Vanquis Bank T&C's

Derivative

I have recently applied for a CC from Vanquis to build credit rating as I have very little history besides a mobile phone and bank overdraft.

In respect of Purchase Transactions on your first statement, you will be charged interest from the transaction date until the end of the first statement period but, if you pay off your first statement balance in full, you could get up to 28 days’ interest-free credit.

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.

This seems pretty clear cut but I'd like to verify that I will be charged interest on any purchases for the first month even if I pay in full at my first statement?

Should I then spend a token amount like £1 and wait out the first month before using the card normally (i.e paying off each month fully)

MCGONIS

Hi. I have one of these cards. I would say when your first statement comes through, you would not get charged interest if you pay the balance in full. I checked mines there and I spent £20 online, paid that in full and was not charged anything on the next statement.

One thing about Vanquis Bank - they seem to randomly add £1.00 minimum finance charge and you have to telephone them and get it removed. If you always pay your card off in full each month, this charge should not be applied. I have had to get it removed 4 times.

It's as though it's a fault with their system. They have explained it to me once before but I can't really remember what they said.

Hope that helps a bit.

Derivative

The main thing really is I don't want to go buying all my food etc on it intending to pay at the end of the month, then getting charged 5% on £200 or so.

SnowTiger

EdgEy wrote: »

The main thing really is I don't want to go buying all my food etc on it intending to pay at the end of the month, then getting charged 5% on £200 or so.

Yes, the wording is a little confusing, but I'm sure you won't pay interest providing you pay off your first statement in full.

I think they're just trying to make it clear that if you don't pay your first statement in full you'll be charged interest from the date purchases were made and not from the statement date.

However, if you're in any doubt you should contact Vanquis and ask them.