Credit card, missed payment, how to minimise interest?
Discussion
Guys, made a slight error, i changed bank and set up a new Direct debit for my credit card.
However it obviously hadn't set up yet, as my credit card never took the payment today.
Im not worried about the £12 late fee (its showing already), however i would like to minimise the interest.
I have sent a bacs payment for the full statement amount which should clear tomorrow.
However i understand (from previously) that all purchases since the last statement are no longer interest free, as full balance was not paid off in time.
I have spent £6K since, so will be a fair amount of interest!
If i make another Bacs payment of £6K will this save me paying the interest?
What happens to purchases after I've made this payment?
Do i need to send more than £6K to cover further purchases up to the next statement?
Anyone know how this works, as its all too confusing for me
Its MBNA if makes any difference.
Cheers
However it obviously hadn't set up yet, as my credit card never took the payment today.
Im not worried about the £12 late fee (its showing already), however i would like to minimise the interest.
I have sent a bacs payment for the full statement amount which should clear tomorrow.
However i understand (from previously) that all purchases since the last statement are no longer interest free, as full balance was not paid off in time.
I have spent £6K since, so will be a fair amount of interest!
If i make another Bacs payment of £6K will this save me paying the interest?
What happens to purchases after I've made this payment?
Do i need to send more than £6K to cover further purchases up to the next statement?
Anyone know how this works, as its all too confusing for me
Its MBNA if makes any difference.
Cheers
Edited by Bristol spark on Monday 20th March 21:47
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