V A N Q U I S

Jack1888

I can only remember letting the account drag on abit and paying £30-50 off my account and that was in Jan and Feb after I put most of my Christmas shopping on it.

The rest of the time I pay it off in full by phone.

My Capital One it's simply the APR is a lot lower than my current Vanquis. Once I have the card I will close Vanquis as C.O. have given me a £500 limit :T which I'm hoping will be increased after 6 months.

All good!

Jack1888

ASL wrote: »

Also a question, DO YOU ever draw out cash on your vanquis.

Never! I have heard that the interest rates on Cash Withdrawals is shocking!:p

ASL

Jack1888 wrote: »

I can only remember letting the account drag on abit and paying £30-50 off my account and that was in Jan and Feb after I put most of my Christmas shopping on it.

The rest of the time I pay it off in full by phone.

My Capital One it's simply the APR is a lot lower than my current Vanquis. Once I have the card I will close Vanquis as C.O. have given me a £500 limit :T which I'm hoping will be increased after 6 months.

All good!

Don't close your vanquis. You could use it for all your monthly needs that you can pay in full. And use the cap one, for things which are emergencys. Lets say you start spending £300 plus a month on cap one, its a week before payday and your boiler breaks down, or your car needs a job on it. You'll be stuffed without a back up card. You'll regret closing vanquis. Keep the vanquis don't close it. So when you do have a emergency, you can pull out the cap one, and with the APR being lower, spread the cost without loads of interest, and knowing you have £500 is peace of mind.
Of cause keep it active. Try it when it arrives with a tenners worth of fuel or something. Pay it back the next day.

What i don't get, is that on another thread you say you earn £38k a year, but you don't pay your £250 vanquis in full each month.

Enjoy your new card :T

ASL

Jack1888 wrote: »

Never! I have heard that the interest rates on Cash Withdrawals is shocking!:p

It is. It's highway robbery. Fees and interest from day one.

Sure if your stuck somewhere and need a tenner, you may have to. But even paying it back the next day will set you back a extra £4 or £5

Jack1888

ASL wrote: »

What i don't get, is that on another thread you say you earn £38k a year, but you don't pay your £250 vanquis in full each month.

It's pure lazyness on my part. Mind you I have only ever not paid in full for 2 months just after Christmas.

I think I may keep old Vanquis, thanks for the advice makes good sense actually when you say it like that!

ASL

@JACK1988

This will make you think twice about being lazy.

Spend £200 and just make the minimum payment. With an APR OF 59.9%


It'll take you 335 months (that's over 27 years) to pay back £200 if you only pay the required minimum of 5.00%. Over that period of time, you'll pay an additional £2,076.32 in interest.

If you could aford to pay an extra £10 a month towards your credit card debt, it would mean you'd repay it in 18 months and you'd save yourself £1,996.10 in interest. In fact, if you could aford an extra £25 a month, you'd repay it in 8 months and save £2,046.52.

====================================================================================================


So make a note to spend 2 minutes on evanquis say every Sunday, and then online banking to send a payment.

I actually check my evanquis a couple or more times a day.

MorrisonsEmployee

Paid off my first Vanquis statement in full on top of the £160 id paid over the course of the month too:j

ASL

MorrisonsEmployee wrote: »

Paid off my first Vanquis statement in full on top of the £160 id paid over the course of the month too:j

:T:T:T:T:T:T :beer: :T:T:T:T:T:T

MorrisonsEmployee

I have been using my account the same way that you have ASL so hopefully we will both see credit increases in several months:T

tigerlily44

MorrisonsEmployee wrote: »

I have been using my account the same way that you have ASL so hopefully we will both see credit increases in several months:T

I've been using mine in exactly that way for 6 months and no sign of an increase - I don't think there's any way to predict how they give out increases or otherwise.

Best to get the 12 months of green o's and try to get something more mainstream if your credit is looking healthier by then

tiger