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Credit card help please!

3 replies

gumdrop2 · 15/11/2019 17:36

Hi I've had to take out a credit card to purchase something I've only spent £40 and plan to pay this back on Monday. Will I still be charged interest and fees by using the £40 today until Monday? I don't want to get into the habit of waiting a month to clear it and I don't really want the credit card to be honest it's just quite helpful atm. It's the Vanquis chrome card apr is 59.9% Shock

OP posts:
Reachedsohigh · 15/11/2019 17:41

As long as you'll be clearing the balance prior to the statement being issued you will not be charged.

dementedpixie · 15/11/2019 17:44

You normally have a certain amount of time from the statement date to pay the balance without incurring interest if you have used it to purchase something. Cash advances have have interest charged from the date it is withdrawn

Janek · 15/11/2019 17:45

You need to clear the balance by the date the bill says to pay by - credit is completely interest-free as long as the bill is paid on time and in full.

The only exception is if you withdraw money on your credit card. You will charged interest on that and anything else on your account from the day you withdraw the cash until the day you pay off the whole balance. It is also bad for your credit score so do not do this!

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