end of 0% promotional period- changing from pay minimum to pay in full 16 February at 6:31PM in Credit cards 13 replies 655 views

moneysavinggirl40

My 0% promotional period is coming to and end on my credit card on 29.4.23.  It has a very small balance, and can easily pay off my credit card.

I have been paying the minimum amounts (to satisfy direct debit criteria for bank accounts).

In order to not incur any charges once the 0% promotional period ends, do I have to achieve a £0 balance by 29.4.23? If I set to "pay in full" after this date then will I incur interest charges from 30.4.23?

I would like to know as I still need to satisfy direct debit criteria for a bank account so and early 0 balance isn't ideal. Hope I'm making sense

grumbler

moneysavinggirl40 said:

My 0% promotional period is coming to and end on my credit card on 29.4.23.  It has a very small balance, and can easily pay off my credit card.

I have been paying the minimum amounts (to satisfy direct debit criteria for bank accounts).

In order to not incur any charges once the 0% promotional period ends, do I have to achieve a £0 balance by 29.4.23?

I think, yes.

I would like to know as I still need to satisfy direct debit criteria for a bank account so and early 0 balance isn't ideal. Hope I'm making sense

Make a purchase straight after paying the balance off? Or just leave £1 unpaid to be taken by the DD. The interest will be very small.

Brie

I tend to check the balance a couple of days before and pay the balance at that point.  So check on 26.4 and pay that day.  That way no interest charge is possible. The only tricky bit is if your DD is going to be taken on the 29th or thereabouts it will be taken anyways as it will be too late for the bank to stop it.  Some will automatically refund the credit amount, others will wait for you to use it up.  

born_again

Might just be easier to make a manual payment once you get March statement & cancel the DD at the same time. If you are not going to be using the card.

What DD criteria is this?

moneysavinggirl40

born_again said:

Might just be easier to make a manual payment once you get March statement & cancel the DD at the same time. If you are not going to be using the card.

What DD criteria is this?

Yeah that's what I usually do. But the direct debits set to be taken from one of my current accounts to get the perks and waive the fee. Happy to use the card but set it to pay in full, I presume I don't get charged interest if I'm paying in full once the 0% promotional period ends. Or do I accrue interest after 29.4.23?

moneysavinggirl40

Brie said:

I tend to check the balance a couple of days before and pay the balance at that point.  So check on 26.4 and pay that day.  That way no interest charge is possible. The only tricky bit is if your DD is going to be taken on the 29th or thereabouts it will be taken anyways as it will be too late for the bank to stop it.  Some will automatically refund the credit amount, others will wait for you to use it up.  

I checked, and it's usually around 20th of the month when payment is taken by direct debit. 

jadex

grumbler said:

I would like to know as I still need to satisfy direct debit criteria for a bank account so and early 0 balance isn't ideal. Hope I'm making sense

Make a purchase straight after paying the balance off?

^^^ this.

Just don't spend too much: spend a fiver and you won't need to worry about minimum or full payment as most probably your card terms say that any balance below £25 is repaid in full regardless of how DD is set up.

surreysaver

Have you checked the T&Cs of the card? Some cards adjust the direct debit if you make a manual payment, some don't. What I tend to do is change the direct debit to the full amount to be taken on the date before the promotion period ends to be on the safe side.
Some credit cards the promotions end on the payment due date itself, so you can adjust the direct debit to the full amount for that date. Depends who your credit card is with 

moneysavinggirl40

jadex said:

grumbler said:

I would like to know as I still need to satisfy direct debit criteria for a bank account so and early 0 balance isn't ideal. Hope I'm making sense

Make a purchase straight after paying the balance off?

^^^ this.

Just don't spend too much: spend a fiver and you won't need to worry about minimum or full payment as most probably your card terms say that any balance below £25 is repaid in full regardless of how DD is set up.

If I make a small purchase on 21.4.22 after paying off in full the day before and this is pay date rather than the end of 0%promtional period.  Am I right in saying, for Halifax cc it's 56days before a payment will be taken, which means in May a direct debit will not be taken as there won't be a balance to pay for May so I'll need to find alternative for dd to fulfill dd requirements on a current account perks  (which I am trying to avoid doing). 

enthusiasticsaver

Why don’t you just set to pay in full for March and from then onwards? 

enthusiasticsaver

Also for current account direct debit to qualify it only needs to be registered as active  on the account. It doesn’t need to pay out every month so if the statemen5 balance on the CC is nil it doesn’t matter. As long as you don’t cancel the DD it should be fine.