Credit card companies

[Mustang]

I had a reasonable balance showing on my credit card which this month I paid off immediately I got the bill come through. I have a Direct Debit to pay the minimum payment so that if I am travelling when the bill and/or payment date comes round, I don't get penalised and charges added.

Why is it then that when the Direct Debit is due, they don't look at the actual balance at that moment in time and just pay that?! Oh no, that would be too easy! Instead they pay the minimum payment that was on the statement and "lo and behold" I now have a credit on my account to the value of the minimum payment!!! Why?!!

All the cards seem to do it so I guess it's "industry standard"!

I will just have to calculate the (balance-min payment) figure and pay that in future just thought it would be easy for them to do!!

[AZZIK]

That is true they quick to rake whats yours but take ages to refund it back to you.

[Sysman]

20 years ago I spent some time in Africa, and it took about 3 weeks each way for post. This led to interest charges even though I was paying the full balance each month.

Slapped 'em a largish cheque and they replied with a letter saying "DO NOT SEND ANY MORE MONEY".

I framed that and put it up on the wall

And before you suggest it, in those days they point blank refused to do direct debits for the minimum payment.

[VectraMan]

What annoys me is this:

My payment date is the 19th of the month, and I always pay it online by that date. However on the occasions where the 19th is a weekend, they move it forward a day or two, and so I pay on the 19th (because I can) and I get penalised for missing a payment.

Grrrrr.

[wendigo100]

Why is it then that when the Direct Debit is due, they don't look at the actual balance at that moment in time and just pay that?! Oh no, that would be too easy!!!

My bank automatically pays off the exact balance on my VISA at the end of each week.

[Fishface]

My credit cards give 56 days credit on the outstanding balance - which is common no?.

I have a DD to pay the balance off on 'business day' 55 - it may be a day or 2 earlier.

I haven't paid them a penny in interest ever.