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Vanquis Min Finance Charge
duggie1982
Posts: 717 Forumite
in Credit cards
Just got my statment yesterday and after looking over it I noticed a min finance charge of £1.
Anyone know what thats for? I pay my balance off in full every month, is that a way for them making some money?
Cheers
Paul
Anyone know what thats for? I pay my balance off in full every month, is that a way for them making some money?
Cheers
Paul
0
Comments
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could you say exactly what it says please0
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Vanquis Terms and Conditions state:
3.6 If in any statement period you incur interest (excluding ROP Charges) 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.
Vanquis obviously charged you interest but because it was less than £1, they added a minimum finance charge instead.We’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com0 -
It states Minimum Finance Charge £1
I always pay in full so not sure why I would be charged, dont pay the min payment so if I did pay late then surely I would have got a late payment charge. Strange!
P.S payment was £38 last month and was paid in full. Would have thought the interest would have been higher than £10
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