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Cash Interest Vanquis Bank

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Hello,

Please can someone tell me what this is? I don't take cash out on my credit card cos of the massive cost of doing so - but each month I have been charged cash interest at 3% a month. Is this something I should be paying? It's not tons, but if they shouldn't be charging it then I want it back off them!

I have just had a letter saying that my credit limit is going up to £2500 - is this because i'm finally paying my older debts off? ( I have cleared one, one is nearly done (£200 left) and the other is a bit hefty but going down each month.

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    What are you using your card for? Some transactions count as cash.
  • I get a Birchbox beauty box each month on DD and pay for petrol each week from Tesco!

    I'm looking at getting flights soon so it will come in useful - although it does have a 37% interest rate which I think is high but I doubt I would get a better rate and have the credit limit not at £500
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Where are you seeing the cash interest being charged? Are you clearing in full each month? What are your cash and purchases rates?
  • On my transaction statement - I'm being charged purchase interest of £11 and Cash Interest of 45p.

    I haven't been paying it off in full like normal for past 2 months as I spent quite a bit on avoiding a CCJ by putting it on the card but been paying hefty amounts (£200/£300 a month) to get it down.

    There is nothing on there about me withdrawing cash from a cash machine.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Any gambling, currency, paying credit, National Lottery, etc?
  • Nope, literally online order and tesco petrol station sometimes.

    This month has just been a Birchbox and been using my debit card for petrol

    Purchase Interest is: 2.84%
    Cash Interest is: 3.43%

    .
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    You'll have to give them a call. I'm out of ideas.
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