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end of 0% promotional period- changing from pay minimum to pay in full

moneysavinggirl40
Posts: 435 Forumite


in Credit cards
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
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
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Comments
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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.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.
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
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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’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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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?Life in the slow lane0 -
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?0 -
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.0
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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 senseMake a purchase straight after paying the balance off?
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.1 -
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
I consider myself to be a male feminist. Is that allowed?0 -
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 senseMake a purchase straight after paying the balance off?
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.0 -
Why don’t you just set to pay in full for March and from then onwards?I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£72.60
Save £12k in 2025 #1 £12000/£40000 -
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.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£72.60
Save £12k in 2025 #1 £12000/£40001
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