Question about CC Cheques Vanquis

thriftymomma

Does anyone happen to know, if you use a credit card cheque, but clear it fully on the first statement it appears on( nil balance otherwise) do you not pay any interest? Same as if you made a standard purchase?
Or are they treated like cash advances and accruing interest from the day they are applied?
Thank you in advance.:money:

jonesMUFCforever

I don't know for sure about Vanquis but most other credit card providers will charge a cash advance fee upon presentation of the cheque and interest will be charged from day 1 normally at cash advance rates (ie very high).
You would then need to clear the statement balance two months running to stop interest trailing.

never-in-doubt

This may help, haven't read it all lol

See here: http://www.vanquis.co.uk/home/Terms_and_Conditions.aspx

quote:

OTHER FINANCIAL INFORMATION

• 3.1 The annual interest rate (compounded) and the total charge for credit in relation to your Account at the time of the agreement is from one of the tiers A, B, C, D or E below. The total charge for credit is based on a Credit Limit of £1,500 which you borrow in full at the start of the agreement and is repaid in full by you making 12 equal monthly repayments beginning one month after the start of the agreement. The total charge for credit is made up of interest and (in the case of cash) a Cash Transaction fee as shown below for each tier. Each figure for the total charge for credit set out below assumes no cash is borrowed. All interest rates are variable:
  • 3.1.1 Tier A) Purchase/Balance Transfer Transaction annual rate 19.94%, Cheque Transaction annual rate 29.95%, Cash Transaction annual rate 33.97%, Cash Transaction fee 3%/£3. Total charge for credit £153.02 or
  • 3.1.2 Tier Purchase/Balance Transfer Transaction annual rate 29.95%, Cheque Transaction annual rate 39.94%, Cash Transaction annual rate 44.27%, Cash Transaction fee 3%/£3. Total charge for credit £223.78 or
  • 3.1.3 Tier C) Purchase/Balance Transfer Transaction annual rate 39.94%, Cheque Transaction annual rate 49.94%, Cash Transaction annual rate 54.57%, Cash Transaction fee 3%/£3. Total charge for credit £291.09 or
  • 3.1.4 Tier D) Purchase/Balance Transfer Transaction annual rate 49.94%, Cheque Transaction annual rate 59.94%, Cash Transaction annual rate 64.88%, Cash Transaction fee 3%/£3. Total charge for credit £355.37 or
  • 3.1.5 Tier E) Purchase/Balance Transfer Transaction annual rate 59.94%, Cheque Transaction annual rate 69.51%, Cash Transaction annual rate 74.75%, Cash Transaction fee 3%/£3. Total charge for credit £416.94.
• 3.2 There is no annual fee.
• 3.3 In calculating the APRs, no account has been taken of any variation which may occur to the interest rates (Base Rate and/or Margin Rates) or fees under this agreement.
• 3.4 The annual interest rates are made up of:
  • 3.4.1 the Base Rate; and
  • 3.4.2 an annual Margin Rate in respect of Purchase and Balance Transfer Transactions and an annual Margin Rate in respect of Cash Transactions and Cheque Transactions.
• 3.5 Interest is charged on transactions at the interest rates detailed above from the date of any Purchase, Cash, Cheque and/or Balance Transfer Transaction(s) or any other amount charged to your Account, until repayment in full. Interest is calculated on the daily outstanding balance on your Account and, except in respect of Purchase Transactions where you have paid off two or more consecutive current statement balances in full each month, is debited to your Account at the end of each statement period. At statement date, we will add the interest we charge to the outstanding balance on your Account. This means that you will generally pay interest on interest.

Innocent_Guy

Stay away from the CC Cheques if possible!