Paying Off Credit Card

Benzo_88

Hey Folks,

Apologies but this is my first post and not sure if this thread is a duplicate.

Currently have a credit card with Vanquis. Yes, Vanquis. I know I know Anyways, I am obviously paying my monthly limit on time etc and I am not in too much debt but I wanted to know the best way of paying off this dreadful credit card?

For example, I am currently paying more than my mimimum payment but with the silly interest, its taken a while which I am completely aware of. Can I pay my minimum payment with usual interest in one payment and then straight after make another payment that perhaps may be interest free?

Thanks

msallen

You can pay any amount you like between the the minimum and the full payment, or indeed more than one payment a month if you like.

You don't seem to understand the interest. This is charged on the outstanding amount (at the time the statement is produced) not on the payment, so for example if this month's statement showed £10 interest then that is what will be charged whether you pay the minimum, more, or the full balance. Basically the more you pay this month, the less interest will be added to your statement next month.

Superscrooge

Unless you have secured a 0% or other low interest rate card. Borrowing long term on credit cards is ridiculously expensive.

Best advice is to pay off as much as you can afford each month. This will mean that the following months balance will be lower and there will be less interest to pay next month.

SnowTiger

Benzo_88 wrote: »

Can I pay my minimum payment with usual interest in one payment and then straight after make another payment that perhaps may be interest free?

Yes. You can make as many payments as you like.

Throw spare cash at the Vanquis card whenever you have it. Interest is calculated daily, so it's best to pay off as much as you can, when you can.

Stop spending on the card, too, because you'll pay interest on purchases from the day they hit your account, not the statement date.