Basic Vanquis Credit Card Interest Help

jcontest

SnowTiger wrote: »

All my other credit cards give a similar estimate for the following month's interest. Don't yours? Which ones do you use?

Multiple from MBNA and a couple from Natwest and one from NewDay

I agree that he shouldn't be charged.
But what he has pasted looks confusing to me.
https://www.vanquis.co.uk/summary Does have "You will not pay interest on new purchases if you pay your balance in full and on time." under "Interest Charging information" and that doesn't match what he has shown us.

My Natwest card is paid 15 days after statement so this situation couldn't happen.
My NewDay card is paid 25 days after statement, but I cant see where I have historically ever purchased anything on the statement date or a day before and it not appear on bill (don't use the card much). Even if it could there is the exclusion statement.
I don't have any MBNA bills at hand to know payment date, but the same exclusions as above do exist.

All of them seem to list the same exclusion as the Vanquis card, and no I have never had a card that did charge. I have however been stung by T&C differences from card to card before, once when stoozing a BT fee was treated as a interest-bearing purchase even though the standard (on other cards) was to lob it onto the balance transfer amount. So when I see something that looks Odd then I do worry about it.

Ben8282

To irelavv
I think you are over thinking this, worrying and making yourself confused.
Have you actually been charged interest up to now? I believe the answer is no.
It has been explained to you that every credit card provider shows an estimated interest amount on the statement which I believe to be a requirement but this is only an estimate of what you will pay if you make only the minimum payment. Everybody who pays in full each month gets a statement with an estimated interest amount on it; I have it on all my statements bt this interest is never charged so long as the statement is repaid in full.
The idea of not using the card between the statement date and the direct debit being taken is foolish and using the card during this period will not result in interest being charged.
For some reason, somebody has referenced an ancient thread started in 2007 concerning a rather strange problem unique to Vanquis which appears to have existed in 2007 and which appears to be the source of your concern. Would suggest that you just ignore this thread. If this was still occurring |I think that somebody on this forum would have highlighted it in the time that has elapsed between 2007 and 2020, but there has been no other mention of it in all that time.
With regard to the lack of estimated interest on your previous statements, some possibilities could be that you had an introductory 3 month 0% period for purchases or the suggestion made about statement balance and minimum payment being equal or something else entirely, but it is of NO CONSEQUENCE and there is really no point in spending time trying to figure it out.
Will you please just trust me that so long as you use the card only for purchases (NO cash transactions) and repay each month by full balance direct debit you will NOT be charged interest and can continue to use the card throughout the statement period, obviously taking care that your credit limit is never exceeded.
Nobody is counting an exact 56 days ready to pounce or charge interest on a statement balance paid in full if for some reason the statement period should be extended, for example by a weekend or bank holiday, or because a purchase was made prior to one statement and appeared on the next. This sort of thing doesn't happen and I have NEVER in all the decades that I have been using many credit cards from many providers even once encountered such an occurrence.

irelavv

Thank you jcontest and Ben for the follow-up replies.

I think that the estimated interest of £2.90 is low enough for me to 'risk' it and wait for the DD to be taken as usual. After that we'll see if indeed they have or have not charged me anything. Even though in someone else's eyes this isn't something to worry about, I'm the type of person who's always cautious and I worry needlessly sometimes.

Like I said I appreciate every bit of wisdom, knowledge and advice that people can and have given me. When the new statement balance has been issued I'll post an update on what's happened. Hopefully, someone else would also find this topic useful and helpful if they're in a similar position or jsut new to credit cards as I am.

muffinsugar

Hi

I was also confused about this and posted on this forum

Got to speak to Vanquis and they said its an estimated interest if you dont clear the full balance by the payment due date

In your case, if you dont pay £50.90 by 30 January, then you will be charged interest of £2.90

If you clear it the interest wont be charged. It's just llike a warning in advance if you get me

Hope that helps

irelavv

UPDATE on the issue: I can now confirm that after having Vanquis take the DD as usual, there was no extra interest charged. Thanks to everyone who put in their thoughts and suggestions :-)