Do you know your credit card due date?

  bstb3 14:10 04 Dec 2007

I thought I did, after all its on the statement. Thing is, I pay the full amount by direct debit each month, which means the 'paperwork' (or whatever it is) is submitted for the payment a whole week (!) before the due date. Once the 'paperwork' is submitted, its too late to change how much you want to pay or to do a balance transfer for any amount included in the payment. So from the point of view of the payment value the last date you have to change it (to manage your funds so to speak), if paying by direct debit, is actually a week before the due date.

I only found this out through a chance conversation with my credit card company today (Barclaycard). Whilst it hasnt caused me any problems, its worth keeping in mind that they arent quite as flexible as they might claim to be in these days of 0% balance transfers. With the extra Xmas burden hitting many people, I wonder how this inflexibility might catch out the unaware.

I am sure its all in the T&C's (im going to have a look when I get home) but yet another low profile process that can have really quite damaging implications.

  Stuartli 15:00 04 Dec 2007

In the case of my LloydsTSB Trustcard (now under the MasterCard banner), if you pay with cash or by having the amount taken out of your current account at a branch, it's instantaneous payment.

If you used a cheque it's up to the normal clearance time later.

I once got caught out with the latter by a day or so (it was paid into a branch) and had an "interesting" phone conversation with a LloydsTSB Visa representative, before the charge for "late payment" was waived..:-)

I'd used my own personal Halifax current account for the cheque payment as normal at the time.

  Diemmess 17:16 04 Dec 2007

Local branches (Lloyd's TSB) have their uses even if almost impossible to contact by phone.

Like Stuartli, Lloyds terminated my Visa account moving everything into a new Mastercard.
No warning and this change coincided with the postal difficulties, which they blamed for no explanatory letter and for a monthly statement which never came. For years, I have cleared just before due date by direct transfer.

My a/c seen online was extermely confusing, but I shot up from my flu-ridden state seeing I was debited £12 late payment and about 50p of interest!

Almost useless conversation with India which condescended to debit only £6 but wouldn't wave the interest charge.

This week feeling better I "saddled the horse" and rode in town to Fump on the desk.

An extremely pleasant part timer listened, and made two phone calls on their system. The first apparently lasted 90 minutes before she gave up and her second attempt got through in only 30 minutes!
She rang me as promised at close of day.
We agreed to leave it until all the paper work was up to date and she then has authority to refund another £6! I will chase them for that interest too.

  Diemmess 17:20 04 Dec 2007

When asked for the statement date each month on my new Mastercard, the faraway agent couldn't tell me, but thought it would probably be between the 14th and 18th of each month!

  spuds 17:28 04 Dec 2007

Barclaycard Visa and Mastercard seem to have changed the way that they require payments for monthly statements via the internet.Previously they gave the amount owing for/upto the last statement date, now I notice that they add on payments on purchases made, before the next statement due date.

Pays to have your latest 'owing' statement in front of you, before you confirm payment and press the continue button.You could be paying more than you need to.

  beeuuem 18:49 04 Dec 2007

And to add insult to injury click here
"Currently, all RBS cardholders have about 25 days from the date a credit card statement is issued before payment is due. But from the New Year some customers could find that they have just 15 days to settle their bill before interest charges are added."

  Pine Man 19:28 04 Dec 2007

I pay the whole lot off all cards each month by direct debit.

Never had a problem - if they ever forget to take it in time it's their fault but they never have.

They never forget to pay me my cash back either - brilliant system

  Stuartli 20:26 04 Dec 2007

My deadline for repayment on with LloydsTSB's Mastercard is the same period as it was for Visa - I'd had the Visa version since 1985.

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