probably a stupid question

geordiepaul2001

Hey all,

I don't really use credit cards but as I will be buying a home in approximately two years I have decided that its time to strengthen my credit file.
I have a capital one credit card and have spent about £60 on it.
The statement has come through requesting the minimum repayment, which I sent immediately.
A week later I bought something else.
My question is.......is that the right way to do it? or are you meant to pay off what is requested in the statement and buy nothing else til the payment date has passed?

See, told you it would probably be stupid

CLAPTON

If you wish to avoid interest charges then you need to pay the full amount off rather than simply the minimum payment.

You can indeed spend on the card at any time (keeping within your credit limit of course).

Did you really mean 'send' as in post...
although this is OK, you can also pay the bill in your bank or use internet banking or set up a direct debit for the full amount (see the back of the bill for payments methods.)

geordiepaul2001

Ah apologies, I meant send as in via bill payment - I only ever do my banking online.
Just wanted to make sure I am not going to be charged for a simple mistake

CLAPTON

you haven't made any mistakes except that if you pay only the minimum you pay interest... so pay the full amount next time.

LittleVoice

Hi GP

If you are able to pay the £60 of the statement in full, do that. (Send the balance (£60 less whatever the minimum payment was) to reach them before the due date.) This will then mean you pay no interest.

Regarding not breaching your credit limit - remember that whatever is on your statement is still counting towards the limit amount until it is paid off. You probably knew that but thought it worth mentioning just in case. For example: you have a credit limit of £1000 and spend £600 in the first month but will be paying it off in full. Until you have paid it off, you can only spend another £400 on the card.

Gorgeous_George

There is no such thing as a stupid question.



Set up a direct debit to pay the card in full and you will be fine.

GG

Purple_Peril

If you can afford to repay the £60 in full and the payment date has not yet arrived you should be able to make an additional payment for (£60 - amount already paid). If this is received before the payment date then you will not have any interest to pay.

I would also, as have other posters, advise setting up a direct debit to pay the full amount each month - then you don't need to worry about sending payments.