Vanquis Statement - Interest Help
llaurraxx
Posts: 8 Forumite
in Credit cards
Hi,
So I have a vanquis credit card and this is my first month using it. I’m planning on paying the balance off in full on payday at the end of the month before my statement is produced on July 7th but I have used the card to lift money.
I know interest will be applied on my statement on 7th July for this which I also plan on paying in full on that day.
My question is, will I be charged interest on my 7th August statement for the interest which will be applied on July 7ths statement but paid off in full that day?
Just trying to figure out the best way to pay back/use the card without having to pay too much in interest!
Thanks
So I have a vanquis credit card and this is my first month using it. I’m planning on paying the balance off in full on payday at the end of the month before my statement is produced on July 7th but I have used the card to lift money.
I know interest will be applied on my statement on 7th July for this which I also plan on paying in full on that day.
My question is, will I be charged interest on my 7th August statement for the interest which will be applied on July 7ths statement but paid off in full that day?
Just trying to figure out the best way to pay back/use the card without having to pay too much in interest!
Thanks
0
Comments
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The best way is ti wait for your statement and clear in full.
Pay according to the due date, not payday.0 -
I assume June 7th is what you meant. It is impossible to not have a statement until July when we are still in May.
Once the purchases are paid, which has to be before the payment due date (not the statement date), the interest for this will be waived. This is because the grace period is capped to 56 days.
On June 7th, Vanquis will debt the amount of cash interest due. Provided the new balance accumulated by the interest is paid immediately, there will be no further interest charged.
If you withdraw more cash throughout next month or make purchases which aren't cleared in full, more interest will be debited on your August statement.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 -
Hi llaurraxx - welcome to the forum.
Is your first statement due on 7th June?
What is your payment due date? (You may not know this yet if it's your first month using it)
What date is pay day?
Have you considered setting up a DD to pay in full to prevent any interest charges?
If you don't clear in full then there will be interest added and you need to clear your balance in full for 2 consecutive statements to revert back to not incurring interest when cleared in full every month.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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