how does my vanquis credit card work

leebo25

Hi
Ive just got a vanquis credit card im not sure how they work im wonting to build my credit it says monthly purchase interest rate os 2.839% does this mean when i use the card i get that added on
Thanks for ur time

lloydy22

I have one of these too. Am trying to rebuild my credit. Although my credit for the last 3 years has been absolutely fine, I have defaults which the credit reference agencies say will prevent me from getting any serious credit. (Mortgage)

You will only be charged that interest if you do not pay the full balance. The Way I understand it, If you purchase using your credit card but do not pay the balance in full then that amount of interest will be charged to your balance. I currently pay mine in full every month.

Sinhanada

Exactly right Lloydy. I had a Vanquis card and they are great at helping. My personal suggestion is make your normal purchases on the card each month but pay it back in full. This then means that you pay no interest (As long as it is paid in full that month). Each month you do this your credit rating will increase slightly and you will be building up your file.

Always remember pay in Full Each Month. I would also suggest do not go more than 50% of your limit each month as that shows you are managing to live well within your credit limits.

Tixy

Hi Lee

The recommended way to use your credit card to build up a positive credit history is to make 1 or 2 puchases a month on your card and then after the monthly statement is sent to you pay the whole statement in full. These don't need to be large purchases, just things you would normally pay for by credit card.

If you pay it before the statement is generated then it won't help build a credit history.
If you don't pay in full each month then you will be charged interest.

Also don't use the credit card to withdraw cash from an ATM and don't use it for gambling transactions or to buy things in a foreign currency.