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Original poster

Paying my credit card bill with cash

11 replies

Lara2 · 02/10/2013 20:03

I need an answer from anyone who really knows anything about European banking laws. I've searched the net and come up with a big fat zero.
I remember a couple of New Year's Days ago watching the BBC money guy say that a new European banking law had come into effect that day that stated that if you pay your credit card bill at he bank with cash it had to be credited to your credit card account that day - end of. Needless to say, this isn't happening to me and I have a running argument with my credit card company.
So please, can anyone point me in the direction of where to find this information online? I'm pissed off that I pay with cash the day it's due and they don't credit the account for at least 4 days and I keep receiving letters saying I paid late! I don't want them to have my hard earned cash before they absolutely have to!

OP posts:
Judybluey · 02/10/2013 20:09

Most credit card statements do actually say in the small print to allow 5 working days for the payment to go into your account...I agree tho it is annoying and I don't like anyone having my hard earned money before absolutely necessary...especially the bloody council tax grrrrr!

Original poster
Lara2 · 02/10/2013 20:14

I know that's what their small print says, but the BBC guy was very clear that this is now against the law. Sigh! The man I spoke to this evening said "Obviously we wouldn't act illegally Mrs Lara" - obviously! I laughed - he wasn't sure how to react.

OP posts:
ilovepowerhoop · 02/10/2013 20:22

www.thisismoney.co.uk/money/cardsloans/article-2142975/Credit-card-firms-misleading-customers-payment-deadlines-worst-levying-12-late-fees-unjustly.html - says same day crediting applies to cash payments made to credit card held at same bank. Can still take longer if credit card is held at a different bank

Judybluey · 02/10/2013 20:26

You've got me all curious now Lara...I need to find out coz if its correct what you're saying Barclays/Capital One and pals can whistle for their pennies till end of next week...although if you're wrong I'll be in deep shit Grin

tulipsgirl77 · 02/10/2013 20:30

Lara2. It's new rules under the Payment Services Directive. Though the following article states payments by cash must reach customer's account in two days. See www.thisismoney.co.uk/money/cardsloans/article-2138362/Tesco-Bank-stops-cash-payments-credit-cards.html

Judybluey · 02/10/2013 20:31

ilovepowerhoop I sort of thought that might be the case as I always try to get my credit cards with banks which are local to me so I can tootle along and pay my monthly statements in person,in cash.

Original poster
Lara2 · 02/10/2013 20:37

ilovepowerhoop - that's probably what I was looking for, thanks. I'll have to pay the day before and see if they still say I'm late.

OP posts:
Talkinpeace · 02/10/2013 21:39

I pay by faster payments : set it for 9pm the night before and it clears into their bank by noon.

RedHelenB · 03/10/2013 07:35

False economy there - getting late payment charges against paying 5 days before due date! Why not set up a direct debit, that way it will always be credited on the same day?

specialsubject · 03/10/2013 15:52

why bother? Interest rates are pitiful, you aren't earning anything on the money.

you could spend the time doing online surveys, even at £2 an hour you'd get more cash then spending it on this battle.

Talkinpeace · 03/10/2013 16:57

I keep my money in my mortgage overpayment fund earning me over 3% equivalent until I need it ...

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