First time credit card?

nicetomeetyou
nicetomeetyou Posts: 310 Forumite
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in Credit cards
I have a Vanquis card to rebuild my credit, it has a £250 limit. How long dose it take to get statement? Does it give you a pay back date and how long is this? Is it best to pay full balance back straight away?

Can you give me any tips on how to manage my account?

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  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
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    edited 19 March 2019 at 7:50PM
    You will usually receive your first statement in 3-4 weeks, sometimes sooner. You then have to pay at least the minimum contractual payment before the "due date". It is best to pay the full balance as that means you will pay no interest. The best way of doing that, is to set up a Direct Debit to pay the full balance each month.

    Beware though, the first monthly Direct Debit may not be set up in time for the statement. It will tell you on the statement whether the DD is set up or not. If it is not set up, then you should pay the first month manually and before the due date.

    The best way to use the card is to buy things that are within your normal monthly budget. Things like basic groceries or travel costs. That way you are not spending over your budget... :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • phillw
    phillw Posts: 5,593 Forumite
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    edited 19 March 2019 at 9:26PM
    nicetomeetyou wrote: »
    How long dose it take to get statement? Does it give you a pay back date and how long is this?

    Statements are generated monthly, so you'll get one a month after the account opened. It will have a due date a few days before the next statement. So if you buy something just after the account is opened or a statement has been produced then you will have nearly two months before you have to actually pay for it.
    Willing2Learn wrote: »
    If it is not set up, then you should pay the first month manually and before the due date.

    I would recommend to do it a week before, so you can see it has been applied and can correct any issues if the payment hasn't gone through. It takes two days for a debit card payment to go through, weekends and bank holidays can delay it further (one of my cards was always putting the due date on the day after a bank holiday and it caught me out a lot, before I switched to DD).
    nicetomeetyou wrote: »
    Can you give me any tips on how to manage my account?

    If there is an app for your phone then install that, you must keep track of your balance to make sure you don't go over your credit limit. As you can have nearly two months of transactions that haven't been paid for, you should aim to spend less than £125 a month on your card.
  • nicetomeetyou
    nicetomeetyou Posts: 310 Forumite
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    Thank you both for your advice. I have another question, how long after I pay the balance off how long will it to spend on the credit card again?
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    As you make a payment, the balance reduces, meaning you have more available credit.
  • gionnetto
    gionnetto Posts: 234 Forumite
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    nicetomeetyou wrote: »
    I have a Vanquis card to rebuild my credit, it has a £250 limit. How long dose it take to get statement? Does it give you a pay back date and how long is this? Is it best to pay full balance back straight away?

    Can you give me any tips on how to manage my account?

    Vanquis generates a statements around the 13th of every months. The DD is taken out of your account around the 7th of every month. It's best to pay the full balance by DD.

    In the leaflet they sent you when you got it, there is an explanation on how to get your limit increased. Other than paying at least the minimum by DD, you are supposed to use it often, and stay within 20-30% of your limit.
    Your cholesterol levels are not seen, or used, by your heart and arteries, so ignore it.
    :eek:.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    The statement and direct debit date is entirely dependent on when you took the account on.

    It’s not standard for all users
  • gionnetto
    gionnetto Posts: 234 Forumite
    First Anniversary First Post I've been Money Tipped!
    !!! wrote: »
    The statement and direct debit date is entirely dependent on when you took the account on.

    It’s not standard for all users

    Again, I can only speak for Vanquis because I have it. The cut off dates they have are written in the boilerplate leaflet they send to all users. A friend of mine who applied and got the card on a different date got the same cut-off dates. I'm sure it's different for other brands.
    Your cholesterol levels are not seen, or used, by your heart and arteries, so ignore it.
    :eek:.
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