NatWest Credit Card payment pending

Johntea

My NatWest Credit Card payment is due today

I made the payment Friday night around 10pm (via the app facility to transfer funds from my NatWest current account) but the statement still shows the ‘Payment’ transaction as Pending

Should I be OK? I appreciate there was the weekend but would have expected it to clear during the overnight run this morning if not sooner with the funds being from another NatWest account

Belenus

Is the incoming payment showing in your credit card account yet or is it just showing as pending outbound in your current account?

If the payment is not made in time phone NatWest and ask them to not apply or refund any late payments etc?

Is there a reason why you don't have a direct debit set up to automatically make the monthly payments for you? You can usually choose minimum amount, full balance or a fixed sum. That would avoid the current situation and also you forgetting to make a payment and avoid unnecessary charges.

born_again

Credit cards do not update in real time, unlike bank accounts. Although your available balance should update to cover the incoming payment.
So a payment on a Friday night will not fully show as a credit on your statement till Monday night.

Johntea

In the end it showed up on the statement as Faster Payment Received Thank You with a Transaction Date of 29 September and a Posted Date of 02 October so all good

I could set up a direct debit I guess, just I generally like to make the payment a couple of pounds over the minimum (it is on 0% for a couple of years, I basically read somewhere once it just avoids having a minimum payment marker then placed on a credit report!), the fixed sum may be a good option to look into

CliveOfIndia

You're correct in saying that paying only the minimum is generally a bad idea, from the point of view of your credit history.  However, if the card is on a 0% promotional rate, this is flagged as such on your credit record, so it's not such a big issue - it's pretty much expected behaviour.

But yes, if you really want to go for the belt & braces approach, set up a DD for a fixed amount which is a couple of quid above the minimum payment.  Each month this will equate to a larger sum above the minimum, if you see what I mean, as your capital decreases (assuming you're not putting any further spending on the card).

You must, of course, keep an eye on when the promotional rate expires, and make sure you clear it in full before then.

MattMattMattUK

Johntea said:

In the end it showed up on the statement as Faster Payment Received Thank You with a Transaction Date of 29 September and a Posted Date of 02 October so all good

I could set up a direct debit I guess, just I generally like to make the payment a couple of pounds over the minimum (it is on 0% for a couple of years, I basically read somewhere once it just avoids having a minimum payment marker then placed on a credit report!), the fixed sum may be a good option to look into

Set a Direct Debit to always pay the minimum, pay any more on top that you are happy with. The lenders you can see that it is a promotional rate so as long as payments are on time they will be less worried, however also remember that just carrying the debt is viewed as a negative by lenders, how much of a negative depends on lots of factors though. Do you have a plan to clear the debt before it starts attracting interest again?

WillPS

born_again said:

Credit cards do not update in real time, unlike bank accounts. Although your available balance should update to cover the incoming payment.
So a payment on a Friday night will not fully show as a credit on your statement till Monday night.

My experience with Natwest Group is that they do update very quickly, almost immediately on Sunday when I sent a £1 payment. It does vary between issuers though, HSBC took 2 full working days to apply a Faster Payment.