Vanquis - Minimum Finance Charge

Funkygibbon

Just had a statement through and I've had a Minimum Finance Charge of £1 added to my statement. Does anyone know what this is please?

YorkshireBoy

http://www.vanquis.co.uk/vanquis-card/terms-and-conditions (condition 3.7)

southernguy_2

Phone them up and they will remove it

I had the same fee on my statement even though i had paid in full the previous month

I phoned them and they removed the charge straight away

http://forums.moneysavingexpert.com/showthread.html?t=2273247&highlight=

Funkygibbon

Thanks for the responses that's brilliant!!

I've paid in full every month so I'll give them a ring.

Once again cheers!!

HonestJohn

I read here somewhere it is a bug on their system. I have had this now twice and have always paid on time. Just about to phone for the second time to get it cancelled. A nice little earner for them though.

Funkygibbon

I had it again this month and had to argue to get it removed. The women on the phone said that as a gesture of good will they will remove it but it could happen again because I used my card after the statement was produced! Think she was new as I could hear someone telling her what to say but I was told that it will happen to me again next month!

southernguy_2

Just happened to me yet again

So another phone call to get it removed

What's with the using the card after the statement is produced line

Should not make any difference Should it?

southernguy_2

YorkshireBoy wrote: »

http://www.vanquis.co.uk/vanquis-card/terms-and-conditions (condition 3.7)

3.7 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.


The problem is we are not incurring any interest as the balances are being paid in full.

izools

It's a bug in the system that generates the charge if a transaction is posted onto your account on the statement date. Something in the calculations they use see transactions posted on the statement date as "one month + 1 day" after the last statement and "one day before payment received" (which we all know is wrong, it's a bug like I say)...

They've know about it for years but still haven't fixed it

callum9999

They really get on my nerves. As its only £1 its not worth the hassle to call them up and argue about it, but it keeps happening and every time I do call I have to repeatedly insist that it shouldn't be there while they try and claim its probably a foreign transaction or cash withdrawal charge!

At least I know why it happens now - so if I make sure I don't use it around the time they print the statements I should be fine (not that I really use it much any more).

izools

It's if a transaction is posted to the account on statement day.

So if your statement is produced on the 15th, it'll be the times you use the card on or around the 12th - 13th that appear on the 15th generating this incorrect charge...