Advise On Overpaying Credit Cards Please

A question about : Advise On Overpaying Credit Cards Please

Soon I will be able to overpay on my credits cards (I pay the minimums at the minute but want to start paying more than that)

The one in question that I want to pay more on first the DD doesn't come out till very near the end of the month, I was wondering if I make overpayments before the DD is due will they still take the DD? I still want them to take it but wasn't sure if I had to wait for them to take the DD then make the overpayment after they have taken the DD

Or does it depend on the company?

Card in question is Capital One but we have cards with M&S, Virgin, Halifax, Tesco and Barclaycard as well

Thanks

Best answers:

• It varies by company - you'll need to check the terms or give them a call.
• Ok, great, thanks I will do that.
• You'll probably find your answer in the original paperwork they sent. It'll be in your Capital One file, assuming you're organised.
  However, its not a problem. Simply make your overpayment, and then if they don't take the DD simply make another payment of the DD value. Don't wait around delaying your payment because that'll cost you money!
  Just be aware that, depending on how long it'll take to repay, if a DD isn't called for 13 months it'll almost certainly lapse under the dormancy rule.
• If the date your direct debit is taken isn't suitable for you then give Capital One a call and ask them to change it. They are more than happy to oblige from my experience.
• You may be able to set a direct debit amount higher than the minimum - Barclaycard you can set it either full, minimum or something you specify - ask them if they can do that
• Alas Yorkshire boy im not that organised, well I am now but back in 2004 when I got the card I wasn't lol
  I wonder how long I have to see if they take payment? Say it was due on the 25th that would be the last day the would take it isn't it (they have taken it early before if it's been a weekend)
  I will see if I can get them to change DD to earlier in the month or see if they can change my payment amount xx
• If you're paying interest, it is best to pay as much as you can as soon as you can - with the proviso that you don't run yourself so short that there is a risk you won't make the following month's minimum.
  Personally I would cancel the DD (stand by for the protests). No point having money hanging around in your current account awaitng the DD when you could send it manually sooner and reduce your interest bill. Obviously you must be sure not to forget...
• Fair enough. As you probably know, I can't speak from experience as I've never cancelled a DD!
• The other thing to be aware of if you pay early and cancel the direct debit is that the statement date can change around weekends etc and if you pay it before the new one it goes on as two payments in one month and a missed payment the next
  I speak from experience here, it happened to me twice with Santander and twice they tried to end my 0 percent deal because of the 'missed' payment even though it was clear what had happened.
• The op might find it useful to know that on capitol one you can make debit card payments at any time.
  This is a convenient way of making additional payments.
• My CapOne card still takes the DD regardless of any prior payments, unless the balance has been settled in full. However I've had this card for many years, so it may well have different T&Cs to yours.
  Why not do a test - for example if next months min was Ј100 but you can afford to pay Ј400 off, then pay Ј300 and wait to see whether the Ј100 is still taken - if not you can pay it manually. Make sure you make the extra payment 4 or more working days before the DD date though as cards that do cancel the DD after an extra payment typically only do so if you've paid about 3 working days beforehand.
• Thanks for all your responses
  They've all been helpful
• I have a Capital One card and unless I pay it off in full before the DD is due to come out then they still take it.
  I also got my DD date changed as I wanted it to come out at the beginning of the month. Give them a call they are very helpful.
  Good luck.
• This as generic comment about how people use credit cards not specifically directed at the OP.
  Rather than regarding "overpayment" as meaning paying above the minimum, wouldn't a better mind-set be viewing anything other than paying in full every month as an "underpayment"?
• I think for sanity reasons when trying to claw themselves out of a hole (that they got themselves into) of massive debt, it's kinder on the brain and morale to think of it as an overpayment.
  You of course are correct that when not paying in full any payment is really an underpayment. I however will continue to think of anything more than minimum as a overpayment and do a happy dance at each one and have a party when they are all totally gone xx
• Surely its simplest to leave the DD in place for the minimum, and just set up a standing order (monthly for as long a time permits) to make the overpayments?