vanquis Card

Martin_D2

Am looking at getting a credit card to start to build my credit score does Vanquis change a monthly fee for its card.

I will just be useing it to pay for food shopping and will be paying it back the next day Am new to the credit card world

davethorp

No monthly fee however the best use of the card would be to spend on it as you say but wait until a statement is generated and then pay it off.

Operating it the way you are suggesting risks you having a zero statement balance and as such nothing due to pay each month and that wont help build your credit rating

Willing2Learn

Just to confirm.

To build a positive credit history you need to:

• Spend on everyday stuff that is already in your monthly budget (things like groceries and travel costs)
• Wait for statement to be produced
• Pay the statemented balance amount in full, before the due date.

The simplest and best way to ensure the statement gets paid on time, is to set up a Direct Debit to pay the full balance each month.

Martin_D2

So if I use £80 On the card thay will add + 39.9% APR = I will pay back £82.66 is the correct ?

Willing2Learn

No. The £80 borrowing is interest free if you repay the amount before the due date on the statement. If you fail to pay the full amount by the statemented due date, then that is when you will start to pay interest.

Martin_D2

Thank you so much

So no monthly fee
I just pay for what I spend
If I miss a payment I pay interest and late fee.

Got it

Willing2Learn

Don't miss a payment and don't pay a late payment fee. A late payment is also marked on your credit file...

Martin_D2

I definitely will not I promise

PRAISETHESUN

Willing2Learn wrote: »

Don't miss a payment and don't pay a late payment fee. A late payment is also marked on your credit file...

This is the most important part. A late payment marker will make your credit history worse - the exact opposite of what you are trying to achieve here.

If you are worried about missing a payment, set up a direct debit from your current account to pay your balance in FULL every month!

System

Willing2Learn wrote: »

Just to confirm.

To build a positive credit history you need to:

Spend on everyday stuff that is already in your monthly budget (things like groceries and travel costs)

I mean, that's not really true is it?

[Deleted User]

beany_bot wrote: »

I mean, that's not really true is it?

Yes - why wouldn't it be?