Cash Interest Vanquis Bank

CharlotteElizabeth

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.

[Deleted User]

What are you using your card for? Some transactions count as cash.

CharlotteElizabeth

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]

Where are you seeing the cash interest being charged? Are you clearing in full each month? What are your cash and purchases rates?

CharlotteElizabeth

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]

Any gambling, currency, paying credit, National Lottery, etc?

CharlotteElizabeth

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]

You'll have to give them a call. I'm out of ideas.