CC Standing Order - Possible?

SimlarGent8

Hi All
After a few purchases on my CC last year I did a 0% balance transfer.  It's currently set to a direct debit and I then top up so I have a certain amount being paid off each month.  E.g I pay off £250 a month.  I usually wait for my DD to go out and then do the remaining after.  I was thinking if it's possble to cancel my DD and set up a standing order so I don't have to do this.  Would the CC provider allow this or is it just better to keep it as I am doing?  I have another 8 month and I will have the card fully paid off so it's not like I have too much longer left of doing it this way.  Just a thought thats all.

mej24

In my experience most credit card companies allow this. The only one I’ve been unable to do it with is PayPal Credit

phillw

I was thinking if it's possble to cancel my DD and set up a standing order so I don't have to do this.

The thing I like about DD is that if something goes wrong then they don't blame you, while any other payments are your responsibility. Can't you ask the credit card provider to just take the extra payment in the DD? You can usually ask a credit card company to take more than the minimum payment. Or you can probably schedule a faster payment that is paid in addition to your DD.

SimlarGent8

phillw said:

I was thinking if it's possble to cancel my DD and set up a standing order so I don't have to do this.

The thing I like about DD is that if something goes wrong then they don't blame you, while any other payments are your responsibility. Can't you ask the credit card provider to just take the extra payment in the DD? You can usually ask a credit card company to take more than the minimum payment. Or you can probably schedule a faster payment that is paid in addition to your DD.

That's a good idea and yes, probably a better 'safer' way.  I'll give them a call. Thanks.

bradders1983

I have never had a direct debit on any credit card. Ever. Never missed a payment. As long as you make a payment they dont care how it happens.

chistery

Often payment dates change though, so if you set up a standing order on the same day every month, you need to keep an eye on the payment due date to ensure it makes it in time.

phillw

chistery said:

Often payment dates change though, so if you set up a standing order on the same day every month, you need to keep an eye on the payment due date to ensure it makes it in time.

That is why I would always have the minimum on a DD. I have four cards that I've requested the DD go out on the 1st of every month and the payments go out between the 1st and the 8th.

maxximus75

A lot of card companies allow you to set either: Minimum payment, Full payment or a fixed amount.

saverkev

My preference would be pay the minimum put the rest in a savings account though I realize not as attractive interest wise at the moment