Aqua: Paying your monthly bill

Fred_Lewis

Hi Guys,

My first bill has come through for the month´s Usage. Since the time the bill has been generated, I have made one or two more purchases. I need to get this clear: assuming that every month I want to pay the card off in full, I need to pay the full "bill" total or get the card´s Available Spending Credit back up to 100%.

My point is, suerely betwen my bill being generated for the month and me actually paying it, there is going to be a couple of days in between and hence a few purchases made, money spent, but am I correct in assuming that the balance which is not stated in the bill will actually be taken out the following month?

[Deleted User]

You only need to pay the statemented balance.

Terry_Towelling

You only have to clear the statement balance in full to avoid interest (assuming there are no cash withdrawals in there). The transactions made since the statement was created will indeed appear on next month's statement for payment then.

If you wanted to get your spending availability back to 100% of your credit limit at this point, you'd have to overpay the statement balance by the amount of unbilled transactions. Some credit card companies don't like you to do that and won't let you pay more than the statement balance.

You could try it but I don't see the point. Just leave the money for next month's transactions in your bank account gaining credit interest until you really have to pay it off - assuming your current account pays interest that is.

redux

I can't quite see what you're driving at.

You don't need to get the available credit proportion to 100%, unless in advance of once-off large value items that will push towards the limit.

In normal usage, you have up to 50 or 56 days credit, depending on card. So it actually overlaps almost 2 months, and someone who spent exactly the same each week, and cleared in full on due date, would see their balance steadily increasing then stepping down just over half, not to zero.

As an example, someone with £1000 credit limit spends £10 every day. First statement balance £300. They keep spending, and on the due payment date the balance is £500, they pay £300, balance drops to £200, keep spending, next statement balance £310, repeat etc. They are paying the statemented balance in time, incurring no interest, fully in accordance with conditions, even though the instantaneous balance may happen to not ever be zero.

Fred_Lewis

redux wrote: »

I can't quite see what you're driving at.

You don't need to get the available credit proportion to 100%, unless in advance of once-off large value items that will push towards the limit.

In normal usage, you have up to 50 or 56 days credit, depending on card. So it actually overlaps almost 2 months, and someone who spent exactly the same each week, and cleared in full on due date, would see their balance steadily increasing then stepping down just over half, not to zero.

As an example, someone with £1000 credit limit spends £10 every day. First statement balance £300. They keep spending, and on the due payment date the balance is £500, they pay £300, balance drops to £200, keep spending, next statement balance £310, repeat etc. They are paying the statemented balance in time, incurring no interest, fully in accordance with conditions, even though the instantaneous balance may happen to not ever be zero.

Yes exactly. In a very roundabout way this is the explenation that I needed. Thank You!