Vanquis – Interest Estimate – MoneySavingExpert.com Forums

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Hello,

Today I have started my debt-free challenge to clear all credit and be back to only spending what I can afford.

I have a current Vanquis balance of £1000 on a limit of £1000.

The monthly purchase interest rate is 3.990% and the monthly cash rate is 4.517% or 59.9 / 69.9% APR respectively.

Anyone who’s good at calculating interest, what would the closest estimate be to the monthly purchase interest that Vanquis would charge on a balance of £900 (inc rough minimum payment amount per month) and how much cash interest they would add on top for a £100 transfer to bank, putting my total balance to £1000.

Am I correct to assume the minimum payment will be around £70 a month and the interest hitting the same or even £80?

Like I said, I’ve made a re-payment schedule for all my creditors to get out of debt but I’d just like a heads up of what to expect with Vanquis on a balance of such amount.

All advice provided is intended for guidance purposes only. For specialized debt advice, please contact either National Debtline or StepChange.

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