Each month you should receive a credit card statement in the post (unless you have opted out of paper statements) which will tell you how much you have borrowed on your card, how much you need to pay back that month, and by what date the payment needs to be made.
On the back of the bill you should be able to see information about the different payment methods you can use.
You can either choose to pay your monthly bill off in one lump sum, and not pay interest on the new purchases, or you can choose to pay the monthly minimum repayment, or any amount between these two figures.
No matter how much you choose to pay, you will need to know how and when you can make these payments.
This section will talk you through the payment options available to you and give you the information you need to know to help you choose how much to pay off. It will also warn you of the dangers you will face if you don’t pay your bill on time.
However you choose to pay your bill, the amount you pay off will not be available to you as credit until the payment has cleared, which could take up to a few working days depending on the method of payment you used.
If you find you have some spare cash, you can pay extra amounts towards clearing your credit card balance whenever you like throughout the month so long as you make at least the minimum repayment by the due date printed on the bill.
When you receive your credit card bill there will be a ‘bank giro credit’ slip at the bottom which needs to be used if you pay in a bank or by post.
The bank giro credit slip should contain your name and address, your credit card account number and details of your credit card balance and the minimum repayment required.