Vanquis - How to close

[Deleted User]

Anybody know how do you close a Vanquis credit card?

I've finally cleared and paid off my Vanquis credit card and want to close the account. I don't require it any longer as I can now get credit with a standard everyday lender.

When I called Vanquis they send even thou I had a zero balance, at the point my last statement was issued on the 16th October they already was estimating that in November I would have to lay interest regardless of what my balance is in November - I'm very confused.

Surely interest is only paid on an outstanding balance, which I don't have one, so how can I have any interest to pay?

When I challenged the guy, he got really abrupt with me and things got worse when I asked to speak to a manager. The only option I got was for him to log a complaint and I'd get a call back, which I'm still waiting.

Any advice?

Thanks

reclusive46

Interest can still be charged between the day the statement was created and the day you paid off your statement, this may what they are referring to.

Paul_the_Painter

Imagine you have a balance of £500 on the statement date of the 1st of the month. You have a monthly interest rate of 4%, and your "payment by" is the 15th.

If you pay off every month in full, they waive the interest accrued. But if you don't, they don't either.

If you paid off the full balance (after running a balance for a while), on your payment date of the 15th you still owe the interest accrued on the £500 from the 1st until the 15th. At 4%/month this will amount to roughly £10. (£500 x 4% divided by 2)

If you had paid the full balance on your STATEMENT date, you would either have nothing, or only a few pence to pay.

Monitor your online account like a hawk, and the moment the statement is generated pay the total outstanding, and that should be the end of your relationship with Vanquis.

But to be safe leave the account open for a few months, and wait for at least the first month of a zero balance before calling up to close it.