SIGN UP

Paid off Credit Card - will DD still be taken?

Avatar Image
greenlily | 07:59 Thu 20th Oct 2011 | Personal Finance
4 Answers
Hi all, hope you can help.

I usually pay off my credit card in full each month via a Direct Debit. This tends to come out on the 22nd of the month. I paid off my credit card early this month via a bank transfer, and it shows as a zero balance on the credit card website.
My question is, would the DD be based on what was shown on the last statement (approx £300), or will their systems automatically check the CURRENT balance on the account (i.e. zero) and not take a payment?

I hope that makes sense!
Thanks in advance,
GL

Answers

1 to 4 of 4rss feed

Best Answer

No best answer has yet been selected by greenlily. Once a best answer has been selected, it will be shown here.

For more on marking an answer as the "Best Answer", please visit our FAQ.
If you have a zero balance and it shows as such on their website on your account page, then no, they won't take money. (This is my experience when I have paid off a card.) However - just to be on the safe side - go to your bank and stop the direct debit, instruct the bank not to accept any more under that particular DD.
I bank on-line and I can just click on the direct debit I want to stop, which cancels it. (Unless of course you plan to use the card again in future, in which case it may be better to leave it active.)
It depends on the card issuer - some will still take the DD regardless of any interim payments.
Others will reduce the DD by the payment, provided it's arrived in time to stop the process (at least a week)
Phone the credit card company.

Did you have a balance from last month? If you did then they'll be charging interest this month.
Question Author
Thanks all, wow quick responses! :)

boxtops - funnily enough, that's exactly what I did (great minds... :)). The thing that worries me is that I only cancelled the DD today (online), and my bank said the cancellation could take up to 3 days to process, and the CC site said up to 8 days! It's not a huge problem, I won't go overdrawn or anything, I'm just incredibly lazy and am hoping not to have the hassle of chasing them for my money back :)
dzug - thanks for your response, too - I paid it off about 10 days ago, and it shows on their own website as paid...guess it just depends on their individual system as you say...
ummmm - I didn't have an outstanding balance last month, so interest's not a problem, but I think I'll call my bank and the CC company just to make doubly sure! :)

Thanks again all, have a great day!
GL

1 to 4 of 4rss feed

Do you know the answer?

Paid off Credit Card - will DD still be taken?

Answer Question >>