First credit card, Vanquis responsibility

tulsa299

Hey folks, I'm new to money saving expert, though its been a great resource in the past, and the world of the financial.

I have registered here today for advice on my first (vanquis) credit card, yes I know they are extortionate and have heeded the warnings I have read here, My questions are: when can they charge interest on a £100 advance? (to my debit card, upon registration) my limit is £150, I haven't used the card and only plan to use it for small purchases for the purpose of building my average credit rating, can i pay parts of the balance before receiving the monthly statement? and how much will i pay in total for the £100.

Please excuse my ignorance I am very uneducated in finance and would like to compare what I have calculated to someone educated.... I don't want to assume or call them as i have no trust in companies and my current understanding of interest, credit cards ect.

Any other advice would be greatly appreciated, Thank you

Maestro.

The cash advance is a bit of a con to be honest, pay it off as soon as possible to avoid racking up interest.

Tixy

It will depend on your specific terms & conditions.

But generally for a cash advance - interest will be charged daily from the day of the advance to the day you repay it (whilst it will be charged daily it will appear on your statement as a single amount) .
Most cards have a different APR for these types of transactions - that is higher than the APR for regular purchases.

They may well charge a fee in addition to the interest. I think it may be 3% for Vanquis - which would mean a £3 fee.

I would pay it back as soon as you can afford to - yes you can pay it off at any time, no need to wait for the statement.

If you have got the card for the purposes of credit building then after you have paid this advance off only use it for standard purchases and ensure you pay off in full each month after the statement is produced.

Its not possible to say how much you will pay without knowing your APR and how long until you pay it off. But as a guide if the advance was £100 and your relevant APR was 50% and you paid it off 3 weeks after the advance - you'd be looking at just under £3 in interest plus any cash advance fee.