to how and when they'll notify you).


I trust you took the name of the call centre operative (and the date/time of the call) who told you your 0% rate was still intact?

To be honest, i do not want to go down this road. if the 0% offer is now scrapped as you are suggesting in the next billing period, i would get a BT or pay in full.

in regards to the call centre interaction, i record all of my calls, thanks for the concern.

YorkshireBoy

trinidadone wrote: »

To be honest, i do not want to go down this road.

I just thought, because you'd mentioned it 4 times so far in the thread, that the answer was important to you.