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Vanquis balance
srsmith
Posts: 4 Newbie
in Credit cards
Hi all,
I have recently got my vanquis credit card and i was wondering about the repayment and interest.
So lets say for example i make a cash withdrawal of £100, what would be the minimum monthly payment?
Could i pay £20 a month for 5 months + what would the interest amount be on this ...
My monthly purchase rate is: 2.839%
My monthly cash/cheque is: 3.433%
And i am also opted into the payment plan at £1.19 per £100 (1.19%)per month
I have recently got my vanquis credit card and i was wondering about the repayment and interest.
So lets say for example i make a cash withdrawal of £100, what would be the minimum monthly payment?
Could i pay £20 a month for 5 months + what would the interest amount be on this ...
My monthly purchase rate is: 2.839%
My monthly cash/cheque is: 3.433%
And i am also opted into the payment plan at £1.19 per £100 (1.19%)per month
0
Comments
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So lets say for example i make a cash withdrawal of £100
I realise you use the word 'example', but please don't make cash withdrawals using this card unless absolutely desperate - it will cost a fortune!
Try to use it for normal purchases and pay off in full each month."Life moves pretty fast, if you don't stop and look around once in a while, you could miss it": Ferris Bueller
DLP visits 2015: March, June, September, December
Life is a journey - enjoy the ride0 -
http://www.vanquis.co.uk/summary.Hi all,
I have recently got my vanquis credit card and i was wondering about the repayment and interest.
So lets say for example i make a cash withdrawal of £100, what would be the minimum monthly payment?
Looks like £5 to me.
Roughly £100*3.433% + £80*3.433% + £60*.... =~£10Could i pay £20 a month for 5 months + what would the interest amount be on this ...
My monthly purchase rate is: 2.839%
My monthly cash/cheque is: 3.433%
It's primary school maths, not a rocket science.
And you have to be very desperate to draw cash from a CC (with very few exceptions).
And? Is this a question? If so, IMO usually this is waste of money.And i am also opted into the payment plan at £1.19 per £100 (1.19%)per month0 -
>.< it really is an example. im in no need for this kind of money for nothing... im simply trying to understand the credit card a little better. also id like to know the same info if it was for purchasesI realise you use the word 'example', but please don't make cash withdrawals using this card unless absolutely desperate - it will cost a fortune!
Try to use it for normal purchases and pay off in full each month.0 -
Thank you grmbler. i know its basic and it may sound stupid i just didnt know how to work it out. however i was also wondering if anyone knows how they actually work out the minimum repayment0
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