When is DD requested by CC?

riad_2

Just wondering how made days in advance does the CC company request the DD from your bank?

Reason I want to know is bcos I have a minimum pymnt DD set up on my Post Office card, but want to pay it off in full this month. Just wondering if I pay the card off 3 days before pymnt due date with the difference between the full and minimum pymnt, that the minimum pymnt DD will still be taken... (i.e. what is the point at which it's too late for the DD to adjust... and the pymnt is guaranteed to happen at a set amount [provided u don't cancel the DD from the bank end!]).

Hope that made sense!!

Bokkens

It depends where the DD date falls,if it was say a Monday the funds could be taken from your account as early as Thursday,as long as there are funds in the account and your DD is for the minimum amount you should be okay.
I would phone customer services after the DD has been collected and pay the balance and they will cancel the DD as well for you.

riad_2

Related to this... do payments to accounts adjust the minimum direct debits? Or does it depend upon the credit card company?

I ask bcos I remember with RBS, any payments to the account would adjust any full payment direct debits, but minimum payment direct debits would be taken regardless of what u paid, even if you cleared ur balance to zero. I think the idea behind this was that many ppl would want to make "additional payments" in addition to the minimum direct debit that was being taken...

Just wondering if this is an industry standard.. or perhaps it's a different policy per CC?

Bokkens

You can have your DD pay
the minimum
a fixed amount ie.£25
the full amount
that's it.

Debt_Free_Chick

Interestly ....

I have a DD to pay my RBS M/C off in full. Latest statement says ....

"If you have a DD to pay off the amount due in full, this can be taken up to 10 days before the due date" !!!!! :eek:

So .... I would be better off having a DD for a fixed amount, which would be taken on the due date, and then paying the difference between the fixed amount and the full debt by direct transfer (from my RBS account) 2 or 3 days before the due date.

My due date is 27th of each month, but it looks like RBS will be collecting the existing DD around 17th of the month ... so I lose 10 days of "interest free credit" :mad:

Not sure when this change came in .... probably in the small print they keep sending to me.

Any other card issuers do this?

Tirian

Many (perhaps most?) credit cards have different dates for the minimum payment due date, and the date by which you must pay off the full balance in order to incur no interest. The date for paying the full balance will be 7-10 days earlier.

Debt_Free_Chick

Tirian wrote: »

Many (perhaps most?) credit cards have different dates for the minimum payment due date, and the date by which you must pay off the full balance in order to incur no interest. The date for paying the full balance will be 7-10 days earlier.

Although RBS have only just introduced this and only now put a note on my statement. Until January, they took the full amount, by DD on the due date (27th of each month). They have only changed their stance now ..... from February :mad: