NOOB with a Credit Card

McClane54

cheers mate

sounds best to set up a direct debit for min amount then, I take it ill be able to do that online with vanquis and get it sorted to my bank barclays

rb10

McClane54 wrote: »

cheers mate

sounds best to set up a direct debit for min amount then, I take it ill be able to do that online with vanquis and get it sorted to my bank barclays

No - ask Vanquis to set up a direct debit for the full amount, that way they will automatically take the full amount due from your bank account each month, and, provided you have the funds there to make the payment, you'll never pay a penny in interest.

jennifernil

Paying in full is the only way to avoid interest.

If you leave anything unpaid you will incur interest on the FULL amount till they get your payment, this will be charged on your next statement.

Then the interest will continue running on the remainder of that balance, and even if you then pay the statement in full, your 3rd statement will show that interest.

So much better and simpler to pay in full!

Set up that DD today.

It is very easy to get in a muddle and forget to pay the remainder if your DD only takes the minimum.

Why take that risk?

jennifernil

Also.....when setting up the DD, check the date they will take the money so you are sure you will have the funds in place in good time. The DD date is not necessarily the same as the payment date, it varies from card to card.

If the DD date does not fit with your pay day, some cards will let you select a different statement date. Be sure to allow a good margin between your "ins" and your "outs".

Be aware too, that statement and payment dates can vary due to weekends and holidays, always check the date they say.

As said above, do not then assume the DD will take the next payment, it takes time to set up. It will say on your statement if the DD is going to be taken, and when. Until then you need to pay manually.

McClane54

thanks people, been a great help :T

bannyso

You have fantastic advice above - please remember it But apart from that, just wanted to say - don't think of a credit card as extra money or anything new or jazzy - it's YOUR money just like cash. Be respectful of it and don't let it affect your spending so much.

Well wishes,
b