VANQUIS Credit Card Conditions 3.1 ?

ddav4

hi to you all.......just joined here, can someone please help me clarify this, thanks!

On checking Vanquis' Credit Card conditions in their Credit Card Agreement under the heading

Conditions - 3.1 Other Financial Information which states as quoted

"The total charge for credit is based on a credit limit of £1500 which you borrow in full <at the start of the Agreement> and is repaid in full by you making 12 equal monthly repayments being one month after the start of the Agreement"

Is this what I think it is? That you start paying interest on credit you have not yet spent or may not wish to spend the amount. £1500, which is more like a loan than a credit card, which it supposed to be. It does appear confusing, so can someone enlighten me?!

Thanks in advance of your advice!:rotfl:

CLAPTON

All or nearly all credit cards give an example of IF you borrrow 1,500 and then pay it back in 12 equal installments the how much interest you will be charged... it's an attempt by the regulatory authorities to make things simple!
No fiddles .. just an example.

withnell

Yeh it's a very confusing statement - when it was brought in the wording they were required to use made it sound like an annual charge!