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 whos 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, Ive made a re-payment schedule for all my creditors to get out of debt but Id 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.