planning on spending £250 with my vanquish credit card advice needed!!

richie33_2

as the above im about to spend my first £250 on something that i want! my apr is 39.9 so if i spend £250 and paid back half in the first month and the other half the second month what would my interest work out to be?? my credit limit is £500 is it a good idea to spend half that credit i got?

sorry to sound abit dumb but dont want to get riped off!!! first time using a credit card!...:D

loony2012

richie33 wrote: »

as the above im about to spend my first £250 on something that i want! my apr is 39.9 so if i spend £250 and paid back half in the first month and the other half the second month what would my interest work out to be?? my credit limit is £500 is it a good idea to spend half that credit i got?

sorry to sound abit dumb but dont want to get riped off!!! first time using a credit card!...:D

Well why not buy the usual things you would buy. IE shopping/cigs/petrol then pay in full when statement comes since you can afford it if you were buying it anyway? I wouldn't just waste it as it's there as that's what causes issues.

maginot

You would be charged the full 39.9 on the £250 for the first month, even though you paid half the amount off. You only get the interest free if you pay off the full amount.

As stated above, if you want to build up your credit rating it is much better to pay off in full.
Either spend £125 each month and pay off in full, or save the money you would have spent for the first month, buy the item in the second month and then pay off in full.

richie33_2

loony2012 wrote: »

Well why not buy the usual things you would buy. IE shopping/cigs/petrol then pay in full when statement comes since you can afford it if you were buying it anyway? I wouldn't just waste it as it's there as that's what causes issues.

no what your saying!
but my petrol tank is full up,dont smoke,shopping is all done lol...just wanna no how much interest i will have to pay dont mind the odd £10 or £20...i can afford it outright in cash but its in my savings account so dont want to go into it!! just trying to rebuild my credit as thats why i got a credit card in the first place....:D

Derivative

richie33 wrote: »

its in my savings account so dont want to go into it!!

If you spend money on a credit card you are going into your savings. It is irrelevant which account the money sits in.

If you have £1000 in savings and -£150 on a credit card, you have £850.

Stop being daft. Your savings get 5% interest. Your credit card TAKES 40% interest away from you.

Carrying a balance on a Vanquis card is giving your money away. I'd be happy to take that £20 from you if you're so desperate.

YorkshireBoy

richie33 wrote: »

no what your saying!

Er no you don't!

dont mind the odd £10 or £20...

Are you serious!?

i can afford it outright in cash but its in my savings account so dont want to go into it!!

So you're prepared to save for 2.4% after basic rate tax, whilst at the same time incurring 39.9% on an equivalent sum, ie 16 times as much? Madness!

just trying to rebuild my credit as thats why i got a credit card in the first place....:D

So spend £5 per month. That'll do as much for your credit rating as spending £250. After all, all you're wanting, and getting, is a line of green zeros showing your payments are "up to date".


EDIT: But to answer your question, around £4.15 over the two months (assumptions made as to timing of purchase). Oh, and you'll earn around 26p in savings interest over the same period.

richie33_2

u lot are so !!!!ing rude!!!!!!!!!! only asking for advice!!!!!!!!!!!!.....:mad:


its my money so i do what the !!!! i want.....only wanting to no how much i would of paid back in interest after 2 payments.......:wall:

YorkshireBoy

richie33 wrote: »

u lot are so !!!!ing rude!!!!!!!!!! only asking for advice!!!!!!!!!!!!.....:mad:

And that's what you've had. In case you missed it when you first registered, the name is moneysavingexpert...not moneywastingexpert!

its my money so i do what the !!!! i want

How old are you?

.....only wanting to no how much i would of paid back in interest after 2 payments.......:wall:

And I've told you...£4.15

loony2012

richie33 wrote: »

u lot are so !!!!ing rude!!!!!!!!!! only asking for advice!!!!!!!!!!!!.....:mad:


its my money so i do what the !!!! i want.....only wanting to no how much i would of paid back in interest after 2 payments.......:wall:

You are so f'ing rude! Work out your own interest. You signed for it you deal with it.

Derivative

richie33 wrote: »

only asking for advice!!!!!!!!!!!!.....:mad:

dont want to get riped off!!!

I am giving advice on the above quote. You are voluntarily choosing to burn your money.



Why not give the money to a mate, or to charity, or buy yourself something nice like a few chocolate bars?

I have no idea why people voluntarily choose to give their money to CC companies.

a51_ufo

richie33 wrote: »

u lot are so !!!!ing rude!!!!!!!!!! only asking for advice!!!!!!!!!!!!.....:mad:

And you have been given some great advice!