Vanquis card and balance transfer to current account

Kaynem

I just received my Vanquis Card today, and have been given a limit of £500. I'm interested in doing a balance transfer to my current account. Financially with the situation i'm in..... in the short term, it makes sense, even though i know the charges that come with it are really quite bad.

I just have a few questions before i go ahead - would anyone know out of a £500 limit, what is the maximum i could transfer to my current account? Would i be able to transfer the whole £500 or would that be declined?

Thanks.

YorkshireBoy

Kaynem wrote: »

Financially with the situation i'm in..... in the short term, it makes sense

You must be in a pretty bad state if you're prepared to pay 39.9% to 59.9% APR on the cash!

would anyone know out of a £500 limit, what is the maximum i could transfer to my current account?

Vanquis? Why not ask them?

Would i be able to transfer the whole £500 or would that be declined?

Think about it...if you do the whole lot won't you be over your limit as soon as the first statement is produced and they've added the (considerable) interest?

chanz4

90% normaly, but as above its going to kill you on intrest

izools

Kaynem wrote: »

I just received my Vanquis Card today, and have been given a limit of £500. I'm interested in doing a balance transfer to my current account. Financially with the situation i'm in..... in the short term, it makes sense, even though i know the charges that come with it are really quite bad.

I just have a few questions before i go ahead - would anyone know out of a £500 limit, what is the maximum i could transfer to my current account? Would i be able to transfer the whole £500 or would that be declined?

Thanks.

Don't.

End of.

Kaynem

You guys are scaring me more than you should!

Maths is not my strongest subject, but what would be the minimum monthly payment if say an amount of £450 was to be transferred? I intend to pay the balance back after 3 months.

And yes Yorkshireboy, im in that bad of a situation, im afraid.

Kaynem

I've just been using the search tool, and it seems like transferring a balance to another credit card is not possible with Vanquis. Would this be the same issue in regards to transferring into a current account?

Sorry for the load of questions.

chanz4

It will cost at 59.9 £24.31 over 3 months approx

chanz4

you can transfer from vanuqis, sometimes need to call the new card up

hoffage123

You need to go to see the CAB or other debt-counselling service (the free ones) - seriously, taking that money out on a credit card, especially with such a high interest rate, even for the short term, will not help you. Even if you could get a second job or sell some of your personal items, that would be better.

The CAB will help you produce a list of your outgoings and incomings, and advise you on how to negotiate with your creditor/s.

Good luck!

Kaynem

chanz4 wrote: »

you can transfer from vanuqis, sometimes need to call the new card up

Call the new card? Sorry chanz i don't quite understand the meaning to this?

My plan would be to transfer to my current account. So are you saying, i would need to call my bank?

YorkshireBoy

chanz4 wrote: »

It will cost at 59.9 £24.31 over 3 months approx

Assuming 5% minimums, then www.whatsthecost.com says around £21 per month in interest...so over £60 for the plan proposed.

Still, you can't put a price on your patellas! :eek: