Credit Card - paying off
 

I have an Halifax direct debit set up, to pay my credit card off at the end of each month. I don't keep much on the debit card, so I have to top it up in time - 10th.

On the 7th, I noticed my card was getting close to the payment day and there wasn't enough on the debit, so I paid the CC off in full directly from another card with lots of funds.

The CC despite having been paid off still took the amount from my DC, causing that to be overdrawn and in time they would be charging me £15 for the privilege, plus putting the CC into credit.

This is the second time this same thing has happened, but like before I got them to either drop the charges under threat of taking the considerable amount of credit in my accounts with them elsewhere. They gave in, but I would rather avoid having to bully them in future.

I do find it very confusing the date when the CC takes the payment, because it varies every month.

The DC earns no interest, so I keep nothing in it, the savings account does.

It would be good for it to all work automatically, where the money is transferred directly from savings account, to CC - or from savings account to DB just in time and the amount needed to pay the CC, but the Halifax say it cannot be done.

So I'm looking for another strategy, which doesn't rely on me to go through the hassle of shuffling funds about. Anyone???

To add to my problems, I almost lost all access to the internet, after the 7th, with emails going missing and almost no ability to browse, due to ISP problems.

Doesn't really answer the question but, can only recommend First Direct, absolutely faultless, will probably give you £100 to switch too. :shrug:

I am reading this right....

You have a credit card which you use
The credit card bill is due monthly. (10th)
You have a debit card account (Halifax - probably cardcash).


1) You use direct debit to pay the credit card, a fixed amount set up monthly to come out of the cardcash account?

Or

2) You use a recurring card payment from the debit card to pay the credit card?

I think it is paid by option 2? my reasoning is that if it is direct debit from a cashbuilder account it would be rejected and incur charges (the credit card would not be paid)

Why does the payment date for the credit card change? can it not be fixed for a set date?

Personally, I would do the following:
Cancel the recurring card payment from the debit card.
Ensure the credit card provider is informed.
Await your monthly statement

Halifax has a fairly good online service, Even though your savings account probably has no direct debit facility, you should be able to make a payment from it via the online banking.

So once you have your CC statement, simply go online and make a one time payment to the CC from your savings account. (assuming its not limited access savings account). This will omit the need for the debit card.

Just repeat this monthly, once you have made your first payment, the online banking remembers all the details so it's a doddle each time after that.

I use my debit card (current a/c) for everything. In the event of a large purchase I use my credit card and pay that amount in to the credit card company the following day by transfer from my current a/c. That ensures instant funds. There is no charge for the transfer and the most interest that could be levied by the credit card provider is 1 day. The one day delay ensures that if necessary sufficient funds can be transferred from savings to current a/c.

My CCard is paid up in full monthly from my currant account, it costs me nothing, and provided I have enough funds in my account it will never be a problem.. :}

I like the system as it allows me to use their money for a month innit.. heh heh. :D
...

That is pretty much what I have to do, except I no longer get postal credit card statements from them and the date varies - plus I am not the most attentive person in the world when it comes to repetitive tasks.

Does your current account pay interest?

My current account / Debit account earns no interest. so I keep no money in it, maybe a few pounds - topped up when the CC bill is due. It is just used as means to pay the credit card off, a sort of middleman. All money in and out goes into an Halifax account which pays (some) interest, a Web Saver which I can use at the ATM when I need cash. This one is in all but name, my 'current account'.

Other than those, to add to the general confusion, I have other accounts with Halifax and with other banks.

It just seems daft to me, that I should have so much stashed away with them, but that I'm paying penalties for not getting the money moved into the correct account in time.

Does Natwest pay interest on currant accounts? I think they do, but am not sure. :shrug:

I do have a sort of savings account that I move any "surplus" money to, but not much in it innit.. :D
...

No, according to this...

http://www.money.co.uk/current-accounts.htm

Of those, Clydesdale looks best for interest 4% for the first year, then 2%. One of the few paying any int., but they charge a fee if you pay less than £1K per month in.

Next seems to be Santander, but they charge £2 a month and expect you to pay in >£500 per month

Conditions, conditions, conditions.

All I want is somewhere where I can put money, where they pay me for BORROWING MY money, where I have instant access and covers direct debits. Where they don't offer tempting deals for a short period just to get me hooked. Why does it cost so much, to lend them money?

Is it due monthly or four weekly?