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Vanquis credit card

Poor credit but want the benefits of a credit card?

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Vanquis credit card

  • Specialist in poor credit
  • Could help rebuild your credit rating1
  • Manageable credit limits2
  • Consumer protection built in as standard
  • No annual fee

Vanquis

Start Building Your Credit Rating1

Vanquis credit cards are designed for those who need to build or rebuild their credit rating. If you have never had credit before or have a bad credit history then Vanquis may be able to help you even if other credit card companies can't.

While you could no doubt live with just cash or a debit card you might still want to consider a credit card for a number of reasons:

  • With sensible use you could improve your credit rating so you can get cheaper credit in the future1
  • Your purchases between £100 and £30,000 are protected by the Consumer Credit Act 1974 (see more below)
  • You could get a period of interest free credit (between purchase and paying off your monthly balance)

vanquis logo

Vanquis Card: Summary

  • Start with a manageable credit limit of £150 to £1,0002
  • Possible credit limit increases every 5 months up to £4,0001,2
  • Online account servicing and email alerts
  • No annual fee
  • Consumer protection built in

Keep in mind that:

  • No balance transfer option
  • APR% will depend on your credit score
  • This is an expensive form of borrowing

Representative 39.9% APR (variable)

Credit Card Dos and Don'ts

Do:

  • Use the credit card
  • Stay within your agreed credit limit
  • Pay at least the minimum due (and ideally pay off the entire balance) each month
  • Understand the terms of your credit agreement
  • Understand what you can do to influence your credit score

Don't:

  • Miss repayments
  • Let your outstanding balance get out of control
  • Let other credit get out of control (if you want your overall credit rating to improve)

Why choose Vanquis?

  • Trustworthy - Vanquis Bank Ltd (issuer of the Vanquis credit card) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority
  • Strong pedigree - it's part of the FTSE 100 company Provident Financial Group PLC who have been helping people with credit for over 130 years.
  • Capable - in the years since it was set up in 2002 it has accepted over 3 million people!
  • Highly rated - Vanquis scores 96% on Feefo and 90% on Trustpilot
  • Award winning - most recently for the 2016 Moneyfacts award for the "Credit Builder Card Provider of the Year", second year in a row.

More about the Vanquis credit card

How to apply for your Vanquis credit card

Vanquis provide a full online application process that is safe and secure. Once you have provided the information they need they will give you a response within c.60 seconds.

In addition to your personal and contact details you will also need to:

  • provide your employment status (which includes options where your income not from employment)
  • provide basic banking information
  • read and understand certain important pre-contract information

It is possible that Vanquis may need to call you to discuss elements of your application. If they do they will normally do this within 15 minutes of you making your application.

How your interest rate is calculated

Vanquis calculates your personal interest rate based on their assessment of the risk of lending to you. This risk is based on your credit history as advised by the major credit reference agencies.

Your initial credit limit

Your initial limit will be based on Vanquis' assessment of your personal circumstances and most particularly what they believe you can afford. If they offer you a higher limit than you feel comfotable about you can ask for the limit to be lowered.

Initial limits are set in the range of £150 to £10002.

How to be considered for a credit limit increase

There is no guarantee that Vanquis will feel able to increase your credit limit. However, you can maximise your chances by following this behaviour:

  • Use your card without going over your agreed limit
  • Make your payments on time
  • Make sure you are up to date with payments for any other credit agreements you might have (e.g. other credit cards, store cards, mobile phone contracts, mortgages, etc)
How many days interest-free credit will you get?

So long as you have paid off your entire credit card balance for two consecutive months you will get 56 days' interest-free credit. But Vanquis understand that your monthly budget might be tight on occasions and you are only able to repay the minimum amount.

Please be aware that the Vanquis credit card is an expensive way to borrow - and you would be borrowing if you do not repay your full balance at the end of each month. Where ever possible you should always repay your full balance each month to avoid steep interest costs. This is also the best way to demonstrate you have control over your finances and thus potentially:

  • improve your credit rating
  • increase your card credit limit

If you are fearful of issues that could undermine your ability to repay what you owe Vanquis offer an "insurance policy" (their Repayment Option Plan - see below) to protect your credit status. This is an additional cost service.

Repayment Option Plan

Full details of this plan are available on the Vanquis website, but in summary:

Purpose of Plan

To protect your credit rating in the event that you become unable to repay your credit card balance due to cicumstances such as accident, illness or unemployment.

How does the Plan work?

For up to two years your account will be frozen (no additional costs or interest will be charged) and Vanquis will report your account to the various credit bureaux as up to date. However, you will not be able to use the card during this time.

Annual Payment Holiday

Once a year you can miss a monthly payment of your choice and Vanquis will report your account as up to date - rules of use apply.

Lifeline

If you forget to make a monthly payment you will not be charged the standard late payment fee and your account will be reported as up to date. However, until you catch up with the missed payment (and before the next payment is due) your account will be suspended - rules of use apply.

How much does this plan cost?

The plan is charged at a % of the monthly outstanding balance so the cost per month will change depending on how much you owe. You can opt in or out of the plan at any time.

Consumer Protection Built in

If you buy goods or services on a credit card and things go wrong then you may have extra protection compared to if you had used cash or a debit card. This is because section 75 of the Consumer Credit Act 1974 comes into effect.

What does Section 75 say?

If you use your credit card to pay for good or services then the credit card company become jointly and severally liable with the retailer/trader should things go wrong. If you have an issue with the proiduct/service and the retailer/trader does not respond to your requests (e.g. they have since gone bust) then the credit card company may be obliged to reimburse you.

When is Section 75 valid?

The goods or services must have cost over £100 and no more than £30,000, and the lender cannot also be the supplier. And the credit card company is also liable if you only paid for part of the purchase on your credit card. For instance if you paid £1000 for some furniture, but paid a deposit of £50 on your credit card and the balance of £950 via a bank transfer later then the whole £1000 is covered by Section 75 if you failed to get your furniture because the retailer had gone out of business.

Video: How to increase your card credit limit

Video: How to improve your credit score?

1 To build your credit rating and be considered for credit limit increases, use your card sensibly, stay within your credit limit and pay your monthly minimum payment on time. Not doing so could harm your credit rating and ability to obtain more credit. Please also keep your other accounts such as credit cards, loans, catalogues, mobile phone and mortgages in order and don't take on too much debt elsewhere. By using your credit limits and keeping your accounts in order, you demonstrate that you can manage your accounts well and can handle the monthly repayments. There are no guarantees, but if you follow these steps consistently every month, you should be on track to improving your credit history and building a strong credit rating.

2 Credit cards are not suitable for long-term borrowing or financing existing debt. Missing payments could have severe consequences and make obtaining credit more difficult.

All about Poor Credit

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Representative 39.9% APR (variable)

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