www.iva.co.uk

Vanquis credit card.

If you have a balance on your vanquis credit card, and the minimum payment is £24.

If every month more than the minimum payment is paid (say £40) to cover the minimum payment.


now lets say you purchased a £60 item from the shop with your Vanquis card, but now want a £60 refund back to your Vanquis card (which you purchased with your Vanquis card),

then you will get a +£60 to your vanquis credit card.

Can this £60 be used to pay the minimum payment of £24, so I will NOT have to make a payment of £40 as I usually do every month?


so if I get the refund of £60, will that count towards the minimum payment (which is due) and then I will not have to pay the minimum payment?


How about for other credit cards, santander, nationwide, mbna?

Personally speaking, I wouldn't think so. I had a holiday refund last year on my card and still had to make the minimum payment. All it means is that your balance comes down by that amount. I could be wrong though so hopefully someone else can come on and clarify.

Technically a credit card balance can be seen as a breach of T&C's but would not reduce an agreed monthly payment in this scenario.

You would be better off spending the money on something else.

No, on any CC a refund would not offset the minimum monthly payment, just lower the balance on the next months statement.