Vanquis - Cash Interest warning.

eschaton

ScottRose wrote: »

Hi guys,

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.

ScottRose wrote: »

First off - Where in my post did I blame Vanquis for my mistake?

Suppose you didn't directly blame them but you were suggesting they did something wrong when they didn't.

If you have two other grown up credit cards then it was probably a good idea to bin the Vanquis one.

eschaton

stebiz wrote: »

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!!

But he said he was at fault = wrong.

Do keep up at the back. :T

stebiz

Just a note about Vanquis - not related to the OP

'You can get up to 56 days interest free credit on Purchase Transactions provided that you pay off two or more consecutive current statement balances in full by the Repayment Due Dates'

I thought most CC card companies gave it on one statement?? Or am I wrong?

stebiz

eschaton wrote: »

But he said he was at fault = wrong.

Do keep up at the back. :T

Yawn................

eschaton

stebiz wrote: »

Just a note about Vanquis - not related to the OP

'You can get up to 56 days interest free credit on Purchase Transactions provided that you pay off two or more consecutive current statement balances in full by the Repayment Due Dates'

I thought most CC card companies gave it on one statement?? Or am I wrong?

Think you always need to clear two statements to wipe out trailing interest with any provider.

nickyhutch

fozmcfc wrote: »

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:

You're the one looking foolish.

OP was just warning others who might not have read their Ts and Cs - give him a break, and get that stick out of your !!!.

stebiz

eschaton wrote: »

Think you always need to clear two statements to wipe out trailing interest with any provider.

Just checked with Barclaycard and it doesn't apply.

http://www.barclaycard-bw.com/media/bw_tc_cards_v1,4556,1.pdf

and neither with MBNA (Just 1 month)

https://www.mbna.co.uk/apply/UKCCapp/Ctl/link?eid=FFA53196

eschaton

nickyhutch wrote: »

You're the one looking foolish.

OP was just warning others who might not have read their Ts and Cs - give him a break, and get that stick out of your !!!.

Why don't we create a sticky thread that warns everyone to read to T&C's on their credit card to prevent them from claiming to be shafted later on.

That would solve most problems on here and prevent numerous posts.

izools

stebiz wrote: »

Just checked with Barclaycard and it doesn't apply.

http://www.barclaycard-bw.com/media/bw_tc_cards_v1,4556,1.pdf

and neither with MBNA (Just 1 month)

https://www.mbna.co.uk/apply/UKCCapp/Ctl/link?eid=FFA53196

What you will find with any card provider (bar the Lloyds TSB Advance card which has no interest free period) is that you will not be charged interest for the months worth of purchases following a bill that was cleared in full, but will still be billed interest as it is this month's statement that will include the interest from the preceding month's spending.

As interest is paid one month in arrears, you will pay interest on the statement after the one you clear in full, but this is not interest from the statement you cleared in full; but the one prior.

Vanquis simply try to make Trailing Interest easier to understand by stating that you will stop seeing interest charges two statements after starting to clear them in full, not one. This applies to all cards but the other card companies word it differently.

It's the subtle difference between "applying interest" and "charging interest" that seems to trip people up

EDIT: Just want to make it clear that I'm not trying to advocate Vanquis as a remotely respectable credit card provider - they aren't. I just want to be sure the facts are portrayed correctly

eschaton

stebiz wrote: »

Just checked with Barclaycard and it doesn't apply.

http://www.barclaycard-bw.com/media/bw_tc_cards_v1,4556,1.pdf

and neither with MBNA (Just 1 month)

https://www.mbna.co.uk/apply/UKCCapp/Ctl/link?eid=FFA53196

CBA reading your 1st link and your 2nd link is goosed.

Was under the impression that in the 2nd month you would pay interest on the interest but to be honest never really been that concerned as I don't pay credit card interest.