V A N Q U I S

izools

Russe11 wrote: »

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.

Keep in mind that the cash APR is higher than the purchase APR, typicaly 10% higher in Vanquis' case so if your purchase rate is 39.9% you'll be paying about 49.9% on cash transactions.

Still anyone using a credit card of any form, let alone one like Vanquis, for cash transactions is asking for big trouble anyway...

Russe11

izools wrote: »

Keep in mind that the cash APR is higher than the purchase APR, typicaly 10% higher in Vanquis' case so if your purchase rate is 39.9% you'll be paying about 49.9% on cash transactions.

Still anyone using a credit card of any form, let alone one like Vanquis, for cash transactions is asking for big trouble anyway...

The case of which is the lesser of the 2 evils, paydayloan or cash on credit?


Whats Vanquis's stance on over paying and having your card in credit?

izools

Russe11 wrote: »

The case of which is the lesser of the 2 evils, paydayloan or cash on credit?


Whats Vanquis's stance on over paying and having your card in credit?

Lesser evil? Budgeting properly and spending within your means :beer:

If you over pay on a Vanquis account they get VERY STRICT unfortunately. Even if the account goes 1p in credit they will freeze the account and demand you send them proof of where the money came from before unblocking it, passing this off as "anti-money laundering".

They may also increase your APR as a result.

waptext

got a phone call from vanquis today on my house phone , after confirming a few details he was trying to get me to join a club offering me £40 worth of vouchers free , i asked if there was a membership fee he said yes then i said i wasn't interested he said bye then

Sharmaine

Kyresa wrote: »

I think it's more unusual than not to get a rise after 4 months after reading this thread.

Some people have waited over a year for an increase - if you got a £500 starting balance I think you'll wait longer to be honest.

(Just passed month 4, used card every month, paid in full, no raise!)

Hi all
i opened my Vanquis card a/c in August 2010. Paid on time, sometimes large amount but always lots more than minimum. Never the whole amount, just left teeny trail of interest (like £4.00!) per month. Card limit was £500 to start with, got home y.day and letter saying they are increasing to £1500 from the March statement. On condition i don't go over my current limit and make payment on time otherwise no increase.

So that's a raise after 6/7 months.

Not that i'm going to use more than i can afford to almost pay off in full each month of course.

SnowTiger

Sharmaine wrote: »

Hi all
i opened my Vanquis card a/c in August 2010. Paid on time, sometimes large amount but always lots more than minimum. Never the whole amount, just left teeny trail of interest (like £4.00!) per month. Card limit was £500 to start with, got home y.day and letter saying they are increasing to £1500 from the March statement. On condition i don't go over my current limit and make payment on time otherwise no increase.

So that's a raise after 6/7 months.

Not that i'm going to use more than i can afford to almost pay off in full each month of course.

I wonder how much it's cost you in interest payments?

CpdButWhy

Sharmaine wrote: »

Hi all
i opened my Vanquis card a/c in August 2010. Paid on time, sometimes large amount but always lots more than minimum. Never the whole amount, just left teeny trail of interest (like £4.00!) per month. Card limit was £500 to start with, got home y.day and letter saying they are increasing to £1500 from the March statement. On condition i don't go over my current limit and make payment on time otherwise no increase.

So that's a raise after 6/7 months.

Not that i'm going to use more than i can afford to almost pay off in full each month of course.

I don't exactly get the condition part. They are increasing it to 1500 subject to your not using more than 500 of it?

Or you just should not go over your current limit and make payment on time until March? Actually, is it possible at all to go over limit with Vanquis?

Hax

Just got home to a letter from Vanquis telling me that they are REDUCING my interest rate! Woohoo.... Still means it will sit at 47.89%!

Just surprised at them reducing it - never thought that would happen - lol

yenool

Sharmaine wrote: »

Hi all
i opened my Vanquis card a/c in August 2010. Paid on time, sometimes large amount but always lots more than minimum. Never the whole amount, just left teeny trail of interest (like £4.00!) per month. Card limit was £500 to start with, got home y.day and letter saying they are increasing to £1500 from the March statement. On condition i don't go over my current limit and make payment on time otherwise no increase.

So that's a raise after 6/7 months.

Not that i'm going to use more than i can afford to almost pay off in full each month of course.

I'm going to start using my card more I think.

I have been stuck on £250 since I got it a year ago, but I barely use it and when I do I always clear the balance online before the statement is even issued.

Maybe if I give them a bit of interest (as you say, a few £ only) they will bump up my limit.

HungryGiraffe

Long time lurker on this site, but got to start somewhere so.......

To enter the discussion on credit limit raises I got my Vanquis CC in Sept 2009 with a limit of £250. Credit limit was raised to £500 on Dec 09 statement. Went up to £1500 on statement 9 and they gave me a shiny gold card (well actually yucky yellow!). Limit went up again on statement 13 to £2250 and I’ve been notified its going to £2500 on March statement. Vanquis have had to date £8.95 interest from me and that was because I was away one month and paid later than usual but otherwise I always pay the balance off in full.

izools wrote: »

If you over pay on a Vanquis account they get VERY STRICT unfortunately. Even if the account goes 1p in credit they will freeze the account and demand you send them proof of where the money came from before unblocking it, passing this off as "anti-money laundering".

They may also increase your APR as a result.

I overpay nearly every single month unless I haven’t used the card which is rare. I have a direct debit set up for the minimum amount and for the first few months of having the card assumed (wrongly) that any payment above the minimum would knock out the collection of direct debit. I figured because I always pay my card off about 5 days before the DD I just wasn’t paying in time. Finally got round to phoning them and asking and was told I would have to cancel the DD if I wanted to stop it otherwise it would be taken regardless of any amount I had paid. Have a major fear of missing the payment deadline so I always let it run its usually somewhere between £20-30. Account has never been frozen nor have they queried the overpayment, whether that is because it happens every month or whether it is because the overpayment is always just the minimum payment amount I have no idea. Of course if I was really organised I would dig out the statement and deduct the minimum payment stated and pay the balance but I’m not.