Vanquis Statement - Interest Help

llaurraxx

Hi,

So I have a vanquis credit card and this is my first month using it. I’m planning on paying the balance off in full on payday at the end of the month before my statement is produced on July 7th but I have used the card to lift money.

I know interest will be applied on my statement on 7th July for this which I also plan on paying in full on that day.

My question is, will I be charged interest on my 7th August statement for the interest which will be applied on July 7ths statement but paid off in full that day?

Just trying to figure out the best way to pay back/use the card without having to pay too much in interest!

Thanks

[Deleted User]

The best way is ti wait for your statement and clear in full.

Pay according to the due date, not payday.

T-G-C

I assume June 7th is what you meant. It is impossible to not have a statement until July when we are still in May.

Once the purchases are paid, which has to be before the payment due date (not the statement date), the interest for this will be waived. This is because the grace period is capped to 56 days.

On June 7th, Vanquis will debt the amount of cash interest due. Provided the new balance accumulated by the interest is paid immediately, there will be no further interest charged.

If you withdraw more cash throughout next month or make purchases which aren't cleared in full, more interest will be debited on your August statement.

Dobbibill

Hi llaurraxx - welcome to the forum.


Is your first statement due on 7th June?


What is your payment due date? (You may not know this yet if it's your first month using it)


What date is pay day?


Have you considered setting up a DD to pay in full to prevent any interest charges?



If you don't clear in full then there will be interest added and you need to clear your balance in full for 2 consecutive statements to revert back to not incurring interest when cleared in full every month.