I used the cashpoint with my Vanquis credit card, now I'm worried

scrubmuncher

I'll be truthful and admit I went out and we ended up rather drunk and I withdrew 140pounds from the cash machine with my Vanquis card, which is the 39% rate anyway as I got into big trouble when I lost my job. According to my statement each withdrawal was charged 3%, so that is only 9 pounds in charges for the night as I made them in 3. But what is worrying me is how much they will charge me until I can pay it all off which could well be 2 or 3 weeks. My entire car bill is only 258pounds including the cash withdrawal, and my statement is due on 26th, and they don't seem to accept a payment online tonight of 60pounds as they say it is larger than my amount owed, which it isn't. But I managed to make 2 payments of 55pounds and 11 pounds using my debit card, but it didn't seem to want to take any more, not that I can make more until the end of the month. What could these charged be as I really struggle to understand how these cards work.
Thankyou.

scrubmuncher

no actual answers then?

photome

Sorry no answers but I think BOSO is a spammer and have reported

pqrdef

Don't panic. You could send a Faster Payment if they take them, but it won't break the bank if you wait for the monthly statement and then pay it off asap.

scrubmuncher

Thankyou, I had it in my head that for every day they would charge me 39% per 100pounds. I have tried to understand this now and have managed to pay the 66pounds they will let me, so I have now 180pounds to pay to clear my account off. So if I understand correctly at 3% on 180 over 13 days I will be charged around 27pounds on top, so making around 207pounds in total? I may have that wrong but I have bit mathematically dyslexic!

Rupert_Bear

£180 x 39%= £70 per annum. Then divide by 365 which gives a figure of approx. £1.34 per day. So the interest for the 13 days would be about
£17.42.

rartherinv

Fortunately vanquis isn't that bad. 39% is your ANNUAL percentage rate not the daily rate like some evil payday chancers might charge.

That means your monthly rate is around 3% so £200 would be around £6 interest charged. You might have an interest free period if the balance was £0 last month, but £6 is nothing so doesn't make a lot of difference.

With vanquis, it is 3% withdrawal fee but there is a £3 minimum charge clause which means it does not make financial sense to make regular withdrawals. It was pretty dumb to make 3 small withdrawals the same night (your actual withdrawal fees work out at 6.43% due to getting charged the minimum 3 times), however you learn from your mistakes so be sure not to do that again!! I always make sure I only use it at cash points in emergencies (which, granted, being on the lash and running out of money would certainly qualify as an emergency in my book :beer:) and I always withdraw in £100 increments as that is the amount where you are getting ripped off the least (it's the last point where the charge is still £3, after which the charge is 30p extra per £10 you withdraw).

rartherinv

RE: rupert bear. 70 divided by 365 is just under 20p per day, or about £3 for the 13 days

sincerely
dr hawking

YorkshireBoy

Since this has now developed into a maths class

You need to use the annual non-compounded rate for the interest calculation.

39.9% APR is 34.1% non-compounded (which, divided by 12, is 2.8375% per month...which should be the figure shown on your paperwork).

£180 x 34.1% / 365 is £16.8p per day (or £2.19 for 13 days).

Rupert_Bear

rartherinv wrote: »

RE: rupert bear. 70 divided by 365 is just under 20p per day, or about £3 for the 13 days

sincerely
dr hawking

You were wrong:rotfl:

callum9999

And just in case the OP hasn't figured it out - as you've already paid off most of the cash withdrawal (I assume it happened last night?), you won't even be paying the amount of interest that has been quoted on here.