Accessing money from Vanquis Card.

redVetty

I have a balance of £1700 on my Vanquis card and have built my credit limit from £500 to £2500. I also applied for a Marbles card today & was accepted, although I don't know what the credit limit will be... A quick Google says it could be as low as £100 so I'm not holding my breath for anything other than an emergency balance if I'm totally skint or another crisis happens.
I need to get the £1700 as cash for an important family occasion, I wouldn't call it a crisis but it's important & unavoidable. The balance will be paid back over two months.
In short I know that it will cost 3% for every withdrawal but I don't know how to calculate the daily rate of interest.
I know it's approx 29% to transfer it to my bank account, but I'm not sure if there's a daily rate on that as well or how to calculate it.
I'm not sure how transferring it to PayPal works, but I've seen it mentioned.

I could do with some help as to the best way to turn this money into cash, however it is my only option at the moment, I can't put it off and I have no other option. It has to be done, I just need some help to decide the best way to do it. Has anybody had this experience or is knowledgeable in this? I could really do with some info to help guys.

[Deleted User]

You'd need to withdraw it as cash. It'll cost you both the withdrawal fee and then daily interest. Paying it off over two months, interest would be very roughly £40 with a fee of £50.

But apart from the huge costs, you don't have a high enough limit to take out £1700. You only have £800 available credit.

Ebe_Scrooge

Deleted_User said:

You'd need to withdraw it as cash. It'll cost you both the withdrawal fee and then daily interest. Paying it off over two months, interest would be very roughly £40 with a fee of £50.

But apart from the huge costs, you don't have a high enough limit to take out £1700. You only have £800 available credit.

I'm guessing the OP actually means they have £1700 available credit, although they do refer to a £1700 balance.

OP, if that's the case, working out the daily interest is not too difficult.  Take the APR, divide by 365, multiply by £1700.  So, for instance if your APR is 40%, then 40/100/365 * 1700 gives about £1.86 per day in interest.  Plus, of course, whatever cash withdrawal fee is charged.

Can you not pay for whatever it is directly on your credit card as a normal transaction?  Yes, you'd still be charged interest of course if you don't repay in full, but it'll be a lot cheaper than being hit with the cash advance fees and interest.

redVetty

Deleted_User said:

You'd need to withdraw it as cash. It'll cost you both the withdrawal fee and then daily interest. Paying it off over two months, interest would be very roughly £40 with a fee of £50.

But apart from the huge costs, you don't have a high enough limit to take out £1700. You only have £800 available credit.

Just to clarify, I have £1700 available balance. But thank you for your answer.

born_again

redVetty said:

Deleted_User said:

You'd need to withdraw it as cash. It'll cost you both the withdrawal fee and then daily interest. Paying it off over two months, interest would be very roughly £40 with a fee of £50.

But apart from the huge costs, you don't have a high enough limit to take out £1700. You only have £800 available credit.

Just to clarify, I have £1700 available balance. But thank you for your answer.

You will not get £1700 from that card. As you can not withdraw up to your limit, as there are charges & interest calculated to be taken into account.

gizmo111

Ring them up and ask them to transfer it to your bank account or have a look in the app you may be able to do the transfer there.