Vanquis Origin Card - General Questions

T-G-C

Hi all,

I'd like to ask some straightforward questions regarding the Origin - Vanquis credit card please.

A.) The interest rate for this card is 59.9% APR. Although this is a high interest rate, the amount being borrowed cannot exceed £250 due to the credit limit.

What would be the approximate daily charge amount for interest on a balance of £100 - would it be around 13p per day?

B.) If you choose to make more than the minimum payments each month, but still do not clear the balance in full, could you please explain what the repercussions are such as interest being charged, residual interest, how it looks to Vanquis etc.?

C.) I have a Direct Debit setup with Vanquis to take the minimum payment each month. If I pay the minimum payment through a one-off debit card payment instead, will Vanquis still take a DD payment regardless or do they simply not do it for that month?

D.) This is my first ever statement with Vanquis since getting the card. If it isn't paid in full - but beyond the minimum payment is made - will they charge interest on my October statement from August & September's balance even if it's paid up by then?

Thanks in advance for your help!

bigadaj

Daily interest on that amount in your example would be 14p-15p.

If you don't pay in full then you incur interest, which looks good to vanquis but no good for you.

Credit cards charge interest from the date of the transaction, this is waived if you pay in full. If you don't pay in full interest is charged and then you need to clear it for the next two months to get back to no interest, there is a small amount of trailing interest in the next month.

The interaction between direct debits and manual payments can be fiddly, most companies will not take the dd but may still do if your payment is near the due date. Their exact approach will be in your terms and conditions, if you have any doubts then ring them.

As above you'll pay trailing interest, but if you don't clear the statement balance then interest will keep being added which isn't wise at that interest rate.

If possible just use the card for normal spending like shopping and fuel and clear in full every month a few days before the due date, or set up a direct debit for full payment.

That's the best way if I proving your credit file and opening up cheaper and better alternatives.