Hi

I have a balance transfer card coming towards the end of the 0% period and normally the minimum payment is collected by direct debit.
For the final month, I need to ensure that the full amount is paid to avoid interest charges. The repayment date is a few days after the statement due date and DD colelction.

Is the best approach to let the CC collect the minimum then pay the net balance, or change DD to collect the full outstanding balance?

Can see greater complexity if my 0% period ended before the DD date for minimum payment as could end up with positive balance on the card if paid full amount then the CC collected the DD.

Have checked with the card company the actual date due, but would be greatful for any thoughts on best fail safe approach.

Cheers

NewStu

I just work out what the final payment will be after the last dd has gone through and allow a minimum of 4 working days for the transfer (usually one week).

I have been dumping all my interim statements, but realised that I need to pay attention to the last one prior to repayment, otherwise I don't have the final figure and have to phone up to get it (silly moo).

NewStu wrote on 12. Feb 2008 at 12:29:


I think to "guess" would be very dangerous. Much better to ascertain the lenders policy on additional payments beforehand.

For example, MBNA ignore anything you pay manually, and still collect the amount of the minimum payment shown on your statement, whereas others will take your manual payment into account and adjust the minimum payment DD to compensate...providing they have sufficient notice (usually 4-5 working days).