V A N Q U I S

skylight

Right.

((coughs embarrassingly....))

How does the interest actually work???? I have checked over Martins guides etc but cannot find anything that explains it.

So. My Vanquis card is 39.4%. What does that actually mean???? How is my interest calculated on my card??? If I spend on it and pay it before or in full from the statement then there is no interest, but if I pay the minimum there will be interest next month; but how is this calculated???

seeya23

Our Visa Card comes with these great benefits:

• No annual fee
• A credit limit assigned at a fixed amount to help you stay in control
• Up to 56 days interest free on purchases
• Free additional cardholder
• Free fraud monitoring - we'll warn you of any suspicious activity on your account
• Chip & PIN technology for added security whenever you use your Card
• Visa is widely accepted in the UK and abroad
• Convenient for paying online and over the phone
• Friendly UK call centres

Brian1966

skylight wrote: »

Right.

((coughs embarrassingly....))

How does the interest actually work???? I have checked over Martins guides etc but cannot find anything that explains it.

So. My Vanquis card is 39.4%. What does that actually mean???? How is my interest calculated on my card??? If I spend on it and pay it before or in full from the statement then there is no interest, but if I pay the minimum there will be interest next month; but how is this calculated???

On your interest rate..you will pay roughly £3.50 per month for every £100 outstanding. (just a little under)
When your statement arrives there is section which says 'estimated interest next month' This is based on you paying the minimum payment so a good guide.
Where possible ALWAYS try to pay a little more than the minimum but if for any reason you can't then just ensure that it reaches by DUE date

never-in-doubt

Brian1966 wrote: »

On your interest rate..you will pay roughly £3.50 per month for every £100 outstanding. (just a little under)
When your statement arrives there is section which says 'estimated interest next month' This is based on you paying the minimum payment so a good guide.
Where possible ALWAYS try to pay a little more than the minimum but if for any reason you can't then just ensure that it reaches by DUE date

The other option would be to use this tool to do it for you matey

http://www.thisismoney.co.uk/credit-card-reality-calculator

or

http://www.whatsthecost.com/creditCard.aspx

Joeler

Update:

I got a decline letter over the weekend after I had sent my identity documents in. Oh well, still waiting on Capital One to come back to me so fingers crossed.

I had pretty much banked on getting a Vanquis card. I only have one default which is settled on my Experian report from 2005, and have a loan, contract phone and 2 x current accounts, one with overdraft of £500.00 (Halifax) and the other with Barclays. All of these are up to date. Prior to these applications I only had 1 search on my experian over 6 months ago.

I just hope that Capital One come through for me!! Not holding out much hope this week after disapointment at the weekend.

We shall see!!

peachyprice

skylight wrote: »

Right.

((coughs embarrassingly....))

How does the interest actually work???? I have checked over Martins guides etc but cannot find anything that explains it.

So. My Vanquis card is 39.4%. What does that actually mean???? How is my interest calculated on my card??? If I spend on it and pay it before or in full from the statement then there is no interest, but if I pay the minimum there will be interest next month; but how is this calculated???

Well Sky, I've gone for it, the £25 quidco offer was toooo tempting.

I got the obvious 'we can't give you an instant decision' message, and I don't really hold out much hope, but nothing ventured, nothing gained and all.

I'm now cringing in anticipation of rejection

dannyboy20

Hi all,

I got my card through today after getting accepted a week ago :T

Have they changed the way you activate it now? It was all automated when I just activated I didn't speak to anyone. I'm sure I read on here that they'll try and sell you their PPI when activating...

My credit limit is £250
apr is 47.8%
and cash rate is 53.9%

Parki_2

dannyboy20 wrote: »

Hi all,

I got my card through today after getting accepted a week ago :T

Have they changed the way you activate it now? It was all automated when I just activated I didn't speak to anyone. I'm sure I read on here that they'll try and sell you their PPI when activating...

My credit limit is £250
apr is 47.8%
and cash rate is 53.9%

Jesus 47.8% thieving swines! I only got a lousy limit of £250 but my apr is 34.08%.

Mine was automated aswell when I activated my card. But I did get a phonecall when I was accepted trying to sell me anything they could from PPI to a cash advance.

skylight

peachyprice wrote: »

Well Sky, I've gone for it, the £25 quidco offer was toooo tempting.

I got the obvious 'we can't give you an instant decision' message, and I don't really hold out much hope, but nothing ventured, nothing gained and all.

I'm now cringing in anticipation of rejection

Whats the worst they can say??? And Quidco is a bonus! Lets hope it arrives ASAP.

I really thought they would say no to me. And I haven't told OH yet either. Haven't told him about the meagre savings either.....

peachyprice

Oooh, they just phoned my mobile, but only let it ring a few times.

Does that sound promising?