Minimum Finance Charge with Vanquis

drzy

I just want to nip this in the bud -

I've got these charges and it works like this.

My July statement - balance of £226.64
Interest (very rough working) of 49%, = 226.64*0.49/12 =

about £9.20. Interest on the last statement.

Plus £141 of new transactions - 141*0.49/12 or

about £5.75.

Total interest I've been charged - £6.26 billed deferred finance charges, and £9.24 purchase interest.

About right.

Yes, this is my first post on this forum, and no, I do not work for Vanquis - I work for someone far more evil!

The reason for this post is that I read these posts, and have gone off the back of it and given some poor call-centre worker a load of grief off the back of it.

Then the penny dropped and I feel like a right t0*l, and I don't want undeserving call-centre workers to be needlessly given grief!

Much as I hate it, these charges are probably about right.....

janekenmure

I have had a vanquis card for a few years and am a gold customer with an APR of 34% and a fairly large available credit. Last December I had a financial emergency and had to use my card which had a nil balance. I spent £1141.56 on 24th Dec 2012 and paid off £400 on (th Feb leaving a bal of £741.56. The estimated interest they told me was £38.92 if I had only made the minimum payment so I was shocked to find they had charged me £37.19 broken down into £20.21 purchase interest and £16.98 billed deferred charges which no one seems to be able to explain to me in any meaningful way. They are apparently going to call me in the next few days to give me a full explanation of how this interest has been calculated as I am at a loss to understand it so far. I have another card with a similar balance and an APR of 30.9% and the interest is £15.57. How can a 3.1% higher APR more than double the interest charged?

zharrt

Bit of a bump but let me get this right.

I get a period of interest free, if I do not pay off the balance by the end of this period I get a BILLED DEFERRED FINANCE CHARGES which is basically the interest what I should have incurred from day one?

SnowTiger

zharrt wrote: »

Bit of a bump but let me get this right.

I get a period of interest free, if I do not pay off the balance by the end of this period I get a BILLED DEFERRED FINANCE CHARGES which is basically the interest what I should have incurred from day one?

Yes. Most credit cards work this way, however they just call it interest.

This is why it's generally best to pay off your credit card balance in full every month, otherwise you pay interest on purchases from the date they're made and don't get an interest free period.

Special deals may muddy the waters, however I don't think Vanquis offer those.

zharrt

Cheers, most of the time the balance is paid off at the end of the month, but cocked up and left a bit on there

sparkle_star

Just bumping an old thread. I've just checked through all my statements online and I've been having this added every month, plus interest also. Going to give them a call right now!

UsetheFORCE

What have you been having added???