Vanquis - paying bill off in full

MsPink

I've got a question about my Vanquis card. Last month I paid the full amount of my bill by the due date on the statement.

Now they've charged me interest. Is this right??

CLAPTON

yes that's correct

they are charging you the interest between the statement date and the date you actually paid the debt off

you need to pay in full for two months before interest stops

all credit cards work like this.

jamesd

Yes if you had a balance owed at your last statement date and didn't pay it off on the statement date. The interest will be interest on the interest from the date of your statement to the date of your payment.

It's not strictly necessary to use two statements/payments to clear this. You can do it in one if you add the monthly interest rate to the interest payment on the first statement and overpay by that amount. So if you had £100 of interest shown and your monthly interest rate is 2% you'd pay 100 * 2% = £2 extra. That should result in a very small credit balance unless you had some new purchases.