Vanquis - cash withdrawal

Neilio1981

Hi all,

I've had to use my Vanquis card to make 3 seperate withdrawals of £50, over the last 3 days - total of £150. This was an absolute necessity for reasons I wont go in to. Now...from what I understand, I'll be charged £3 per transaction, which is fine with me, and I can pay the total of £159 off on Saturday, which I will do.

My question is, would I incur anymore charges? I'm assuming that as I've paid it all off (including surcharges) that would be that?

In summary, I've made 3 x £50 transactions over 3 days (today, yesterday, day before).
This coming Saturday, it'll be paid back in full.

Hope someone can advise.

Thank you

[Deleted User]

You'll have incurred interest on those amounts on a daily basis. So you might want to add a couple of quid on to cover it,

izools

Yes there is no interest free period even if cleared in full, for cash withdrawals so you will pay 1/365th of your Cash APR (higher than purchases) for each day you've not paid it back.

sharpy2010

You'll be looking at less than £165 in total, and probably less than £162.

Neilio1981

Ahhh thanks guys, that's good to know.

So considering I can afford to pay it all off, no problem, I'm not going get bit on the !!! by it, as it were? If I pay off £160 ish on Saturday, I can pretty much forget about it and move on?

Thanks again :beer:

chexum

Neilio1981 wrote: »

So considering I can afford to pay it all off, no problem, I'm not going get bit on the !!! by it, as it were? If I pay off £160 ish on Saturday, I can pretty much forget about it and move on?

If by forgetting, you mean that no sky-high charges are coming your way, and you promise you *will* watch the statements, then yes.

BUT - if you pay in less than the advances+charges+daily interest (that's quite difficult to compute), you *will* have a balance on the statement, even if just a few ps, and then they will round it up to £1 (the minimum finance charge). Even if you pay this in full, the next *one* statement could still have a few ps, with a (wait for it) rounded up minimum finance charge.

Yes, it's all in the terms, the best way around it is paying by faster payment the day the statement is issued (if Vanquis accept faster payments - otherwise, pay online and pray).

In general you need to pay two full statements on time to get rid of trailing interest. You know, they were serious when they said cash advances on a credit card *are* a bad idea

skylight

Does it also matter what else you owe on the card? As any payments go towards different things first long before it takes it against cash repayments?

sharpy2010

chexum wrote: »

If by forgetting, you mean that no sky-high charges are coming your way, and you promise you *will* watch the statements, then yes.

BUT - if you pay in less than the advances+charges+daily interest (that's quite difficult to compute), you *will* have a balance on the statement, even if just a few ps, and then they will round it up to £1 (the minimum finance charge). Even if you pay this in full, the next *one* statement could still have a few ps, with a (wait for it) rounded up minimum finance charge.

Yes, it's all in the terms, the best way around it is paying by faster payment the day the statement is issued (if Vanquis accept faster payments - otherwise, pay online and pray).

In general you need to pay two full statements on time to get rid of trailing interest. You know, they were serious when they said cash advances on a credit card *are* a bad idea

I think this is proper scare mongering. Pay £165 and forget about it and move on with your life :-)

izools

Problem is, if you put a Vanquis account even 1p in credit they will freeze it until you send the proof of the source of the funds.

If I were in OP's position I'd simply pay the cash + fee but not add any more on for interest and clear the statement in full.

There won't be any rolling interest next month as long as the current statement is settled in full, just a small amount of cash interest on the current bill cycle.

No more than #6 ish; probably much less depending on the amount of time between the transaction date and the statement date.

Pay on the statement date

sharpy2010

Theyve never frozen mine, and i've occasionally paid one or two pounds more than I owe them?