First credit card

natley

Hi,

I have my first credit card with vanquis and I have paid for something using it and plan on paying the money back in on payday. Do I do it at the end of the month or wit for the statement? I don't want to pay interest.

Many Thanks

Tixy

After the statement has been received - and before the due date.

If you pay it back before the statement is produced then it may not help you build up a credit history.

Ideally pay it just after your statement arrives.

natley

So if I spent £30 I would pay £30 after the statement or would it be £30 + interest?

Tixy

Just the £30. You will pay no interest if you clear you balance in full each month.

poledancer49

Only buy what you can afford to pay in full in each month. Wish I had stuck to that advice!!!

izools

And make sure you pay the statement balance to the penny. If you overpay, Vanquis will block the account until you prove where the money came from.

If you underpay, even by 1p, you'll incur interest on the next statement.

Once you've paid your statement manually this time around, it might be worth calling Vanquis asking them to set up a Direct Debit to take the full amount from your bank account automatically. If you do this, don't let them talk you in to setting it up for anything other than the full amount.

bar_t1

izools wrote: »

. If you do this, don't let them talk you in to setting it up for anything other than the full amount.

why? So they can try to make you pay less? For interest?

izools

Exactly. They'll try to talk you in to setting up a DD for the minimum payment with the re-assurnace that you can "pay more if you want" hoping that you might not, so that they can get you in to the trap of paying their exorbitant interest rates.

Once you've had your Vanquis card for a year or two however you can get a prime card with a reasonable APR which will allow you to spread the cost of one-time large expenses like a new TV or whatever, without paying way above the odds in interest