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Messed up a small payment on 0% interest balance ARGH

(18 Posts)
PavlovtheCat Sun 05-Jul-15 21:35:17

I have a 0% interest deal on a credit card balance, which will be paid off in full by the end of the interest free period in December.

I just purchased something on Groupon for £14.95, and without thinking/paying much attention I clicked on 'buy' and as it went through, I noticed the card number was not my debit card. It was that split second realisation that while I recognised the saved credit card number, it was not my normal bank account! I haven't used Groupon for quite a long time, and obviously used my CC last time I did. Which I can't remember what for as normally I pay by Paypal, and because I no longer use that card, for day to day purchases, only my bank account, I didn't pay attention.

So, my question now is, how much will that cost me in interest? The interest on normal purchases is very high on the CC (29%) which is not normally a problem as we have never paid interest on it!

Stealthpolarbear Sun 05-Jul-15 21:37:41

Can't you just pay it off?

PavlovtheCat Sun 05-Jul-15 21:46:43

I am pretty certain that all payments will go to the interest free balance first. Otherwise I would yes!

Or do you mean pay the entire balance off?

Stealthpolarbear Sun 05-Jul-15 21:48:09

Oh I see. Hmm. So you'll pay interest on this amount.

TheBreeze Sun 05-Jul-15 21:48:09

I think when you pay off each month your payment goes to the highest interest thing first so as long as you pay extra and cover it the interest charge will be very small for this month and then back to 0%

TheBreeze Sun 05-Jul-15 21:49:42

I'm sure the law changed a few years ago so highest interest is paid off first on credit cards, I would check

Littlef00t Sun 05-Jul-15 21:49:46

They changed it a few yrs ago so now the payment pays off the highest interest first. You'll be fine.

wohmum Sun 05-Jul-15 21:50:42

Interest will only be due on the £14.95 if you don't pay it off in full. I'mm pretty sure it will only be around 14.95 x 0.29/12 per month - so not much really. You should be ok to pay it off when the statement cones in as most cards now pay off the highest interest 1st.

PavlovtheCat Sun 05-Jul-15 21:51:36

thebreeze I think I need to go read the terms and conditions again, as I was pretty sure the zero balance was paid off first (on purpose so that they get max interest on any other payments!) If it pays the highest balance off first, I will just pay it all now as it was meant to come out of my bank account so the money is available to pay the £14.95 straight off. Or should I wait until my next statement? not til next month now. I always pay off significantly more than the minimum payment (use it like an interest free loan).

wohmum Sun 05-Jul-15 21:51:40

Oops, x- posted with lots of others !

PavlovtheCat Sun 05-Jul-15 21:53:17

OH you are all fabulous! Thank you! I shall stop worrying. Not that it would have been much, but would have made it not worth buying the item on Groupon if I paid interest!

Shall i just pay it now, or wait for the next statement?

PavlovtheCat Sun 05-Jul-15 21:54:03

my earlier post x-posted too! sorry, I did read all your posts, just not til I had posted!

PavlovtheCat Sun 05-Jul-15 21:55:33

I really should keep up with all these changes if I'm gonna have a credit card! I shall pretend, after this though, that it hasn't changed, else I might be tempted to use it now and again grin

TheBreeze Sun 05-Jul-15 21:56:08

I would just pay it now as the sooner you pay it the less interest you pay as it is daily. No need to wait for next statement.

PavlovtheCat Sun 05-Jul-15 21:59:13

I'll just pay it now, then it will be as if I paid it from my bank account, minus a little panic grin

PavlovtheCat Sun 05-Jul-15 22:01:13

paid. will that be a day's interest, or will it be no interest because I paid it straight away before the next statement? Not that it matters, as I paid £16 in, but probably useful to know these things grin

FuckitFay Sun 05-Jul-15 22:04:41

I think no interest is charged until your statement as I pay mine off every month in full and am never charged interest so it must be the case.

PavlovtheCat Sun 05-Jul-15 22:06:12

oh brilliant. So no interest. Yay!

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