Lloyds TSB Airmiles Duo Credit Limit

cowboy

I recently got this card and was given £750 credit limit. I've spent about £740 as I bought a flight ticket using my card. It's been more than 1 month now since my first purchase but my remaining credit is still £10?

Does the £750 credit limit resets every month? How does it work?
This is my first credit card so I have no idea and couldn't find it stated anywhere in Llyods website. Please advise.

simongregson

You need to pay some of the amount on the card off. You will be unlikely to get a credit limit increase until you have show that you will maintain regular payments, if this is your first card.

cowboy

Ah, I think I know what you mean now. So once I make the full payment, the available credit will go back to £750, is that right? I though the credit limit is the amount that I can spend per month....

Any idea how to make my credit card payment online for Llyods TSB? I'm using their internet banking service but cant seem to find a way to pay them? No idea when the printed statement will arrive...

bengal-stripe

cowboy wrote: »

It's been more than 1 month now since my first purchase but my remaining credit is still £10?

Did you pay, at least, the minimum?

You'll get a monthly bill, listing your purchases. This bill will list the required minimum payment and the date due. You can pay the minimum, the entire balance and all amounts in between. That payment will be added to your available credit.

cowboy

I understood how it works now...but the thing is I haven't receive my first statement by post. I can see it online via internet banking and the due date is 15 Jan but I have no idea how to make my payment online (unless if I setup a direct debit). Anyone knows how to make the payments manually via internet banking?

exel1966

You don't have to pay the full balance as it's all pro rata. EG. Pay off £200 and you'll have a further £200 to spend minus any interest accrued ( if, of course you're paying interest and not on an introductory 0% offer)

Wait until your statement arrives and ensure you pay off the minimum amount by the due date. I'd advise setting up a DD for the minimum amount. That way you won't leave yourself open to any potential late payment charges. You can always pay more over the counter at any Lloyds branch or via an online bill payment whenever you want.
If you want to use the ethics of true MSE style make a payment over the counter at LLoyds ON the due date (providing it's a weekday) using cash. That way you'll hold onto your money for longer, rather than Lloyds having it as other payment methods can take up to 5 working days to be processed.

Zebedee69

Call Lloyds and ask about iternet banking payments. They will guide you through making one. Also, ask about setting up a DD to take the minimum each month. Otherwise you will make a late payment and be charged/it will show on your credit file.

How old are you by the way..... £750 dont sound like much......... Mind you that could be a good thing as you'll learn how to use this card before taking the plunge...

cowboy

I think I'll go into one of the branches later today to ask about all this. Thanks for all the inputs!

I have no idea when the payment will go out each month if I set up the DD... anyone knows? Also, when it says 56 days interest free on purchases, does that mean if I pay the minimum amount before the due date and then the rest within 56 days, I don't have to pay any interest?

Zebedee69, I'm 22....Do they actually set the credit limit according to age? This is my first UK credit card...all the while, I just use my debit card as find it much easier than using a credit card...

exel1966

cowboy wrote: »

I think I'll go into one of the branches later today to ask about all this. Thanks for all the inputs!

I have no idea when the payment will go out each month if I set up the DD... anyone knows? Also, when it says 56 days interest free on purchases, does that mean if I pay the minimum amount before the due date and then the rest within 56 days, I don't have to pay any interest?

Zebedee69, I'm 22....Do they actually set the credit limit according to age? This is my first UK credit card...all the while, I just use my debit card as find it much easier than using a credit card...

You can request a payment date with LLoyds to a date which suits you better. Just call them up and ask. They will adjust your statement cycle accordingly.
You only get 56 days if you purchase on day 1 of your payment cycle. EG statement date is today. From tomorrow any purchase will give you 56days to pay, purchase the day after tomorrow and you'll have 55 days, the next day and 54 days and so on.
You'll be charged interest from the purchase day until the balance is clear, unless you clear your balance in FULL by the 1st due date.

Credit limits are set according to your financial/personal stability and your previous credit history. As you do not have a previous history your limit is small. Show them you are responsible by paying your bills on time and you'll probably get an increase in 6-12 months time.

cowboy

exel1966 wrote: »

You can request a payment date with LLoyds to a date which suits you better. Just call them up and ask. They will adjust your statement cycle accordingly.
You only get 56 days if you purchase on day 1 of your payment cycle. EG statement date is today. From tomorrow any purchase will give you 56days to pay, purchase the day after tomorrow and you'll have 55 days, the next day and 54 days and so on.
You'll be charged interest from the purchase day until the balance is clear, unless you clear your balance in FULL by the 1st due date.

Credit limits are set according to your financial/personal stability and your previous credit history. As you do not have a previous history your limit is small. Show them you are responsible by paying your bills on time and you'll probably get an increase in 6-12 months time.

I see... Thanks a lot for the detailed explanation!

I can't really call them because I only have a mobile phone (no landline) so my calls to their 0800 etc numbers will be charged. The only MSE way is to walk into the bank or via internet banking, lol.

I'll be paying the full amount as I don't think I get 0% on purchases with this card...

always_skint

cowboy wrote: »

I have no idea when the payment will go out each month if I set up the DD... anyone knows?

Zebedee69, I'm 22....Do they actually set the credit limit according to age?

When filling in a direct debit mandate you should get an option of 2 payment dates, (for instance on the 15th of the month OR the 30th of the month) Those date are just an example.

Your 22.
Credit card applications usually take into account your age, your accommodation status, your employment record (how long you have worked for the company that you are currently employed with), your credit history