Credit card Statement ?

McClane54

Hello everyone

Just abit of advice to a Noob with a credit card for the first time

I have the Vanquis Card and my statements are the 8th of each month, So when does the balance need to be paid off by? I get paid 21st of each month see so last month was the first time i had it, spent a few quid, just paid the balance off on the 21st of November, but I can't use the card un till the statement date is past so I can then pay the the balance off that on the 21st of December on what i spend this month

Does that make sense? Am i getting it right? or could i ask for the statement dates to be say 22nd of each month?

any help or advice would be most appreciated :j

[Deleted User]

Your statement will tell you when you need to pay by. Any transactions after your statement is produced will then appear on your next statement. You don't need to stop using it in between.

McClane54

But if i bought something now, then it will be still on this months statement as we haven't reached the 8th and then will have to be paid by then and before my payday which is the 21st of december , so if i had no money till then id be !!!!!!ed and would incure a charge etc

see what i mean

[Deleted User]

If your statement is on the 8th, then your payment for it won't be due on the 8th. It'll be 2-3 weeks later.

Find out when it is, and then see if you should ask them to move the statement date.

CLAPTON

the statement date is the date that the statement is produced..in your case you say 8th
so your last statment was produced on the 8th November ..
on the statement it will show
a. the balance
b. the minimum payment
c. the date by which at least the minimum amount needs to be paid (better to pay the full amount as then you pay no interest)

anything you spend after the 8th November will appear on your statement dated 8th December


on your last statement
what was the balance?
what was the minimum amount due?
what was the date the amount had to be paid?

bengal-stripe

Anything you buy now will be on next month's statement, issued on December 8th (or thereabouts). Then you have at least 15 or 20 days to the "payment due" date which you will find on every invoice.

Some cards will give you a bit more, others a bit less time to pay, (don't know which group Vanquis belongs to) but it is never less than two weeks.

Just make sure when you continue spending, that you do not exceed your credit limit.

McClane54

Thanks people

Im still waiting for my first statement (8th) only had the card 3 weeks

CLAPTON

McClane54 wrote: »

Thanks people

Im still waiting for my first statement (8th) only had the card 3 weeks

given what you have said, your balance should read zero as you have already paid


in future,
spend as you require,
wait until the bill arrives and then pay the amount in full before the pay by date (leaving enough time for the payment method to clear of course)

better would be to set up a DD for the full amount so you never forgot to pay.

this will help build you a good credit rating should you wish to apply for a mortgage etc in the future

SnowTiger

McClane54 wrote: »

Im still waiting for my first statement (8th) only had the card 3 weeks

When it arrives simply pay off the balance at least a few days before it's due.

Don't go trying to play the system. Others have done that and ended up in a mess.

Of course the simplest solution is to set up a Direct Debit and let Vanquis take the money directly from your bank account.

Jox

Have you registered to check your statements online?

My husband has had a Vanquis card for a few weeks and checked online, the next statement date is 8th Dec but there isn't a date next to Payment Due!

I'll get him to set up the direct debit to avoid getting charged.

bengal-stripe

Jox wrote: »

.....the next statement date is 8th Dec but there isn't a date next to Payment Due!

You will find the date once the statement got issued. The new statement should be on-line by December 9th.

Check with the forthcoming statement that the DD is in place: "xxx amount will be deducted from your account on or after xxx date". Otherwise make a manual payment.