Vanquis - Allocation of payments??

ps10006

Hi all

Would anyone be able to clear this up for me as i have found conflicting information online regarding the answer? When paying off my Vanquis credit card, are the repayments allocated first to the debts with the highest or lowest interest rates?

See following, both obtained from Vanquis website:

Where your repayment is not sufficient to pay off the whole of the balance outstanding on your Account, your repayment will be allocated initially to paying off fees, charges and interest/minimum finance charge on your statement and then to debt bearing the highest interest rate.


''Where your repayment is not sufficient to pay off the whole of the balance outstanding on your Account, your repayment will be applied first to reduce that part of your balance bearing the highest interest rate and then on in descending interest rate order''.

Thanks in advance.

Tixy

Interest & charges are always paid first.
The rest of your payment will always then go towards the highest interest rate transactions first. This is the same for all credit cards and legally must happen.

ps10006

much helpful. Thanks for clearing that one up for me