If I elect to pay a credit card balance in full via direct debit...?

Question

Will I be charged interest on the days inbetween the payment being sent & the card company receaving it?

Thanks.

Answer 1

If you request to pay your credit card bill in full every month, they will not charge you interest, this is unless you have taken cash directly from the credit card. Credit card companies charge differently when cash is taken rather than regular purchases. Pretty much every credit card company will give you 56 days interest free, as long as ur payment reaches them by the due date. By using direct debit, it is them that takes the payment, therefore they set it up 1-2 days before its due so it reaches them in time. Hope that helps.

Answer 2

The direct debit should be set up by the credit card company, so the payment should be taken in time. I have never seen a credit card balance paid by D/D charged interest if the full balance is paid each time. That is the whole point of paying by D/D!!

Answer 3

You don't pay any interest on the current month's purchases on a credit card bill if you pay it in full before the "Payment must reach us by" date. If you pay by direct debit, it's the responsibility of the credit card company to collect your payment at the right time.

Interest will still be charged if there is a balance outstanding from the previous month's bill or if you have a cash advance.

Answer 4

It depends. If you have paid off the balance in full by any method within 30 days of purchasing, no interest would be payable providing the payment reaches them before the 30 days are up.

If though the 30 days is long past, you will be charged interest right up to the day on which they receive the money. This is how credot cos make so much.

Answer 5

Credit Card.

Answer 6

Really depends on the terms and conditions. Most cards allow interest free period between purchase and payment, it`ll say with all the paperwork that came with card.

Answer 7

No. I have done it before. It is the same as if you purchase something using your card and pay before the payment due date it is interest free

Answer 8

If you pay in full by DD the payment will be taken before any interest is due.

Or at least it should be.

If it isn't you're being well ripped off.

Answer 9

As long as you are in the grace period there will be no interest accrued. If you are not, then yes you will have to get the full payoff amount.

Answer 10

i think it depends on what company, i had it happen once