Vanquis VISA Credit Cards – UK Review

The Vanquis Credit Card is one of several Visa credit cards available in the UK which is particularly suitable for people with a bad credit rating. This is one of a number of reviews that we have undertaken about this type of financial product. We cover things like how to apply online for the Vanquis Credit Card that is provided by Vanquis Bank Limited, and what you can use it for^.

Features at a glance

  • Card can be used worldwide at outlets displaying ‘Visa’ symbol.
  • Interest rate – Representative 39.9% APR (variable)
  • Online management of your credit card account.
  • Up to 56 days interest free on credit card purchases.
  • UK based call centre.
  • You could get Credit Limit increases every 5 months up to £4,000*^.
  • Email alerts.

What is a Vanquis Credit Card and how does it work?

The card enables you to purchase goods and services both in the UK and overseas either in person, over the phone or online. In effect, you are borrowing money because you are provided with a credit limit that you can spend up to and, if you do not clear the outstanding balance in full by the due date each month, you would pay interest. You can also make cash withdrawals at many ATMs worldwide but you will be charged interest from the date of withdrawal. You will receive a monthly statement and, at the very least, you will be required to pay a % of the outstanding balance monthly ^.

Who can apply?

You must be at least 18 years of age, resident in the UK, contactable by phone and not already using a credit card issued by Vanquis Bank. Even if you have a poor credit history you may be considered for a card unless you are legally not allowed to apply for credit due to being bankrupt. Credit is subject to status ^.

How do I apply for a Vanquis Credit Card?

You will be pleased to read that the application process is quick and simple. If you meet their criteria and application requirements, you can sign up for a credit card for bad credit by completing the online application form on their website 24/7. A credit reference search will be undertaken and Vanquis Bank will need to confirm both your identity and address. An instant decision is often provided as to whether you have been accepted or rejected.

What are the benefits of a Vanquis card?

If you have/had a poor credit history or no credit history at all, it may help you improve or build your credit rating over a period of time with the credit reference agencies. This may make it easier to obtain certain financial products in the future *^.

As mentioned earlier, it can be used extensively in the UK and abroad to buy things or to withdraw cash up to a certain limit even if you do not currently have the funds available in say a bank current or savings account. You can pay the monies back over an extended period of time although interest may be payable. ^

If your application is successful, you are provided with a manageable credit limit of £150 to £1,000 ^.

You could get Credit Limit increases every 5 months up to £4,000*^.

A 56 days interest free period is provided on purchase transactions. This means that if you pay off the amount of a transaction within 56 days from using your card to buy the item you will not pay any interest on that amount as long as you have paid off a minimum of two consecutive current statement balances both in full as well as on time.

How can I manage my account with Vanquis Bank?

It is quick and easy to register with eVanquis to use the Internet banking service. This enables you to do things like make a balance enquiry, check your transactions by getting an online statement going back over a 4 month period and pay funds into your credit card account to reduce or clear the amount outstanding. ^

SMS account management is also available.

What are the monthly Vanquis Credit Card charges and repayments?

It costs you nothing to apply for a card and there is no monthly or annual administration fee. There are fees potentially payable such as if you went above your credit card limit, were late making the minimum monthly payment or withdrew cash out of an ATM using your card. Please refer to Vanquis’ website for full details of charges. The minimum monthly repayment is usually a percentage of the outstanding balance on the statement date which varies depending upon the interest rate tier you are on. ^

Can I make balance transfers with my Vanquis card?

It may be possible to transfer the balance of your Vanquis Credit Card to that of another provider. This could appeal if the other provider charged a lower rate of interest as this would probably save you money. It is also possible to transfer money from your Vanquis Credit Card account to a bank account if you needed funds. ^

Can I use my Vanquis Credit Card abroad?

Yes, you can use the credit card overseas wherever the Visa sign is displayed. So, you could use it whilst on holiday to purchase goods in shops or perhaps pay for a meal in a restaurant or to pay for car hire and insurance. You can also use the card at ATMs worldwide to make cash withdrawals^.

What are the Vanquis Credit Card limits?

You are provided with an initial starting limit of anything from £150 up to £1,000 depending upon your circumstances. This limit is the maximum that you are allowed to borrow/spend on the card. There is a daily cash withdrawal limit of 20% of the limit on your credit card but do remember that there are withdrawal charges when taking out cash. ^

You could get Credit Limit increases every 5 months up to £4,000*^.

How can I increase the credit limit?

Your Credit Limit could be increased up to £4,000 when you stay within your Credit Limit and make your payments on time*^.

How do I pay my Vanquis Credit Card bill?

You can make a payment into your credit card account to reduce/clear the balance in a variety of ways. For instance, having registered with eVanquis to access your credit card account online, you could make payments by debit card or set up a direct debit, standing order or a Continuous Payment Authority so that monies are taken from your bank account. You could also complete a pre-printed giro that is attached to your monthly credit card statement and pay them in over the counter at either the Post Office or at your bank. Another way is to send a cheque with a pre-printed giro in the post to Vanquis Bank. ^

What is the interest rate with these credit cards?

The interest rate is Representative 39.9% APR (variable) which was correct as at 22nd February 2016 but please refer to Vanquis’ website before applying in case the rate has changed.

The interest rate is based upon your credit history with the credit reference agencies and the information contained on your application form. You can expect to pay a high interest rate with this credit card and the APR is likely to be higher for those that are perceived to be a greater risk. Cash withdrawals attract a higher rate of interest than when you purchase items utilising the credit card ^

Can I apply for a Vanquis card with a ccj, iva or if I’m unemployed?

Yes, you can apply for a credit card with Vanquis if you are unemployed or have an adverse credit history with the exception of being legally unable to apply for credit if you are bankrupt. ^

What are the penalties for late payment?

You will be charged a late payment fee of £12 each time this happens. You should also bear in mind that your credit rating may be impaired because of this. *^

Summary

Many people with a bad credit history have been accepted when applying for the Vanquis Credit Card who would otherwise have been declined by some of the major high street banks and building societies (As of December 2015 they have accepted over 3 million people). The card is widely accepted around the world to make purchases and withdraw cash. You can access your credit card account online 24/7 making it easy to manage. Do bear in mind that, as the interest rate is high, if at all possible, try to clear the full balance each month to avoid paying interest on purchases. ^

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