V A N Q U I S

m00m00

any amount paid will show as a green 0 provided it's at least minimum payment
minimum payments will show a minimum payment marker so not recommended.
for cards that report 'enhanced info' the amount you pay in a month is also shown, along with other info, I think enhanced info is experian specific

I don't have a vanquis card so don't know if this is one that does show 'enhanced' info
on the cards I do have Cap 1, Mint and Halifax all do, Lloyds doesn't.

ASL

I need to replace my washing machine, my interest on vanquis is approx 48%. I will have to carry a balance of £100 at most over a month. Anybody any idea what interest I will be charged. Thanks

yenool

ASL wrote: »

I need to replace my washing machine, my interest on vanquis is approx 48%. I will have to carry a balance of £100 at most over a month. Anybody any idea what interest I will be charged. Thanks

I'm not exactly sure how vanquis calculate the interest and min payments, but I think it would be about £4 to £8 interest for 1 month.

48% of 100 = £48.
48 / 12 = £4?

Unless there is some serious flaw in my logic here?

The problem comes when you only make the minimum payment as you end up paying that amount every month for years on end... probably end up paying £60 or £70 interest on an initial loan of £100, which is shocking!

kilasuit

have you paid off at least the last 2 statements in full? if so you would have 56 days interest free from this statement date. if statement date was the 15th August for example then the payment date would be around the 29th september.

lee1985

kilasuit wrote: »

have you paid off at least the last 2 statements in full? if so you would have 56 days interest free from this statement date. if statement date was the 15th August for example then the payment date would be around the 29th september.

I've always wondered about this, can you clarify?

Almost every CCA says you have 56 days interest free but this to me seems !!!!!!!!, if you don't pay off the full balance within the statement period i.e. by the next statement then interest gets added onto that statement when it is produced.

So how does this 56 days work? You need to start with a zero balance I am assuming?

dtsazza

lee1985 wrote: »

I've always wondered about this, can you clarify?

Almost every CCA says you have 56 days interest free but this to me seems !!!!!!!!, if you don't pay off the full balance within the statement period i.e. by the next statement then interest gets added onto that statement when it is produced.

So how does this 56 days work? You need to start with a zero balance I am assuming?

You're right about the zero balance - you're not charged interest on purchases if you pay your balance in full each month. (If you fall behind one month then you'll get charged for that month; you'll stop being charged once you pay off the full amount shown on the previous statement).

They usually say up to 56 days interest free. What that boils down to is that you get 25 days (n this case) to pay a statement from the day it's issued. So if you bought something on the day that your previous month's statement went out, it would be 31 days* until you got a statement for that item. And that statement would require payment within 25 days. So you could pay 31 + 25 = 56 days after purchasing the item, and not pay any interest.

If you pay the full statement balance in time each month, you'll never get charged interest, and you'll have "up to 56 days" from the time you purchase an item to when the money leaves your account for it.


*Assuming the month had 31 days in it; if it were June you'd only get 30 days, etc.

coffeeandfags

Really hacked off with Vanquis this month!! I was due a credit limit increase after this months statement but dont think i'll be getting it now! The reason? I neither had an email saying my statement was ready, nor did they text like they normally do to say my statement was ready. Result, i forgot to check online and made the payment 2 days late. GRRRRRR!!!! I know, partly my own fault for forgetting, but im a busy woman with a brain like a seive and need reminding of payment dates

ASL

coffeeandfags wrote: »

Really hacked off with Vanquis this month!! I was due a credit limit increase after this months statement but dont think i'll be getting it now! The reason? I neither had an email saying my statement was ready, nor did they text like they normally do to say my statement was ready. Result, i forgot to check online and made the payment 2 days late. GRRRRRR!!!! I know, partly my own fault for forgetting, but im a busy woman with a brain like a seive and need reminding of payment dates

You're hacked off with vanquis. WHY sorry but this was your fault. You forgot to check evanquis. You know your statement day. I check evanquis each day, it takes a minute, do the same. If you were getting the increase, it would of gone on the day after your statement was produced. The letter you received last month saying congratulations we're increasing your limit, clearly stated it will not increase if your late.

You could try phoning them, but I doubt you will get anywhere, and you will now have a £12 late payment fee.

buy a calendar, fasten it to a wall, and make a note of your statement date. And due date. You had approx three weeks from the previous statement to remember to pay them on time.

You cannot blame vanquis for this.

coffeeandfags

ASL wrote: »

You're hacked off with vanquis. WHY sorry but this was your fault. You forgot to check evanquis. You know your statement day. I check evanquis each day, it takes a minute, do the same. If you were getting the increase, it would of gone on the day after your statement was produced. The letter you received last month saying congratulations we're increasing your limit, clearly stated it will not increase if your late.

You could try phoning them, but I doubt you will get anywhere, and you will now have a £12 late payment fee.

buy a calendar, fasten it to a wall, and make a note of your statement date. And due date. You had approx three weeks from the previous statement to remember to pay them on time.

You cannot blame vanquis for this.

Hmmm, perhaps you have more time on your hands than i do, but i simply do not have the time to be checking every bill i pay on the internet every day!
I will chalk it up to experience, never trust them on the statements again and get rid as soon as possible.

What was i going to do with £1750 on a Vanquis anyway? :eek:

ASL

coffeeandfags wrote: »

Hmmm, perhaps you have more time on your hands than i do, but i simply do not have the time to be checking every bill i pay on the internet every day!
I will chalk it up to experience, never trust them on the statements again and get rid as soon as possible.

What was i going to do with £1750 on a Vanquis anyway? :eek:

It takes less than a minute, try and find time, maybe whilst the kettle is boiling, that takes 3 mins,