Vanquis - best time to pay?

pootler

My Vanquis card payments are due by the 2nd of each month.
However my statement is made on the 8th.

I've been using about 70% of my limit for groceries and paying in full before the 2nd. But now I understand that on my credit file this may look like I'm not using the card at all because my balance will be zero on the statement date. And it won't be helping me build my credit rating.

So when is the best time to pay? If I pay once my statement is made on the 8th, won't that be seen as having missed the payment date and negatively affect my credit rating? I'm a bit confused!

grumbler

After the statement is produced on the 8th you have to pay the statement balance before the 2nd of the next month.

I don't understand why you are saying that the "balance will be zero on the statement date". It will be zero only if you don't spend more. To spend more than remaining ~30% of the limit you have to pay earlier, but I don't see any point in this (spending more than the remaining part of the limit).

pootler

So say I have a balance of £160 today for purchases made in December. The statement will be produced on the 8th of January. But the payment is due on the 2nd of February? Is that right?

I've been scratching my head trying to work out why the payment due date was BEFORE the statement date.

KxMx

Yes! That is exactly right

Edited to add: I always aim to send the last payment (pay off the remaining statemented balance) 7 working days before the due date with Vanquis, they credit the payment to the day it was sent but can be slow in showing them on your account. Just to be safe.

pootler

I've checked again, and both dates are for January:

Next statement date 08 Jan 15
Payment due date 02 Jan 15
Minimum payment £5.00
Last payment date 04 Dec 14
Last payment amount £101.00

You can see that I made my last payment on December 4th.
Looking at this, the purchases I made after that date need to be paid for by the 2nd of January. Not February. Even though the statement is due on the 8th.

I'm probably being really dim here but it took me three years to get this card and I want to make sure I'm using it properly.

Edit:

Oooohhh. I am an eejit. These figures are from the statement made on December 8th, aren't they? And that's all the want me to pay back - not the purchases made after December 8th?

KxMx

pootler wrote: »

I've checked again, and both dates are for January:

Next statement date 08 Jan 15
Payment due date 02 Jan 15
Minimum payment £5.00
Last payment date 04 Dec 14
Last payment amount £101.00

You can see that I made my last payment on December 4th.
Looking at this, the purchases I made after that date need to be paid for by the 2nd of January. Not February. Even though the statement is due on the 8th.

I'm probably being really dim here but it took me three years to get this card and I want to make sure I'm using it properly.

Grumblers advice was correct.

For January 08 Statement you will have until 02 FEB to pay.

As an example:

On December 08 you have a statement balance of £50 from the previous months spending.

You have until 02 January to pay.

On January 08 you have a statement balance of £75 made up of spending from 08 December to 08 January.

You have until 02 Feb to pay.

Does that help?

pootler

Yep, I think I have it now. Thanks so much!

KxMx

No problem! Credit cards can be confusing the first time round once you get used to the ins and outs.

20aday

pootler wrote: »

My Vanquis card payments are due by the 2nd of each month.
However my statement is made on the 8th.

I've been using about 70% of my limit for groceries and paying in full before the 2nd. But now I understand that on my credit file this may look like I'm not using the card at all because my balance will be zero on the statement date. And it won't be helping me build my credit rating.

So when is the best time to pay? If I pay once my statement is made on the 8th, won't that be seen as having missed the payment date and negatively affect my credit rating? I'm a bit confused!

Glad you managed to get your head around the confusion pootler!

I've been guilty of having a zero balance on my credit cards in the past (bar a few occasions) and it wasn't until I read some helpful threads on here that it wouldn't help me in the longer term.

just.me_3

Hi Pootler

Hope you're now clear on what you need to do.

Here's an example from my Vanquis account

Next statement date 16 Jan 15
Payment due date 12 Jan 15
Minimum payment £0.00
Last payment date 19 Dec 14
Last payment amount £310.50

So, I made a payment on 19th December. That's because my statement was created on 16th December. It didn't have to be paid until 12th Jan, but I did it on 19th December because I had the money.

My next statement is due on 16th January. I've not spent anything yet, but I will be doing. However whatever I spend now will not be due on 12th Jan, as I've already paid what is due for that. Whatever I spend now, will be on my statement on 16th Jan and won't be due for payment until the 12th Feb.

Hope that also helps.:)