www.iva.co.uk

now that I have completed my IVA I have decided to get a couple of cards to boost my credit rating and its worked. back in main stream banking but I was looking at my Capital one statement. I still use this card because I get cash back. I have a balance of £950 pounds and I the bill was produced today and was paid in full. However I noticed the min payment was 9.87 and the estimated interest was £28ish pounds!!! based on that if I was to pay min payment I would end up in more debt? Surely this is not right. I suppose it don't really matter to me but it took me 6 months of clear the full balance to realise this! At a APR of 34.9 in a year you would owe more than your current balance! Vanquis were just as bad too but they only charged a £1-£2 more interest than the min payment.

If you have a card with Cap one or Vanquis or any other "builder" typr card pay it off in full. These banks in my opinion are unethical and if I could complain to the world I would!

Unethical or not they provide a service with fees clearly shown up front. We all know the interest rates are terrible but the cards serve a purpose.

Paul

Unethical or not they provide a service with fees clearly shown up front. We all know the interest rates are terrible but the cards serve a purpose.

Paul

I don't see what's unethical about it - they tell you clearly on the statement how much the estimated interest will be so it's your choice whether to pay the minimum or more. If they were hiding the information it would be different.

They have a place and for building up your credit score again they can be useful. the interest rate as we always say is irrespective as long as the balance is paid in full.

However, I can totally see your point if you are unable to pay off in full.