Vanquis - Will I be charged?

CakeCrusader

I've just done a balance transfer to clear my Vanquis card. I had a standing order set up so I could increase the amount I was paying instead of a direct debit. They changed the date of the payments due frequently though so I had to stay on the ball with this. With a direct debit, the amount you repay decreases (ever so slightly) every month so they take less and less. Most of the amount you're repaying goes in interest, so it's really helpful for you if you can clear your balance at the end of the month, or repay as much as you can above the minimum balance. If you have a standing order, you can pay two/three/four times the minimum balance if you can, or the same amount every month, so it takes a shorter time to pay off your balance (means there's less interest).

I'd be careful making payments online as they sometimes don't show up on your account for a few days so you run the risk of them classing this as a late payment (I tried this, it took 5 days to show but I'd also made a payment via standing order which showed a lot quicker. I'd have been charged if I hadn't have set up the standing order). They charge interest by the day, if this helps. The longer it takes for you to clear your balance, the more interest you end up paying. If you change the date of your direct debit, there's extra interest as you're paying for the extra days, if this makes sense. They are also not very clear what APR you're paying as your statement shows only the daily interest rate.

Just remember that they are not in business to help you to improve your credit rating, they are in business to make money out of you. They will also try to sell you their cover too. If you have a stable job and you're not going to forget to make a payment you don't need this, it's just an additional expense.

Hope this helps.

TheRoversLad

Sorry to resurrect an old thread but wanted to provide an update incase anybody else makes my mistake.

I wasn't given a charge by Vanquis and my bank waived the charge as it was a genuine error.

Hoping my credit file won't be affected negatively too. Fingers crossed.

Thanks for all the advice provided.