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Not sure what to do

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
I got my visa card statment in today but I amn't really sure how to pay it. I can't ask my mum for advice as she doesn't know that I have a visa card and would kill me if she knew I had one.

Also what is a bank giro (sp)?

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    JsTJsT Posts: 18,268 Skive's The Limit
    Instructions on how to pay will be on the back of the statement.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    The bank giro is the slip at the bottom of the statement, basically you fill it in and take it to the bank with the amount you are paying, the cashier will stamp it and give you the stump back this is yours.

    Otherwise you can send a cheque, read the back of the statement it usually tells you the ways to pay on there.

    My Visa statement is due in soon but Im not lookin forward to it, my credit card is maxed out!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Thanks for the help. So i can take the bank giro and the ammount on the statment in cash and pay it that way? Is there a limit before you have to start paying interest?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I usually just phone them up (phone numbers on the back) and tell them to transfer the money from my account. But I'm lazy.
    Otherwise, fill in the giro slip and take it to the bank. You don't have to take the amount in cash, just do a transfer. But it's up to you. I can't remember how long it is til they start charging interest but my bank add on £20. It's annoying cos I forgot about one statement for ages and had to pay £60 for nothing, so try pay it when you get the statement through.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Well I kinda don't have any money in my bank account atm so my only option is to go to the bank. What bank are you with pink soda?

    It say on my statment I have till 16th of jan till the bank take the minium of £5 out of my account, what does that mean?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    It depends on the card how long you get it interest free for, like with mine its 9 months. Check the letter the card came with and it should be on there. The amount of interest also varies between cards.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    It says I have 59 day interest free so I should be ok. The interest isn't really much I don't think.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Interest-free periods only apply if you pay the entire balance of your credit card off every month. This is not the minimum payment, but the entire balance. If you don't pay the full balance off you are charged interest.

    Assume your credit card is with the Bank of Twat. You would go to the Bank of Twat branch with your statement, and pay money over. This has to be the minimum payment which is stated on the bill, but you can pay more than this. Allow at least four working days (Mon-Fri) between you paying the bill at the branch and the due date, otherwise you may well be charged a Late Payment Fee.

    Oh, and cancel the Direct Debit for the minimum payment.

    Of course, the adult in me would point out, with some truth, that if you do not understand this already you should not be taking out credit.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    It isn't my fault that I didn't know, it is the first time I have ever used my card and I just wasn't sure.

    The only way you know things is by asking.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    That's true, and I wasn't being critical.

    Stuff like this needs to be taught to people in school, IMHO, because it does scare me how many people can take out credit so easily without understanding what they are signing up to.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I agree with you there and the only reason I took it out is incase of emergancies and I wouldn't have used it if it wasn't that my switch card was screwed up becuase the bank put my middle name on it instead of my first so I wasn't able to use it.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Make sure you pay off your balance IN FULL and if you have set up a Direct Debit for the minimum payment, cancel it.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I haven't set up a direct debit for the min so that is ok. Plus I am able to pay my balance in full as it is only £9.99. Does that mean I have till 16th of jan to pay before I am charged extra or something? Sorry I seem a bit of a dumb ass but just making sure.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    If the dute date is the 16th Jan then you have until then to make the minimum payment, or a payment that is higher than the minimum payment (such as the entire balance in full).

    However allow four working days before this date, so that the funds have time to clear to your credit card account. If you don't you will be charged a late payment fee, which is usually about £20.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by Kermit
    Of course, the adult in me would point out, with some truth, that if you do not understand this already you should not be taking out credit.

    i have to agree. after my stint in card services, trying to help people out of the mess they get themselves into simply by not understanding how credit cards work, i really think you should have to pass a short course before being allowed one.

    there were people i spoke to who didn't realise they had to pay it back :eek2:
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