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Vanquis credit card is this right ?


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Hi

I have a Vanquis CC and have a £750 limit

I always try to pay it off so don’t accrue interest

 

last month I paid over £700 off as I had used it a lot.

 

When I got the statement I saw they charged me over £40 interest even though the 700+ payment was showing.

 

I rang them and was told that the payment hit the account the day the statement was produced therefore the interest was for everything for the month.

I always thought if the payment showed on the statement you only pay interest on the remaining balance.

Please let me know what you think

 

Thanks

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Hi Alix and Happy New Year :)

 

I would have a good read through the T&Cs on this one and see whether there's anything in there that states that you would be charged interest on the same day you made payment. If not, then write to Vanquis and dispute the £40 charge - don't forget to send it recorded ;)

 

Vanquis are extremely unpopular on CAG and in general, because of their ridiculously high APRs amongst other things. You only have to "Google" them to see that ;)

 

http://www.consumeractiongroup.co.uk/forum/other-institutions/29943-beware-vanquis-credit-card.html

 

Bo :)

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there was a thread a while back on a hbos credit card

the cagger realised that the payment due date was approaching, to be certain, she paid it into the local hbos branch.

she was surprised when she got charged as they said it could take up to seven days to clear.

 

she got the charge back in the end

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