Vanquis Credit Card - Help...

mark_steps

My partner has one with a limit of £500 and says that his APR is 29.9%. Now he says if he pays off any purchases in full within 56 days of purchase then no interest is added on.

I however, am not so sure of that. Can someone please inform me as to how this works with Vanquis....

Ta

grumbler

mark_steps wrote:

...he says if he pays off any purchases in full within 56 days of purchase then no interest is added on.... I however, am not so sure of that. Can someone please inform me as to how this works with Vanquis....

In fact it is:

Interest free period
Up to 56 days interest free on purchase transactions only, where you have paid off two or more consecutive current statement balances in full and on time.

This works with Vanquis the same way as with majority of other cards.
When monthly statement is issued (statement date) it shows the payment date - the latest date when your payment must arrive to the credit card account. The payment date is 26 days later than the statement date. If you pay the statement in full and on time no interest is added. In this case purchase made the next day after the statement date has 30+26=56 interest-free period if paid in full and on time. The purchase made on the statement date has only 26 days interest-free period. If you don't make a full payment or pay late all purchases incur interest from the date of transaction and you lose interest-free period next months - untill you make two consecutive full payments on time.

HTH

P.S. You can find more detailed explanation here: http://www.channel4.com/4money/borrowing/guides/credit_card_guide_091003_page3.html

moneyfool

Also consider that you must pay the FULL amount at least 4 "working" days before the due date on the statement, miss it and not only will you incur interest ,but will get zapped with a (possibly) £20 late payment charge.
I think it best to set up a Direct Debit with Vanquis and have them take the full amount each month.Their interest rates are wicked and you would not want to miss one payment.:)

inmypocketnottheirs

moneyfool wrote:

Also consider that you must pay the FULL amount at least 4 "working" days before the due date on the statement, miss it and not only will you incur interest ,but will get zapped with a (possibly) £20 late payment charge.
I think it best to set up a Direct Debit with Vanquis and have them take the full amount each month.Their interest rates are wicked and you would not want to miss one payment.:)

You can opt for the 'No Surprises' option where there is no late payment charge or chrges for exceeding credit limit.