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vanquis credit card !!

(4 Posts)
Jodiep1991 Mon 23-May-16 00:23:02

Hey I was just wondering if somebody can help me, I have currently been accepted for a vanquis credit card and I was just slightly confused at to how it works ? For example is it a fixed payment each month do I have to pay back what I spend within a month , I was told to choose a minimum payment or a higher payment I chose the higher and have agreed to pay back £50 a month , how does this work out ?

dementedpixie Mon 23-May-16 16:59:01

Paying the minimum payment means it takes longer to pay off and you will pay more interest charges. Paying the balance off in full each month would normally mean no interest charges. Paying somewhere between the minimum and the full balance means you pay it off slightly faster but you will still have interest charges.

When you make a purchase using your card you will get a monthly statement showing that months purchases. It will detail the minimum payment and any interest due to be paid. It sounds like you have set up a direct debit for £50 so a payment of £50 will be taken on a set date and will go towards the purchases you have made.

Jodiep1991 Mon 23-May-16 17:58:58

Thank you so much X

cutefluffyunicorn Mon 30-May-16 08:48:10

be careful with Vanquis. the interest rate is usually very high. You may end up paying a lot if you don't pay it off in full every month.

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