When will available credit refresh?

in Credit Cards
3 replies 1.1K views
My statement date is 8th but the direct debit does not produce until the 3rd. When will my available credit refresh itself back to normal is it upon the beginning of the new billing cycle or only on receipt of payment?

Replies

  • zx81zx81 Forumite
    35K Posts
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Forumite
    As soon as the payment has cleared.
  • [Deleted User][Deleted User] Forumite
    0 Posts
    Newbie
    What problem?

    That your credit isn’t available until funds clear?
  • T-G-CT-G-C Forumite
    591 Posts
    Anthonym wrote: »
    My statement date is 8th but the direct debit does not produce until the 3rd. When will my available credit refresh itself back to normal is it upon the beginning of the new billing cycle or only on receipt of payment?

    The statement date is not relevant, as soon as a payment is credited, whether it be bank transfer; direct debit or debit card, the Available to Spend will increase.

    The payment due date and statement date are both important to remember, but not for payments being credited, as these are done so throughout the cycle.

    Depending on the provider, it will often refresh on the day of the payment being processed, either in the evening when the account refreshes or in the early morning. For example, Vanquis credit all accounts their processed payments at 22:00 PM daily (excluding weekends and bank holidays).
    Advice provided from this account does not consist of any professional knowledge. For professional debt advice, please contact either National Debtline or StepChange. Advice may consist of personal experience, opinion and/or informational sources.
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