New BT card delayed by post strike - should I worry?

SubaruSeb

Good news, the card arrived today and I have set up the app and online banking.

Probably a stupid question but can I make voluntary payments towards the balance right away or do I need to wait until the first statement, due date and minimum payment have been generated?

cymruchris

SubaruSeb said:

Good news, the card arrived today and I have set up the app and online banking.

Probably a stupid question but can I make voluntary payments towards the balance right away or do I need to wait until the first statement, due date and minimum payment have been generated?

If the card has a balance on it, you can pay anytime. You don't have to wait for a statement. Bear in mind that if you make a manual payment too close to a direct debit, the direct debit will still be taken. 

Ebe_Scrooge

SubaruSeb said:

Probably a stupid question but can I make voluntary payments towards the balance right away or do I need to wait until the first statement, due date and minimum payment have been generated?

As per the previous reply, you can make payments at any time, with the caveat that doing so can often muck up the direct debit.

But it somewhat defeats the object of a balance transfer card - assuming it's on 0%?  If it's charging a low rate of interest then certainly it makes sense to pay it off ASAP, assuming the interest you're being charged is more than you could earn in savings.  But if it's at 0% you're better to just pay the minimum each month when the statement arrives, and stick a chunk each month into a savings account.  Then, when the promotional rate expires, use your savings to pay off the remaining balance in full, and treat yourself to a takeaway and a bottle of wine with the interest you've earned

But whether you pay just the minimum or more than the minimum, do make absolutely sure you've cleared, or will be able to clear, the full balance by the time the promotional rate expires.  You may be able to do another BT, but you must never ever bank on being able to do so.