Vanquis - Cash Interest warning.

ScottRose

Thanks Stebiz,

I never intended to ever use the card to withdraw money as I knew this was a big no no from other people's advice, but an emergency came up and I didn't have time to travel back to my house, dig out a statement, read the T & C's and then decide whether to continue.

I am now looking through the T & C's on my other credit cards so this doesn't happen again.

I lived and learned.

fozmcfc

stebiz wrote: »

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.

Really if you think that not enough time is a reasonable excuse for not bothering to read the T&C then that's up to you.

Busy yeah, that's why you have made over 3,000 posts to these forums, not too busy to post here and make yourself look a complete fool though.

clairbear1000

Hi,

Most credit cards do this. Cash withdrawals are charged by the day unlike purchases which have interest free periods.

The trouble is the Vanquis APR is a lot higher so more noticeable.

stebiz

fozmcfc wrote: »

Really if you think that not enough time is a reasonable excuse for not bothering to read the T&C then that's up to you.

Busy yeah, that's why you have made over 3,000 posts to these forums, not too busy to post here and make yourself look a complete fool though.

Cheers. I think you will find that I have been around on this forum for quite a while. So if you work out my post tally per day it is about ........... er 2.:rotfl:

fozmcfc

stebiz wrote: »

Cheers. I think you will find that I have been around on this forum for quite a while. So if you work out my post tally per day it is about ........... er 2.:rotfl:

Well congratulations, you have beaten your average posts for a day, mind you I wasn't expecting a reply I thought you'd be too busy.

Just think the time you have spent posting in this thread, you could have read some T&C's.

Instead you've chosen to just continue to make yourself look foolish :T:rotfl:

eschaton

Whether people look clever to someone is a matter of opinion.

Someone being financially aware and using common sense is more the term you are looking for.

OP - you have came on here to blame Vanquis when it is your own fault but don't seem to like that being pointed out.

Credit cards are there to make money from - if you don't understand them then in reality they will cost you - whether it be through laziness or ignorance.

ScottRose

First off - Where in my post did I blame Vanquis for my mistake?
I was simply warning people from dong the same from my own experience.

Secondly - I am more than willing to accept that it was my fault for not reading the T & C's, it's your attitude that irritates me.

If you want to continue so you can add another notch to your 'I won an argument/got the last word on an internet forum' belt then knock yourself out!

Me, personally, I have better things to do...:rotfl:

eschaton

ScottRose wrote: »

First off - Where in my post did I blame Vanquis for my mistake?
I was simply warning people from dong the same from my own experience.

Secondly - I am more than willing to accept that it was my fault for not reading the T & C's, it's your attitude that irritates me.

If you want to continue so you can add another notch to your 'I won an argument/got the last word on an internet forum' belt then knock yourself out!

Me, personally, I have better things to do...:rotfl:

No problem, you know you are wrong so let's move on and let you learn from your mistakes.

You are also easily irritated.

stebiz

eschaton wrote: »

No problem, you know you are wrong so let's move on and let you learn from your mistakes.

You are also easily irritated.

He isn't wrong. He was trying to point something out which might help others. This is what this site is all about. Now go and annoy somebody else!!

izools

ScottRose wrote: »

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.

Credit card companies calculate interest daily not monthly.

They offer 50 ~ 58 days interest free on purchases but never cash withdrawls.

As long as you continue to clear your balance in full every month, you will no longer pay interest, but any time you make a cash withdrawal you will pay the Cash APR (always higher than the purchase APR) between the day of the transaction and the day the account is cleared.

Vanquis are identical to the vast majority of other credit card providers in their approach to cash withdrawals