How to use CapitalOne credit card?

Gabriel91

Hello!
I just succeed in getting my first credit card, CapitalOne with £200 credit limit (it's their basic credit card).

So on their app when setting up a direct debit you can choose how you make the payment=I choose full balance, and you have to select a day of the month 1-31 for when the payment would be made "On or after the [insert day] of the month] = this is only way you can choose, no statement date or anything else like that, just "On or after [insert x day= day of your choice].

On selection screen it was automatically on the 18th day of the month so I just went with that.

Now the question is: the payment would be taken only "On or after 18th day of the month" - and in the UK usually the due date is 21-25 days after the statement date, so judging it also takes least 5 days for the payment to be processed, 18th day of month+5 = 23th day of the month, excluding weekend days/holydays, so assuming a statement date of 1st day of the month, and a due payment date of 21 days after the statement date, then having a direct debit set up to pay the balance as "On or after the 18th day of each month, plus the 5 days for the payment to be processed you could actually be to late with the payment?

So would it be better to set up the direct debit to pay in the balance in full as "On or after 10th day of the month" = in this way the balance is paid earlier, also taking those 5 days required for the processing of payment in consideration, you could also pay manually and there would be enough time for the payment processing to be done before the direct debit payment date is due so you don't pay twice.

Let me know, any help appreciated! Cheers!

Sandtree

The payment will leave your current account on the 18th of the month unless the 18th is a non-working day (ie weekend or bank holiday) in which case the payment will leave on the next working day after the 18th... ie if the 18th is a Saturday of a normal weekend then the payment will go on Monday 20th.

The whole payment process takes 5 working days for a DD but that includes the time before the money leaves your account. 

I cannot say with Capital One but for every credit card provider I've ever been with they wont allow you to select a date that could result in a late payment... indeed when I wanted to change my AmEx (may have been barclays, long time ago) payment date they moved the statement date slightly to ensure it all still lined up

[Deleted User]

The DD is their responsibility, so don't try to change anything.

Make manual payments until your statement says that the next payment will be collected by DD.

D3xt3r5L4b

If you want to move the Direct Debit date you need to ask the lender to change the date your statement is issued on. 

Gabriel91

D3xt3r5L4b said:

If you want to move THE Direct Debit date you need to ask the lender to change the date your statement is issued on. 

I didn't used the credit card yet, I think there won't be a statement generated since there is no billing cycle.

Gabriel91

Deleted_User said:

The DD is their responsibility, so don't try to change anything.

Make manual payments until your statement says that the next payment will be collected by DD.

Hei, I just got today the email from CapitalOne saying the direct debit has been set up and will collect for the next statement.

D3xt3r5L4b

Gabriel91 said:

D3xt3r5L4b said:

If you want to move THE Direct Debit date you need to ask the lender to change the date your statement is issued on. 

I didn't used the credit card yet, I think there won't be a statement generated since there is no billing cycle.

It doesn’t matter. They will still have a “planned” statement date for you even with a zero balance. 

Gabriel91

Sandtree said:

The payment will leave your current account on the 18th of the month unless the 18th is a non-working day (ie weekend or bank holiday) in which case the payment will leave on the next working day after the 18th... ie if the 18th is a Saturday of a normal weekend then the payment will go on Monday 20th.

The whole payment process takes 5 working days for a DD but that includes the time before the money leaves your account. 

I cannot say with Capital One but for every credit card provider I've ever been with they wont allow you to select a date that could result in a late payment... indeed when I wanted to change my AmEx (may have been barclays, long time ago) payment date they moved the statement date slightly to ensure it all still lined up

So if it's calculated since before the 5 working days then you won't miss the payment I suppose.
I choose direct debit because it seems more reliable for me, so you don't mistakenly miss payment due to forgetfulness.

Might move it on the 10th day of the month though, still.