Vanquis Question UPDATE 26/2

southernguy_2

Thanks Izools

I really should leave the answering of people's questions to the experts in the future lol :rotfl::o

izools

DropDebtFred wrote: »

Hi Izools

Thanks for your advice. I'm aware of how to use these cards, thanks.

For me to apply for a Cap One Progress card, i'd have to close my Classic card account. I'm not sure i'd want to take that risk.

Oh you already have a classic? Hmm well fair enough, chances are you'll be approved for the Progress unless you've had nasties appear on your credit file since opening the Classic, but chances are you wouldn't get such a high limit.

Just a waiting game now I suppose

southernguy_2

Izools

Was just about to phone Vanquis re minimum finance charge

noticed on my statement there is an entry

Interest from disbursement date £0.33

Is this just the normal interest on a balnace perhaps i fell just short of clearing it last month?

Their statements aren't the easiest to read and i'm getting in a muddle me thinks paying what ive spent on it rather than the statement balance

izools

Well, did you pay the full balance printed on last months statement?

southernguy_2

Thought i did

but now not so sure

my due date is the 4th of the month

According to this statement dated the 8 Feb

my previous balance was £143.78 but it looks like i only paid £95.00
£5.00 minimum DD and £90 card payment

So possible deficit of 48.78 at 34.08% interest would that be right 33p interest

More i look at it the more confused i am

izools

Oh OK then - no need to call them - seems your shortfall generated 33p of interest but the minimum amount of interest they can charge is £1, so if there's no interest to be charged then you don't pay any, if there's 1P-99P of interest to be charged, you pay £1.

Ah well, just a matter of being more careful to pay in full in future, then

selecta_c

DropDebtFred wrote: »

I've just been accepted for a Vanquis card with a £1000 limit. Provided I run it properly, what increases can I expect? What's the max limit with this card?

I've also got a Cap One card with a £1100 limit, run properly.

I've had a go on the Barclaycard website, but am not suitable for one of their cards.

Any other cards I should be looking at? I have one CCJ that will be removed after 6 years on my credit report in June. I have 3 defaults from Lloyds Bank Accounts from 2006.

I've had my card nearly 3 years,i started with a £250 limit which has now increased to £2500.I think there was a chap on here who had a limit of £3000 but i think he closed his account sometime ago.TBH my Vanquis is a bit useless to me now as i wouldnt even contemplate borrowing anywhere near my limit with the shocking APR that comes with my card.

southernguy_2

Thanks

I have two seperate entries on the statement

interest from disbursement date 0.33
minimum finance charge £1.00

So total of £1.33
Are you saying that because ive generated interest therefore the extra finance charge of £1 is correct and therefore no phone call needed?

I will indeed be more careful in the future

izools

Ooooh no that's not right atall.

If the interest is 33P then £1.00 should be charged and nothing else.

If you want to dispute it out of principle you're entitled to - 0800 781 6314 - so that they pay for the call - up to you

southernguy_2

Ok

Will ring them tomorrow

I have to too remove the payment protection that i foolishly agreed to at the time of getting the card

Looking at the calculations on their site

£1.29 for every £100 or 1.29% of your balance does not add up to the £2.00 charge they have charged me for a balance of £158

Seems like they just round every figure up to suit themselves