Vanquis terms and conditions

doomandgloom

Hi everyone

I usually post in the bankruptcy forum so quite new here.

I have applied and been accepted for a vanquis credit card. I am a discharged bankrupt of about 6 months and only have this to rebuild my credit and to pay off in full.

I know how credit cards should work. I had two prior to BR so I am not looking for general credit card advice. I also know how interest free periods should work as my cards used to have 56. On the whole I am very good with money and my circumstances if becoming BR were down to losing a very well paid job and replaced with one a third of my previous earnings.


These are the terms that were sent with my card. I have some questions and would be grateful if anyone can help out with my understanding.

1. Will I be charged interest on my first statement even if I pay the balance in full? Find this hard to believe but the wording isn't clear to me.

2. Is this a 28 day interest free card?

3. Am I right in thinking if this is a 28 day interest free card then I need to pay off in full for two months in a row before I qualify for 56 days interest free (no issue with this just checking for understanding).

Terms are below
3.12 In respect of Purchase Transactions on your first statement, you will be charged interest from the transaction date until the end of the first statement period but, if you pay off your first statement balance in full, you could get up to 28 days' interest-free credit.

3.13 You can get up to 56 days' interest-free credit on Purchase Transactions provided that you pay off two or more consecutive current statement balances in full by the Repayment Due Dates.


The wording is very wishy washy to me. "you could get up to 28 days" "you can get up to 56 days".

I fully intend to call vanquis to get their take on it I just never seem to be free during their opening hours at the minute.

Other cards like capital one who service other rebuilder cards were part of my BR, hence using vanquis.


Any help would be very much appreciated, thanks

[Deleted User]

As long as you clear in full each month, you'll pay no interest. The 28 days is in reference to the first statement only.

It works the same as other cards.

queenbeeno1

dont touch vanquis with a barge poll

dresdendave

queenbeeno1 wrote: »

dont touch vanquis with a barge poll

Could you elaborate? The OP intends to pay in full every month so APR is irrelevant. Why should he be avoiding Vanquis?

doomandgloom

Ok thanks for clearing that up wee bit restrictive 28 days but as I say paid in full, will not be using beyond my means it's just good to know what I can play with here.

Do they let me know the interest free period has increased or is it just automatic and I should see on the relevant statement?

As for not going near vanquis, some of us don't have a choice. Saw mixed reviews about them and not necessarily a provider I would want to go with if I could be choosey. (although they do have some excellent reviews so swings and roundabouts). However as mentioned it is to rebuild my file so only used for a usual expense I.e. Fuel and then paid off as soon as it appears on any statement. The interest free period is something I would like to know for future reference in case there was ever an emergency that needed covering.

Thanks again

WLITC

My experience of Vanquis has been fine, they occasionally try to get you to take out offers (card protection type things), but I tell them i'm not interested. In my mind the only reason to avoid Vanquis (and other credit builder cards) would be due to the high APR, but if you pay it in full each month then its not an issue. I think I started with about £200 CL with them and its now £2500. Give it another few months and try and get a Aqua card and then just use them both (but always pay in full) and you'll soon get your CL's upped and in turn I think that will help your CR, it certainly seems to have worked with me.