Minimum payment by store credit?

ka7e

I've noticed, to my horror, that I'd missed the deadline for the minimum payment on my Sainsbury's cc. I know that, technically, I could have curtailed my interest-free term that still has 6 months to run.
However, since my last statement, I have received 2 store credits for goods returned, that are way over the minimum payment. Will these be offset against my a/c as though they were in direct payment of the outstanding balance, or not?

YorkshireBoy

The amount of your minimum payment is calculated based on the account balance at statement date, which can be around 2-3 weeks before payment due date (refer to your T&C's to check).

Best advice is to talk to Sainsbury's, because the quicker you pay any overdue amount, the better your chances of retaining your 0% introductory offer. Some bad news though - HBOS might mark your credit file with a "late payment".

Finally, do yourself a big favour and set up a direct debit for the minimum payment. If you want to pay more one month, then pay this additional amount by some other means - eg cheque, debit card etc.

charlie12

IME store credits do not count towards the minimum payment. You have to pay the minimum payments regardless of whether store credits/refunds have been applied after your statement date. You have to make a "proper" payment (by BACS/cheque/debit card/cash over counter - depending on card) to cover the minimum payment.

ka7e

I know I should have set up a DD, but I usually make a payment as soon as I receive my statement. I've made a payment today, just have to wait and see what happens on my next statement. Guess I was just clutching at straws!

YorkshireBoy

ka7e wrote:

...just have to wait and see what happens on my next statement.

Why? If you ask them now they'll tell you if they're going to penalise you. You then have more time to organise something else so you're minimising any interest they're now applying to your account.

Chadsman

Nationwide treat such refunds as payments to account. It could be worth arguing the point that you thought the refund would cover your minimum repayment if it wasnt spelt out in the T&Cs how it would be treated.
You have nothing to lose asking them to make a gesture of goodwill :beer:

mrsw

I have a Sainsbury's Bank cc and have been told that refunds to the account do not count towards the minimum payment. I also made a late payment once during my 0% period. I phoned them as soon as I realised and grovelled a bit. They let me off any extra charges, and when I checked my credit report a few months later, there was nothing reported on there.

My advice would be to call them. Good luck!

Robert_Sterling_3

Call them. Own up. invite them to waive the charge just this once.