Vanquis - Cash Interest warning.

ScottRose

Hi guys,

I just wanted to warn any potential people from making the same mistake I did with a Vanquis card.

A few months ago I withdrew £40 cash from my card for an emergency, as I knew I could pay it off before the end of the month I thought no worries. How wrong I was.

I paid off my balance as planned, but the cash interest was still on the bill. I have contacted Vanquis and I have been told that the reason for this is as follows -

In order to stop cash interest payments being added to your balance you must 'Pay off the full balance on your card 2 months in a row AND not use the card at all for purchases for another month.

What a joke! How can they charge you cash interest when the balance has been brought down to zero, that would be interest charged on zero ???

Card is now in the bin where it belongs.

eschaton

Read the T&C's then you won't need to give out warnings.

Simples!

ScottRose

I know that now eschaton, but I am sure many people like me don't and then get caught in this trap.

It has been a learning experience that I just wanted to share.

eschaton

ScottRose wrote: »

I know that now eschaton, but I am sure many people like me don't and then get caught in this trap.

It has been a learning experience that I just wanted to share.

It's not a trap - when you sign up for the card you agree that you have read and understood the t&c's.

Anyone incl. yourself that doesn't bother to do so only has themselves to blame.

If it has been a learning experience for you - the best thing to learn is read what you sign.

Maybe you would be best without a credit card if you can't be bothered to read up on how they work.

fozmcfc

I do have to agree with others, if you don't read the T&C's then you can hardly blame Vanquis.

I have done the same in the past myself. I have just withdrawn cash as and when, without reading the T&C's properly, so have found out the hard way myself.

Do yourself a favour, do what I did, accept you're at fault and just use the card as responsibly as you can in the future.

Credit cards, don't have to be evil, they can be very good to have. Used responsibly, you can get interest free periods for purchasing and balance transfers, cash back and shopper vouchers amongst over things with the right cards.

As you have a Vanquis card, I assume you are still building or repairing a credit rating, so don't just bin the card, but use it responsibly and eventually you'll get a card with some of the above benefits.

stebiz

ScottRose wrote: »

I know that now eschaton, but I am sure many people like me don't and then get caught in this trap.

It has been a learning experience that I just wanted to share.

I got caught out as well quite some time back, and a good warning to all. Mine is now closed. Personally I wouldn't touch the company with a barge poll.

I'd love to be as clever as eschaton, and read all the T&C's on everything I buy or do. Sadly like most of us, we haven't always got the time.

ScottRose

Jeez, get off my case. If you don't like my post then stay out.
If this is the kind of community spirit here, I will not return.

I made a mistake, I don't need someone crucifying me over the internet for it.

sigh, there is always one...


I did use the Vanquis card to build up my Credit rating which I am thankful for, I now have 2 others with much better interest rates.

fozmcfc

stebiz wrote: »

I'd love to be as clever as eschaton, and read all the T&C's on everything I buy or do. Sadly like most of us, we haven't always got the time.

It's not a matter of being clever, it's a matter of common sense.

Sometime us humans don't use it though (myself included). Just like that instruction book with our electronics, most of us don't read it until we have an issue.

The point is the information is there, if we choose to read it or not, is our own choice.

fozmcfc

ScottRose wrote: »

Jeez, get off my case. If you don't like my post then stay out.
If this is the kind of community spirit here, I will not return.

I made a mistake, I don't need someone crucifying me over the internet for it.

sigh, there is always one...


I did use the Vanquis card to build up my Credit rating which I am thankful for, I now have 2 others with much better interest rates.

In that case, continue to bin that Vanquis card and move on.:)

stebiz

ScottRose wrote: »

Jeez, get off my case. If you don't like my post then stay out.
If this is the kind of community spirit here, I will not return.

I made a mistake, I don't need someone crucifying me over the internet for it.

sigh, there is always one...


I did use the Vanquis card to build up my Credit rating which I am thankful for, I now have 2 others with much better interest rates.

Stick around mate. You will have to have some broad shoulders though, as there are those on here who have their head, so far up their behind, they can't help anybody. We aren't all like that.

stebiz

fozmcfc wrote: »

It's not a matter of being clever, it's a matter of common sense.

Sometime us humans don't use it though (myself included). Just like that instruction book with our electronics, most of us don't read it until we have an issue.

The point is the information is there, if we choose to read it or not, is our own choice.

But people have a life. Hands up those who had a delivery from B&Q, who then asked the delivery driver to wait 15 minutes, whilst you read the back of the invoice. You are legally binded by this contract.

I take a fair few companies on face value. I know others do too.