Vanquis Credit Card

amyj955

Okay very silly question,I know. I have a very low credit rating mainly due to not being the main bill payer and basically as a result having the credit rating of someone who's been shipwrecked.
If I got a Vanquis credit building credit card, paid one small thing from it once a month and paid the amount back in full via direct debit every month. Would I be charged anything else other than the initial payment I made? I'm aware that this card doesn't charge you to simply have one but it just sounds too simple 

D3xt3r5L4b

If you pay the statemented balance back in full after each statement is generated then you pay no interest. 

sleepyjones

If you go into the App / Website, go into Payments and at the top it will say "Balance on your last statement", this is how much you need to pay to not get charged interest, below that it will tell you the payment due date, it takes 2 working days for them to process payments so make sure you do it in advance of this date, assuming you haven't set the Direct Debit to be the Full balance.  Next to that it will show you the Minimum Payment due, this is the lowest amount you can pay and keep your account in good order, paying only this will mean you'll get interest charged on whatever is remaining.

... and don't take cash from a cash machine / buy lottery tickets online or do any kind of gambling online with it, these all incur cash advance fees and interest from the day you buy them..

cymruchris

amyj955 said:

Okay very silly question,I know. I have a very low credit rating mainly due to not being the main bill payer and basically as a result having the credit rating of someone who's been shipwrecked.
If I got a Vanquis credit building credit card, paid one small thing from it once a month and paid the amount back in full via direct debit every month. Would I be charged anything else other than the initial payment I made? I'm aware that this card doesn't charge you to simply have one but it just sounds too simple 

Have you tried their eligibility checker to see if they’ll give you a card? If yes, then it’s worth submitting a full application - and if accepted - you spend some
of your regular monthly purchases on the card - such as your supermarket shopping or petrol, and then set up a direct debit to pay the card In full every month. Initially you’re likely to have a low limit in the hundreds, but with regular spend and full repayment every month you’ll likely find your limit will raise after a few months. Don’t be tempted to ever see it as free money - and only ever put on the card what you can afford to repay (ie your regular spend). This pattern of buying - paying off in full - every month will help your credit file look more appealing to future lenders. (Ignore your credit scores) 

harsh_but_fair

Not to nit-pick, but if you only pay the minimum balance you will get charged interest on everything, not just the remaining balance, and back-dated to the purchase date for each item.