Vanquis cash advance charges

kookiethekat

Apologies if this has already been answered, I did do a search and did not find anything.

I have a Vanquis card, £250 credit limit which I have used, firstly I used £10 to place a bet on Bet365. Vanquis have told me that this is classed as a "cash transaction" and so I will be charged XX% interest on this.

The next bit is what troubled me, they said if I pay off my balance in FULL, I will still be getting charged the cash interest from the time I paid - till my payment clears.

Does anyone have any experience of this, basically they said that for as long as I have the card, I will pay interest on this £10, even if I have paid the balance.

They said the only way to get rid of it is to not use the card for 2 months.

I know it seems silly asking here as I heard it from the horses mouth as such but the guy on the phone seemed clueless so I am not sure.

Does anyone have any experience of this, and was he right?

Thanks

catflea

Cash withdrawals on all cards (gambiling transactions always count as cash) have no interest free period.

So, from the day of the transaction you will be acruing interest until the cash is paid off (which is the last thing to be paid, until the white paper comes into place at least)

Now, when you recieve the statement and pay the card off (in full) there will be a short period between the statment and the day the payment is recieved - interest is still being charged in this period and will appear on the next statement. No more interest will be incurred from the cash transaction after it is paid in full.

This is standard on credit cards, whoever issues them.

(I work for a large credit card co - not vanquis)