V A N Q U I S

gettingthere1

I have had mine for over a year. Every time its used, I pay it off in full every month, and have only had one increase (from 250 - 500) in that time.

I also got a reminder letter from them today about changes to interest rates, but I didn't get the first one, so I can only presume the interest rate is going up as it tells me I can reject the charges.

I got it to help increase my credit rating and have used it very carefully since, but I'm not sure it's doing me much good!

Kyresa

gettingthere1 wrote: »

I have had mine for over a year. Every time its used, I pay it off in full every month, and have only had one increase (from 250 - 500) in that time.

I also got a reminder letter from them today about changes to interest rates, but I didn't get the first one, so I can only presume the interest rate is going up as it tells me I can reject the charges.

I got it to help increase my credit rating and have used it very carefully since, but I'm not sure it's doing me much good!

It will only help once defaults and ccj's start to drop off, then lenders can see you are acting responsibly.

You can't get "better" credit without having "some form" of credit already unfortunately!

gettingthere1

I meant my careful use of the card, paying it off in full each month, and never going over the limit, does not seem to have paid off in terms of credit limit increases.

Kyresa

gettingthere1 wrote: »

I meant my careful use of the card, paying it off in full each month, and never going over the limit, does not seem to have paid off in terms of credit limit increases.

But you can see throughout the course of this thread (I appreciate it's long!) that's happening ALL the time - there is no rhyme or reason as to why someone gets an increase and someone else doesn't. It's a bit like a computer lottery with Vanquis I think!

Russe11

I know using an ATM, it will be cash.

I know buying an item in a shop will be purchase.

But what about things like topup vouchers, gift cards, paypoint bill paying etc are these counted as a cash transaction or purchases?

How can you tell before you use your card?

izools

Unless the transaction on the card yields cash, or an item directly transferrable to cash (i.e. travellers cheques or gambling transactions) then it will be processed as a purchase.

For example, you cannot directly exchange a gift card, top up voucher, or paid bill for cash - you may be able to get a refund for such items but just like a purchase this will only ever be returned to the card from whence it came and not exchanged for cash.

Russe11

izools wrote: »

Unless the transaction on the card yields cash, or an item directly transferrable to cash (i.e. travellers cheques or gambling transactions) then it will be processed as a purchase.

For example, you cannot directly exchange a gift card, top up voucher, or paid bill for cash - you may be able to get a refund for such items but just like a purchase this will only ever be returned to the card from whence it came and not exchanged for cash.

Yeah I can understand currency purchaces, travellers cheques, gambling etc

What about things like Paypal then, online wallet systems etc

and somthing else I buy in travel tickets, these can be sold back with remaining credit on them, would that then count as cash?

I guess i'll just have to ask for a definative list from the card provider, but will they just refer me to the terms and conditions?

Thing is i'm going to stuggle to find somthing that I purchase regularly to actually use the card and build up a rating, I don't even buy mobile phone top up credit every month(or i'd got a phone contract to improve my credit rating)

izools

Russe11 wrote: »

Yeah I can understand currency purchaces, travellers cheques, gambling etc

What about things like Paypal then, online wallet systems etc

and somthing else I buy in travel tickets, these can be sold back with remaining credit on them, would that then count as cash?

I guess i'll just have to ask for a definative list from the card provider, but will they just refer me to the terms and conditions?

Thing is i'm going to stuggle to find somthing that I purchase regularly to actually use the card and build up a rating, I don't even buy mobile phone top up credit every month(or i'd got a phone contract to improve my credit rating)

I know PayPal process all their transactions as purchases. They are in fact a good way to take advantage of a credit card and extracting cash from them if you have a friend with PayPal who can withdraw the funds and faster payments them back to you.

Travel tickets = purchases.

For clarification you'd need to speak to the retailer, not the card company. The card company has no control over what type of transaction the retailers process your purchases as.

Russe11

izools wrote: »

I know PayPal process all their transactions as purchases. They are in fact a good way to take advantage of a credit card and extracting cash from them if you have a friend with PayPal who can withdraw the funds and faster payments them back to you.

Travel tickets = purchases.

For clarification you'd need to speak to the retailer, not the card company. The card company has no control over what type of transaction the retailers process your purchases as.

Thanks, not looking to extract cash, just don't want to get caught out, but good to know.

Getting cash out of the atm on a credit card is not all that expensive compared to other forms of borrowing like payday loans etc

£100 on a 39.9% card would cost a £3 fee and 3.325% for a month

so £6.42

pretty sure I have seen advertised these wonga.coms etc charging 15-25 per £100.

b3ckys

Hi all. My oh and myself both have had our cards for over 12 months now with no missed/ late payments. Neither of us has had a credit increase either. However oh had a letter a few weeks ago saying he would get an increase on his next statement! Statement was done yesterday but no increase! Why then would they send the letter in the first place?? Any ideas??? Becky