Vanquis - how have they calculated their interest?

firsttimestudent

tiger5000 wrote: »

Well, every other month, I've paid the balance in full

I think I know why

Your statement's first entry - 9 Mar 11 (£1730.76) is what you accumulated over the previous statement, 10 Feb - 9 Mar.

When the statement was produced on 9 Mar 11, the system understands that you cleared your previous months' balance in full, hence they did not charge you any interest.

On 8 Apr 11, when the new statement is produced, they realise you haven't paid in full, hence the 0% 56 days no longer applies. So other than just charging from 9 Mar 11, they go back all the way to February 9, charging you interest for any purchases made during that statement period, starting from their purchase date - until the day a payment is made to clear that purchase.

If you were to calculate it this way, would it make sense?