Stupid credit card question......

Efour

Efour

Efour

Caporegime
Joined
8 Sep 2005
Posts
30,250
Location
Norrbotten, Sweden.
A 40 year old man should probably know this but....

Recently moved house so we are hemorrhaging money to do it up. I'm trying to put as much as possible through the mastercard, points bonus, purchase protection all that jazz.

I just maxed it then transferred the balance from my current account to the MC over the weekend.

Unfortunately the monthly bill for the card has been issued before the payment cleared the owed balance.

My question is I have a paper bill for let's say 3k, but the day after that was cleared by my extra payment.

Do I still need to pay the minimum on that bill just to avoid some BS. I'm assuming paying the full amount is not the right answer obviously. :P

I hate ringing call centers, especially in Swedish. They all have thick accents and I usually just end up coming across as more of a fool than I actually am.

Help.
 
You should be fine, the balance transfer should have cleared the owed balance and interest is usually only applied if the balance remains a month later. You could just pay the minimum just in case, but you'd likely end up with a negative balance (as in you owe -125 SEK), which you could then use to buy something else and just clear that balance next month.
 
If you've got a DD set up it'll still take the payment in most cases, I know it changed in the UK a year or two ago as a debt helping thing that even if you make an over payment they will still take the DD payment.
 
tom_e said:
If you've got a DD set up it'll still take the payment in most cases, I know it changed in the UK a year or two ago as a debt helping thing that even if you make an over payment they will still take the DD payment.
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+1 set up a DD for minimum payment, then you dont have to worry about missing anything. Even if you over pay the CC, next time you spend it will be used.
 
I'd pay it, and yes, definitely set up a DD for the minimum amount if you haven't already, just to stop anything unpleasant happening.
 
tom_e said:
If you've got a DD set up it'll still take the payment in most cases, I know it changed in the UK a year or two ago as a debt helping thing that even if you make an over payment they will still take the DD payment.
Click to expand...

This, you'll need to phone them up and have the DD cancelled, I had this problem when I used some funds to clear the balance prior to the bill date. The CC company were pretty useless in being able to suspend it etc.

Also I'd be cautious about also paying the minimum balance as that'll put your balance in credit, and some might charge you for that - I think it's called frontloading or something.

Essentially all the CC care about is that the balance is cleared or the minimum payment is made before the bill date. From what you've described is that you've cleared the balance before the bill date.
 
tom_e said:
If you've got a DD set up it'll still take the payment in most cases, I know it changed in the UK a year or two ago as a debt helping thing that even if you make an over payment they will still take the DD payment.
Click to expand...

Wonder if that changes depending on supplier as my Barclaycard didn't used to take a DD if you paid direct.

That was earlier this year.
 
I never look at my statement anymore since getting the app. It will tell you what you are due (balance), keep that at zero and you will not pay any interest. Don't mix it up with the minimum amount due.
 
If you have cleared the balance you'll probably just end up in credit on the card, that's what happened with me, cleared the balance and then before it'd "cleared" and then the payment went in and I ended up with £11.08 credit on the card..
 
Raymond Lin said:
I never look at my statement anymore since getting the app. It will tell you what you are due (balance), keep that at zero and you will not pay any interest. Don't mix it up with the minimum amount due.
Click to expand...

Yeah the app updated a few hours after. Spoke to customer service and they said not a problem. I don't need minimum payment DD cos we clear the balance every cycle.
It's just a very convenient joint account way of paying in Sweden compared to paying my bank for the pleasure of spending my own money.
 
Always always always always setup a minimum payment DD on any credit card you have, its not worth getting a missed payment on your credit profile plus whatever they start charinging for the sake of whatever the minimum payment comes to.

And yes, ideally pay it in full every month, pay no interest and reap the benefits of the added protection plus whatever benefits your credit card happens to offer.

As said above, you can setup the minimum DD and still manually pay the full balance every month. Not saying this works out for all credit cards but my Amazon one works it out when I pay it manually and sets the DD to £0 each month.

EDIT: OCUK should do a credit card with vouchers as a bonus for using it :)
 
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