The Vanquis Credit Card is a Visa credit card for people with bad credit. That makes it easy for anyone to apply and get issued a credit card for convenient bank checking services. You can use the Vanquis Visa card to rebuild your credit rating so that you can qualify for cheaper loans and credit fast.
The best way to use this Vanquis bank card is to avoid treating it as your general purpose credit card. In fact, you will not want to carry any balance on the Vanquis card, since the APR is very high and you cannot easily transfer the balance to other cards. So be careful when you charge any expenses to the Vanquis credit card since you must pay in full every month to avoid the high interest rates.
The Vanquis credit card has no annual fee, making it the cheapest credit card for people with bad credit if you do not misuse it. Avoid going above the credit limit and you will be fine.
Vanquis Credit Card Online Application
It is easy to apply and get approved for the Vanquis credit card – the online application procedure is simple and requiring only your basic personal information. Although you need to agree to Vanquis conducting credit searches of your previous lenders, you can still apply for the Vanquis credit card with a lot of debts, CCJs, late payments, no credit history. The only exception is for people with court ordered debt collection, since the chances of getting the Vanquis credit card is lower.
Vanquis Card Limit
The credit limit on your Vanquis bank card depends on your credit rating computed by Vanquis’s automated system. You usually start with a £150 credit limit and it can be extended to £1,000 after four months. To increase the credit limit on your Vanquis card, you should regularly use it for purchases and pay off the balance in full at the end of each month. The maximum credit limit for the Vanquis card for bad credit is £3,000. If you can get this, it shows that you are rebuilding your credit progressively.
Vanquis Bank Card Interest Rates
The Vanquis credit card for bad credit has tiered interest rates, ranging from 19.9% to 59.9% APR, depending on your payment history and credit rating. For example, the average Vanquis APR is 39.9% if you have a £250 credit limit. As you can see, it is not advisable to carry a balance on the Vanquis credit card due to its high APR. It is best to restrict its uses to rebuilding credit. Some users even commented that it is cheaper to use 30 day personal loans instead.
If you have any outstanding balance on the Vanquis card, you need to pay a minimum payment every month. However, you are advised to pay more than the calculated minimum since any balance will be very costly due to the high APR. Your credit card payments can be made online.
Vanquis Credit Card Customer Reviews
If you try searching for feedback and reviews on the Vanquis credit card, you will notice highly contrasted ratings. Those who like it, prefer the ease of approval and no annual fees. However, those who have written a negative review tend to suffer from its high interest rates and fast debt increase. This is usually caused by paying only the monthly minimum amount, which we have been urging everyone not to do so, no matter which credit card you are using.
This Vanquis credit card is designed for people with poor credit ratings and have problems getting approved for normal credit cards. These individuals tend to have financial difficulties at the same time, and are actually at risk of carrying higher balances on their credit cards. In this case, the Vanquis card APR of 19.9% to 59.9% will work against you.
If you currently do not have any debt issues but cannot get a credit card from banks, due to previous credit mistakes or no credit history, the Vanquis card will not pose any risk for you as long as you make prompt monthly payments in full.
Reviews on Vanquis Bank’s customer service is generally positive and you can easily call in for enquiries, excluding issues regarding debt collection or missed payments and penalties.
Vanquis Bank Background Information
The Vanquis Bank is part of Provident Financial Group established in UK since 1880. Vanquis Bank has been awarded the Credit Card Provider of the Year for 2009 and 2010 by Credit Today.
Is The Vanquis Credit Card Recommended For Rebuilding Credit?
Yes, the Vanquis card is easy to apply and has no annual fees, making it one of the cheapest credit cards for people with bad credit or no credit history. You can use it as any other credit cards, but do not borrow from it due to the high interest rates. If you do not have a stable income, avoid buying expensive goods using the Vanquis card unless you are certain you can pay in full when the statement arrives.
You can end up with heavy debts fast due to the 40% average APR on your Vanquis card balance. Paying only the monthly minimum for the Vanquis credit card is a sure way of damaging your own finances. However, trying to raise your credit ratings is never easy and thus the Vanquis credit card is still recommended when you cannot get a card from other banks. Updated information and application details can be found on the Vanquis bank website.