Credit card minimum payment

Thommo18

Hi. I have a Barclaycard credit card. I've always paid in full each month but wanted to check how my credit file may be impacted if I paid say half the amount owed instead of the full balance.

I recently changed my billing date, so I got a statement on the 19th of April, but with changing my date I'll have a new statement around the 11th of May. Barclaycard confirmed payment can be made 25 days after the statement is issued before I would get any late payment charges, but if I paid half the amount owed at the end of this month does that mean I will only the remaining balance at the end of May or would that include interest?

Ben8282

Thommo18 wrote: »

Hi. I have a Barclaycard credit card. I've always paid in full each month but wanted to check how my credit file may be impacted if I paid say half the amount owed instead of the full balance.

I recently changed my billing date, so I got a statement on the 19th of April, but with changing my date I'll have a new statement around the 11th of May. Barclaycard confirmed payment can be made 25 days after the statement is issued before I would get any late payment charges, but if I paid half the amount owed at the end of this month does that mean I will only the remaining balance at the end of May or would that include interest?

The title of this thread is misleading as you don't intend to make only a minimum payment do you?
I am curious as to why you changed your statement date to earlier in the month so you will have to pay earlier if you are having difficulties in making the full payment.
If you only pay half of the balance then interest will start. On next month's statement you will be charged interest from the date of the transaction until the date of repayment including the amount that you have paid from the date of transaction until the date of the payment. Assuming that next month you make full repayment, you will be charged trailing interest the following month. Pay that statement in full and you will no longer be paying interest.
As to how your credit files would be impacted, taking this in isolation I don't believe they would be impacted at all.

Thommo18

I intend to make at least the minimum payment due, but used paying half as I know I'll pay less interest.

I had to change my payment date as I was advised by Barclaycard there was a 2 week grace period to allow payments in full to made and my pay date at work was after this.

Ben8282

Thommo18 wrote: »

I had to change my payment date as I was advised by Barclaycard there was a 2 week grace period to allow payments in full to made and my pay date at work was after this.

This is nonsense. In your OP you stated correctly that payment is due 25 days after statement date.
You have now changed this to say 2 weeks AND you have changed your statement date to make the payment due date EARLIER than previously.

Thommo18

Please read what I've said. Barclaycard advised there was a 2 week grace, then when I spoke to them today advised of the 25 days to make payment.

By changing the payment date, my statement will always be generated after my pay date, not before.

Dobbibill

If you don't pay in full, your next statement will include interest from the date of the transaction.
Your following statement will also include trailing interest.
To return to not incurring interest on purchasess you need to pay off the next 2 statements in full. (the one with half your purchases plus interest on and following one with trailing interest on)

18cc

The simple answer is that as long as you make at least the minimum payment specified on the statement by the date specified on the statement (for safety, aim for a couple of days before to allow clearance etc or pay by DD) then your credit file will not be adversely impacted.

You will, of course, be charged interest on any outstanding balance. The interest will be calculated from the purchase date(s) ie not the statement date.

Depending on your circumstances, the fact that you still have money owing may impact your ability to borrow more money until you repay more of your CC.

Terry_Towelling

OP, has Barclaycard confirmed that your first statement with the new billing date will be 11th May?

I have a nagging suspicion that the new billing date can't be applied less than a month after the old one. In other words, you may not get a statement until 11th June. That means you will still have to pay the full April balance by the due date to avoid interest.

It also means that your June Statement will have maybe one and a half months' spending on it. If you haven't been careful with your cash during that period, you may struggle to manage such a large full payment.

I issue this warning because I changed my Barclaycard billing date in the same manner as you many years ago, expecting to have a 'short' month but I got the almost 'double' month scenario.

I can't be sure you will have this happen to you also but you may want to ask Barclaycard to confirm (in writing) when your next statement will be.

Thommo18

On my Barclaycard app it says my next statement is the 9th of May, so will be produced around the 11th.

The last statement I got was the 19th of March. Barclaycard said I may get interest at the end of May but then but messaged on Twitter:

No interest will be added until you've not paid the balance in full after you've been billed. So in May when you're billed if you pay anything less than the full balance you'll be charged interest on your June statement.

Terry_Towelling

OK, just a bit confused now because in your 1st post you said you had a statement on 19th April but now you've just said your last statement was 19th March. Which one is correct?

Ben8282

Thommo18 wrote: »

I got a statement on the 19th of April, but with changing my date I'll have a new statement around the 11th of May.

Everything written in my 2 replies to this thread was based on the above statement.
Now it appears that you have misinformed us.

Thommo18 wrote: »

The last statement I got was the 19th of March. .