Overpayment on Marks & Spencer Credit Card - how?

pault123

Hi guys,

My M&S card has an automatic DD for the minimum payment each month. The minimum payment has been going down about £5 a month but the interest only a couple of pence. Thus I am increasingly taking longer to clear the balance.

I signed up for the Your M&S online account management and paid off £30 hoping this would come off my balance and next DD would be as normal.

Instead its reduced my next DD amount by £30.

I've called M&S and they advise I can't make a fixed payment each month I can only have the minimum taken.

Is there a way to make an overpayment? (I want to keep the DD setup keep in mind)

jonesMUFCforever

How about paying manually at the bank counter using one of the credit slips?

pinkthinks

I made an overpayment and it looked as though they would take the direct debit less the amount I overpaid.

When the direct debit went out, however, it was for the minimum payment as per the statement, so it worked for me.

bouncydog1

You can make overpayments if your timing is correct. You make an online/payment at bank counter three working days before the dd date. The manual payment hits the account on the same day that the dd is taken, but the dd has already been "called" so it will go for the amount stated on the statement.

This is what I do each month to make additional payments and it seems to work. If you make a payment too far in advance of the payment date then the dd will reduce.

dellwear

You can also set up a standing order for a fixed amount from your bank account - you set the amount and the date of the SO. You can make it in addition to your DD (if as above you time it right) but you'd probably be better to cancel the DD and set up the SO for the set amount you want to pay off it.

pault123

Dellwear I think youve got the winning solution there! i'm going to setup a £1 standing order initially make sure it hits the right account @ M&S (had trouble with MBNA in the past with account number for different department) then simply modify it to my fixed payment and cancel the DD.

Thanks guys

bouncydog1

Just make sure that you set the SOM payment to ensure that you get the money into the M&S account either on or before the due date, otherwise you will incur charges and may lose the benefit of any special rates due to breach of terms.