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Vanquis interest charges!!
Comments
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For sure 4k per month is not an usual expense for most people, considering the mortgage and bills aside.
I don't think it goes with the account opening date, it won't make that much sense, a disaster to manage from their side. My previous experience in another country was with a fixed payment date, not due to the account opening.0 -
I’ve had various accounts with various providers, and even from the same providers, and statement and payment due dates have always differed.0
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But that's now how the reporting works. I pay my main card off in full every single month, I have no interest-free type deal on it but I never get charged interest, and yet all my reports continually show a balance of several hundred pounds, and the companies all quote that as being a certain % of utilisation and not zero utilisation.Willing2Learn wrote: »Utilisation is irrelevant when you pay the statemented balance in full.
What's the point of someone even using a card if paying in full makes utilisation irrelevant? Surely we don't have to make it incur interest to make it useful for credit history?!0 -
I checked now, my due date is different from the statement date, but neither one them is related to the account opening. Now I'm confused
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Why would you say this when you were asking people what percentage to spend yourself very recently?No way, if the cc is low amount, it doesn't make sense to use only the 25% max...
I don't think you can nail the "reporting" date to CRAs via the statement date and/or the due date, a simple look at my own report shows that you just can't predict it like that, there are some more than 6 weeks in between reports.
There is no need for dancing on one's head or setting alarms for paying exactly some odd amount on exactly some day. Like I said keep it simple. Spend a set amount and then put the card aside until the statement arrives. Pay the statement off in full. Repeat.
OP isn't suffering with a £250 limit and does not even NEED this card. There's no need to focus on how low the limit is or be advising someone to spend more when it's simply not necessary. The original problem was caused by not being able to keep track of what's going on with the card transactions - confusion caused by using the card lots during the month, when it just isn't needed. So keep it simple.0 -
On the other side, I see that tomorrow will be taken an amount inferior to the current balance (it is due 15 days after the statement. I'll setup the repayment date before the this date then, this month I think I screwed up, but I won't be able to use the card the second half of the month for my understanding.
In other words, the due date is the 6th (displayed thus), current repayment date set through Direct Deposit is the 1st of the month, statement 13th of each month.
Should I consider the statement or the repayment date?
For me it sounds weird even to ask, I didn't know were two different things in UK, for me it's obvious to have the statement right after the due date, not at a random date to complicate the story.0 -
Willing2Learn wrote: »Utilisation is irrelevant when you pay the statemented balance in full.
I just double-checked my Statutory credit reports from both TransUnion and Equifax. Both of these CRAs report the statement balance and the corresponding month's payment amount. Since I pay in full each month, these figures are identical and make utilisation irrelevant.But that's now how the reporting works. I pay my main card off in full every single month, I have no interest-free type deal on it but I never get charged interest, and yet all my reports continually show a balance of several hundred pounds, and the companies all quote that as being a certain % of utilisation and not zero utilisation.
What's the point of someone even using a card if paying in full makes utilisation irrelevant? Surely we don't have to make it incur interest to make it useful for credit history?!I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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But that's now how the reporting works. I pay my main card off in full every single month, I have no interest-free type deal on it but I never get charged interest, and yet all my reports continually show a balance of several hundred pounds, and the companies all quote that as being a certain % of utilisation and not zero utilisation.
What's the point of someone even using a card if paying in full makes utilisation irrelevant? Surely we don't have to make it incur interest to make it useful for credit history?!
But it all balances out.
You have a reported balance of £300 in January.
Come February you have paid off that £300 balance in full and it will show that in your report.
But then February’s statement balance is, say, £270.
By March, you’ve paid this off in full and it will show a payment made of £270.
It therefore balances out and utilisation becomes irrelevant.
The only reference to “utilisation” that the CRA’s are throwing down your throat are in “fear” of your “score” decreasing.0 -
On the other side, I see that tomorrow will be taken an amount inferior to the current balance (it is due 15 days after the statement. I'll setup the repayment date before the this date then, this month I think I screwed up, but I won't be able to use the card the second half of the month for my understanding.
In other words, the due date is the 6th (displayed thus), current repayment date set through Direct Deposit is the 1st of the month, statement 13th of each month.
Should I consider the statement or the repayment date?
For me it sounds weird even to ask, I didn't know were two different things in UK, for me it's obvious to have the statement right after the due date, not at a random date to complicate the story.
Now you’re just confusing things.
The due date is NEVER the same as the statement date.
Your statement gets issued, then payment is due XX days after this statement date.
Most card issuers will request a DD to be made 3-5 days before the actual due date to allow for delays, weekends, bank holidays etc.0 -
I got accepted for a vanquis CC, ignored their calls for weeks thinking its just scammers and then decided to answer and apparently got approved and just received the PIN and CC yesterday. my limit is £250, only using this to help with my credit rating, I have a horrible score lol but want to improve it, have about £1250 in debt to pay off... but i'm confused about 1 thing though and can't get my head around it, will I get charged interest if I use this CC and pay just say £50 towards my debt and then when payment is due on CC pay it in full, Can I use this CC for online transactions? Will I incur daily charges until my payment is due? i'm fricking confused. Any help would be appreciated. thanks0
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