Vanquis Chrome Credit card and APP - Warning!
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Zoea
Posts: 38 Forumite
in Credit cards
Morning MSE Pleople
I recently set up a Vanquis Chrome Visa card (24.7% - though the app won't tell you this it's buried in a PDF in the T&Cs) and set it to pay the 'full balance' every month.
That's cost me around £8 last month and looks like it may cost around £20 this month. Maybe more. The pay 'full balance' option paid £233 in on a balance of MINUS £950 or so.
The correct option would be to pay a percentage of the balance, then select 100% each unit. Well no, this is not possible, it causes an error! I am left with paying 99% a month as a percentage.
If you are looking to build a credit scores, the Chrome card didn't require any previous history of credits, beware that it looks nice and friendly and easy it's really just a trap I think.
Regards
No
I recently set up a Vanquis Chrome Visa card (24.7% - though the app won't tell you this it's buried in a PDF in the T&Cs) and set it to pay the 'full balance' every month.
That's cost me around £8 last month and looks like it may cost around £20 this month. Maybe more. The pay 'full balance' option paid £233 in on a balance of MINUS £950 or so.
The correct option would be to pay a percentage of the balance, then select 100% each unit. Well no, this is not possible, it causes an error! I am left with paying 99% a month as a percentage.
If you are looking to build a credit scores, the Chrome card didn't require any previous history of credits, beware that it looks nice and friendly and easy it's really just a trap I think.
Regards
No
0
Comments
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I can't understand your post at all.0
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If you're DD is set to pay the balance in full, then it will do just that.
If you spend money on the card following the issue of the first statement, then this will be due to be paid off when the next statement is received, and so on.
Ignore building credit scores - unless you like building a made up number0 -
No, your post makes no sense, the full balance is the full statement balance that is on your statement, not the full balance of your card, ie all transactions posted to your account before the statement is oroduced
But I'm confused, how has it cost you anything? If you paid the full statement balance any transactions after the statement is produced won't attract interest if you pay the following statement balance in full.
The fact it's cost you money would suggest you either made a cash transaction or didnt clear the statement balance, which seems to be the case if you're only paying a percentage of the statement balance.
As I understand it, when the OP tries to set the repayment to 100%, the app spits out an error but it accepts them setting the repayment at 99% but this (if that's all the OP is repaying) will obviously incur interest.
That is what the OP is warning is about.
Although I would have assumed that if you understand that not repaying it in full will incur interest and the app won't let you set the repayment to 100% then you should understand that you should use some other method (phoning them or online banking) to ensure you have a DD set up for the full amount.0 -
Realising the app only allowed you to pay 99% of the balance why on earth didn't you make a manual payment, or go online and set up a DD to pay in full. !!!!!! take some personal responsibility.0
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As I understand it, when the OP tries to set the repayment to 100%, the app spits out an error but it accepts them setting the repayment at 99% but this (if that's all the OP is repaying) will obviously incur interest.
That is what the OP is warning is about.
Although I would have assumed that if you understand that not repaying it in full will incur interest and the app won't let you set the repayment to 100% then you should understand that you should use some other method (phoning them or online banking) to ensure you have a DD set up for the full amount.
It allows you to pay the minimum payment, the full statement balance, a fixed amount of the statement balance, or a percentage of the statement balance.
You can also make one off payments in addition to whaever you've set the direct debit as
The op is clearly only paying a percentage of the statement balance, it even says its a percentage of the statement balance on the app screen.
Why they'd choose to pay a percentage of the statement balance instead of the full statement balance just beggars belief, it only allows you to pay up to 99% of the balance or you'd be paying the full statement balance for which there's an option for.
This 'issue' appears to be an issue of user error0 -
Morning MSE Pleople
I recently set up a Vanquis Chrome Visa card (24.7% - though the app won't tell you this it's buried in a PDF in the T&Cs) and set it to pay the 'full balance' every month.
That's cost me around £8 last month and looks like it may cost around £20 this month. Maybe more. The pay 'full balance' option paid £233 in on a balance of MINUS £950 or so.
The correct option would be to pay a percentage of the balance, then select 100% each unit. Well no, this is not possible, it causes an error! I am left with paying 99% a month as a percentage.
If you are looking to build a credit scores, the Chrome card didn't require any previous history of credits, beware that it looks nice and friendly and easy it's really just a trap I think.
Regards
No
In response to the bold italic quote: No credit card is a trap. The trap is made by the person using it and then fall into it on their own accord.
I have used Vanquis for a long time now and have never had a problem in this regard. I make payments manually through Faster Payments direct, covering both the minimum and whatever else on top and never considered using anything other, as I like having timeless control over when payments are made and leaves little room for clerical error. I dislike Direct Debit and is of personal preference, not because there is something specifically wrong with it, although it can sometimes cause a nuisance with the bank.
The interest rate is advertised on their site upon application. I agree that the mobile app does not state the rate, although it is included on each statement; the credit agreement and made clear when choosing to open the account. I would not consider this poor practice, because if someone doesn't know what their interest rate will be when opening a card, it is of their own incompetence for not looking.Advice provided from this account does not consist of any professional knowledge. For professional debt advice, please contact either National Debtline or StepChange. Advice may consist of personal experience, opinion and/or informational sources.0 -
Although it is difficult to understand what the original post is getting at, it sounds as though the poster was confused because the "full balance" direct debit didn't take the full amount owing on the card at the time it was taken.
The direct debit will only take the full statemented balance, i.e. the balance that was owing on the card when the statement was produced. That's the amount you have to clear in full in order to avoid paying interest (unless, as someone else mentioned, you have transactions other than purchases on the account, such as cash advances or gambling transactions, which always attract interest from the transaction date.)
You can carry on spending on the card after the statement is produced, so the balance will continue to increase, but it's only the statemented balance you need to clear each month to avoid interest.
I may have got the wrong end of the stick entirely, of course.0 -
How sneaky is that. All this at a time when there are rules put in place to stop customer getting in to unmanageable debt. These guys are actually stopping you from paying the full balance. that's right! couldn't make it up.That's cost me around £8 last month and looks like it may cost around £20 this month. Maybe more. The pay 'full balance' option paid £233 in on a balance of MINUS £950 or so.
How many customers are going to 'take personal responsibility' (as some put it) and call a customer care line to pay the 1%?. What? call and be put on hold for 10 minutes? read out debit card number etc. etc. Not many I reckon.
I will be taking personal responsibility by not touching this company with a bargepole.0 -
OceanSound wrote: »How sneaky is that. All this at a time when there are rules put in place to stop customer getting in to unmanageable debt. These guys are actually stopping you from paying the full balance. that's right! couldn't make it up.
How many customers are going to 'take personal responsibility' (as some put it) and call a customer care line to pay the 1%?. What? call and be put on hold for 10 minutes? read out debit card number etc. etc. Not many I reckon.
I will be taking personal responsibility by not touching this company with a bargepole.
Are you serious?0 -
I have no problem paying the full statement balance manually on my Vanquis card using the app. I have a direct debit set up for the minimum to avoid fees if something awful happens to me, but prefer to pay off the full balance on a day it suits me from an account that suits me, which changes from month to month.
I find the app easier to understand than the OP.0
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