vanquis Card

nicetomeetyou

!!! wrote: »

Wrong.....

Please explain why I'm wrong.

Ben8282

nicetomeetyou wrote: »

I read here that if you pay the balance off in full when statement comes you incur a 0% interest fee, this is false. You only incur 0% interest after two full months balances have been paid in full. I know this as the first month I spent all my balance of £250 and paid it off fully when my statement come and still got hit with £13 interest fees.

I spent all my balance of £250. I assume you mean your £250 credit limit. You didn't happen to spend £250.01 and incur an overlimit charge did you?
£13 interest fees. Interest fees? Interest is not referred to as a fee. A fee could be an overlimit fee, cash advance fee etc
Anyway you are wrong unless your balance included cash advances or other transactions treated as cash..

SnowTiger

nicetomeetyou wrote: »

I read here that if you pay the balance off in full when statement comes you incur a 0% interest fee, this is false. You only incur 0% interest after two full months balances have been paid in full. I know this as the first month I spent all my balance of £250 and paid it off fully when my statement come and still got hit with £13 interest fees.

!!! wrote: »

Wrong.....

nicetomeetyou wrote: »

Please explain why I'm wrong.

Vanquis' Terms and Conditions are here: https://www.vanquis.co.uk/credit-cards/terms-and-conditions.

I can't see anything about paying a £13 fee or interest if you pay your balance in full on two consecutive occasions.

I've had a Vanquis card for about ten years; used the card often; always paid the balance in full; and have never paid a penny in interest or fees.

Terry_Towelling

SnowTiger wrote: »

Vanquis' Terms and Conditions are here: https://www.vanquis.co.uk/credit-cards/terms-and-conditions.

I can't see anything about paying a £13 fee or interest if you pay your balance in full on two consecutive occasions.

I've had a Vanquis card for about ten years; used the card often; always paid the balance in full; and have never paid a penny in interest or fees.

There is something in the T&Cs that does appear to say you have to pay two balances in full to get 56 days interest but that is only describing the way you get the maximum interest-free period.

I think Ben8282 is on the right lines. Clearly, OP went over the £250 limit and incurred a £12 over-limit charge. They probably made a payment equal to the amount of their transactions and (I am guessing) they did this before the statement was produced (why do people do that?) and so didn't realise there was an over-limit fee.

This means they didn't clear the whole balance and so interest was charged. Vanquis T&Cs say where interest is less than £1 (quite likely in these circumstances) that they charge a flat fee of £1. Hence we get £13 total charges. It would certainly seem odd to have such a round number if it were just standard interest.

Interest charged on the following statement would be trailing interest.

gionnetto

beany_bot wrote: »

Woah. Talk about resurrecting a dead post!

In the leaflet you get from Vanquis they specifically say you need to spend on the card often if you want a limit increase. If you buy expensive stuff from Tibet, you can't do it often.

Dandytf

gionnetto wrote: »

In the leaflet you get from Vanquis they specifically say you need to spend on the card often if you want a limit increase. If you buy expensive stuff from Tibet, you can't do it often.

That reminds me of a call to Vanquis about my Chrome card contactless
When the advisor asked why I don't spend all of my limit
(Didn't want to say I'm managing payments by avoiding limits like the plague)

A4445

I’m sure vanquis want to see you spend everything and then crash and burn!

steve900

Why is this card more often than not referred to as Vanqish? Vanquis, Vanquish.

That is up there with people starting a post with "So........." Or the other annoying one, "my bad"

[Deleted User]

Spelling error?
Autocorrect?
Or
Vanquish; Verb; meaning to defeat thoroughly.

Seems quite apt...

Ben8282

I had always assumed that this was a popular derogatory nickname for Vanquis but possibly the people who use it simply believe that this is the name of the company. I don't know.