I forgot a monthly payment on Barclaycard - and got charged interest and late payment fee, not the end of the world but just annoying! Is it possible to keep a credit balance on Barclaycard just to avoid such charges if a payment is delayed or mislaid on any future month?
Isn't it just easier to set up a DD for either the minimum or the full balance?
What do the T&C's say? Mind you, you can probably do it even if the T&C's say that you can't.
This is certainly the case with my Halifax Clarity CC. I used mine to make some cash withdrawals while overseas, and then immediately transferred some funds into my account manually to avoid being charged interest. But Halifax - in true Magnus "I've started so I'll finish" fashion - went ahead with the full DD to pay off my balance, so I ended up in *credit* until I'd made enough subsequent purchases to use up the credit. The T&C's say that you can't have a credit balance and that if you try, they'll immediately refund it. In practice, they don't!
even if it is it normally won't help you if you miss the payment date even if the amount of credit is more than the minimum payment required
tim
I've set-up an auto direct debit with the card company which only comes into force when I don't make the payment by other means.
I currently have a positive balance on my Barclaycard account, so it's definitely possible.
On Tue, 19 Jan 2016 17:08:41 -0000, "tim....." wrote as underneath :
Thanks for your thaughts everyone, I think Tim maybe right but Im going to just try it anyway, I cant be bothered to wade through an acre of microprint t&cs that wont give a direct answer anyway! I like to keep DDs to the minimum, but maybe will have to do that in the end. C+
So just the normal credit card DD, then?
Oh, it's possible.
All you need to do is transfer more money to the card than the balance.
I've done it a few times. It's particularly amusing when you pay off a large card bill... to the wrong card.
That's how you'd expect it to work, but my experience with Halifax is that they still go ahead with the DD for the full statement balance even if you've already paid some of it manually - thereby creating a (non-allowed!) credit balance.
That's how I ended up with a positive balance on Barclaycard. I normally pay the minimum by direct debit, but this time I wanted to clear off the entire balance. I paid the entire balance by debit card on the Barclaycard web site after it told me they wouldn't be taking the DD payment if I did that.
It turned out that they did actually take the DD payment as well, so the account ended up in credit. I think this happened because I made the payment only a couple of days before the DD was due, so the DD process was already underway. If I had paid a few days earlier, the DD may not have been taken.
Would that not have been a case for invoking the DD guarantee? The company told you that the DD would not be taken, so when it was taken it was taken in error.
ME, of a whole RAFT of credit card firms and banks, is that only happens if you pay manually so close to the deadline that that it hasn't cleared before the DD date.
Yes, but if you invoke the DDG it usually means that the DD is cancelled as well getting a refund. So if you want to continue using DD to pay for the same service, it has to be set up again.
That's worth the effort if the error has been particularly egregious (such as when NTL-as-was managed to erroneously take an amount an order of magnitude greater than my regular monthly payment), but if it's only £25 on a card that you normally spend a couple of hundred on then it's easier to just let it go. Provided, of course, that you don't actually lose the money, it gets correctly assigned to your account.
Mark
Same thing happened to me because I was on holiday and didn't then have mob ile banking! The problem exists because some of us like to feel we are in control, but i t only works as long as we are properly in control of events and we are all flawed. To make matters worse if, like me, I send an electronic payment by what sho uld be the faster payments service if it were to anyone else, Barclaycard d on't appear to accept the payment in 2.5hrs especially when you want it the re. My bank comes back to me with a message saying "the recipient cannot sa y when it will process the payment". ...and another thing with Barclaycard, everyone I know has a £30 contactl ess single transaction limit, but I have a £20 limit. Any idea what's tha t about?..or is that a Barclaycard thing?
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