Vanquis balance

srsmith

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

Gels

srsmith wrote: »

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.

grumbler

srsmith wrote: »

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?

http://www.vanquis.co.uk/summary.

Looks like £5 to me.

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%

Roughly £100*3.433% + £80*3.433% + £60*.... =~£10

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 i am also opted into the payment plan at £1.19 per £100 (1.19%)per month

And? Is this a question? If so, IMO usually this is waste of money.

srsmith

Gels wrote: »

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.

>.< 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 purchases

srsmith

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 repayment

grumbler

srsmith wrote: »

...however i was also wondering if anyone knows how they actually work out the minimum repayment

See the link above?

srsmith

grumbler wrote: »

See the link above?

oops .. o yeh thank you.