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Credit Cards

Cancelling direct debits

WATCH THOSE “T & C”s Often direct debits from a credit card are linked to a contract for goods or services which you have purchased. As such it may be a term of the contract that you pay by direct debit. You could therefore be in breach of your contract if you cancel the arrangement. Make sure you check the terms and conditions, and if necessary seek professional advice. Note also that cancelling a payment arrangement may not relieve you of your obligations under your contract with your biller. Check the cancellation terms and again… if necessary seek professional advice.

How to choose the right credit card

“UP TO 55 DAYS INTEREST FREE” – READING THE FINE PRINT The fine print says 25 days from your statement date

  • so its 55 days only for what you buy the day after the statement date

  • better to think of is as “at least 25 days interest free”

  • and be warned… 
if you don’t pay the full balance by the due date you lose your interest-free period for all purchases.