V A N Q U I S

BrookesAndrew

Monkey_boy wrote: »

I have just recently got my Vanquis card and I have a question that I can't seem to find the answer to on their site, if I buy something and pay it off when I get my statement will I be charged any interest on this purchase?

No, as long as you pay it in full then you will not be charged any interest. If you pay with the Vanquis card that is. If you withdraw cash then you will get charged I think its £3. I am not a hundred percent sure on there withdrawel policy though. Give them a ring or look online.:D

Monkey_boy

It's a brand new card with zero purchases on at the moment.

I have no plans to use it for cash advances, just use it for small online purchases such as books and pay it off in full each month to rebuild my credit rating.

Thanks for the help guys.

slayervixen

I have a Vanquis card and I pay it off in full every month. However, this month I haven't used it and still received an email saying to pay £1 to my balance? I can't help but wonder why this is.

SnowTiger

slayervixen wrote: »

I have a Vanquis card and I pay it off in full every month. However, this month I haven't used it and still received an email saying to pay £1 to my balance? I can't help but wonder why this is.

I'd guess it's their minimum finance charge.

http://www.vanquis.co.uk/upload/legal/PD10312_VBL_SECCI_CCA_39.pdf:

If in any statement period you incur interest (excluding any Repayment Option Plan transaction charge) and that interest is less than £1, a minimum finance charge of £1 will be added to your account in place of that interest which will be waived.

However, as you pay your balance in full every month, you shouldn't have been charged this.

IIRC people have reported this previously.

Coincidently, I always pay my Vanquis statement in full very month. This month's is for £0, with no spurious £1 change.

JustinCredibleGillespie

slayervixen wrote: »

I have a Vanquis card and I pay it off in full every month. However, this month I haven't used it and still received an email saying to pay £1 to my balance? I can't help but wonder why this is.

Me too! I paid my balance in full last month also and havent used the card at all, I rec'd a text yesterday to say, ''Please pay £1.52 by 10/10'' I also wonder what this is for, but it would cost me that amount to call them from my mobile to enquire. I shant be using the card again now, I prefer my Aqua anyhoo.

JCG

xx

SnowTiger

JustinCredibleGillespie wrote: »

Me too! I paid my balance in full last month also and havent used the card at all, I rec'd a text yesterday to say, ''Please pay £1.52 by 10/10'' I also wonder what this is for, but it would cost me that amount to call them from my mobile to enquire. I shant be using the card again now, I prefer my Aqua anyhoo.

Did you pay the statement balance in full the month previous to that?

If not, this is trailing interest which accrued between the date your previous statement was produced and the date you made a payment.

amberspy

ive vanquis too
read on here if you spend nearly all ur limit every month and pay in full it doesn't help ur credit rating ? is this true
one person said she wasted 15 months doing this and her rating didn't approve as she spent close to limit

john1002

well firstly there is not one rating, it varies person to person and by company to company.

If you spend close to the limit and pay it off every month then this will improve your rating, the problem may come if this is your only card as your debt ratio will be high and this can scare some providers, I say some because some will not care. But no body knows who this is, so it is pot luck.

Dont forget that there is always a delay of a month when the CRA get update info so though you pay it off every month there will be a gap between it registering.

john

amberspy

john1002 wrote: »

well firstly there is not one rating, it varies person to person and by company to company.

If you spend close to the limit and pay it off every month then this will improve your rating, the problem may come if this is your only card as your debt ratio will be high and this can scare some providers, I say some because some will not care. But no body knows who this is, so it is pot luck.

Dont forget that there is always a delay of a month when the CRA get update info so though you pay it off every month there will be a gap between it registering.

john

thanks for clearing it up
just want help clear my rating to maybe get mainstream card in a year or 2
only had it 2 months limit of 500 but use about 400 and pay of full is this idea to work towards mainstream cc

bigadaj

amberspy wrote: »

thanks for clearing it up
just want help clear my rating to maybe get mainstream card in a year or 2
only had it 2 months limit of 500 but use about 400 and pay of full is this idea to work towards mainstream cc

Yes that's fine, just wait until you get a statement and then pay off before the due date, which means you get several week with no interest. You can set up a direct debit for the full amount, but make sure you have funds available in your account and check your statements to ensure the transactions are all correct.