Glorified LoanSharks!

dfarry

I had this junk mail in the letter box this morning from Vanquish Bank (Colonnade Group??) I could not believe just how poor a card it is...

The letter has all the usual rubbish about managing finances with headings like..

"Stay in control of your budgeting with up to £1000 credit and no surprise charges"
"We won't set your credit limit any higher than we think you can afford"
"No Surprise Charges"
"Cut your interest - build your credit rating"
"Apply now - even if you have been turned down elsewhere"

Then it goes on to bullet the following benefits....

• Up to £1000 Credit
• Cut your interest over time again and again
• Build a strong credit rating
• 58.6% APR - this is the typical variable APR based on a typical credit limit of £250, monthly interest rate 3.24% which can reduce in stages
• From 44.2% APR to 69.1% APR variable on purchases
• Accepted wherever you see the visa sign
• All this for an annual fee of £19
• No surprise charges

SO then.... IS THIS COMPANY HAVING A LAUGH..... IS THIS A LATE APRIL FOOLS JOKE????

OK the credit limits are low.... but I think it is outrageous that this card is being marketed in this way... and probably to people that can ill afford to pay 70% per annum on £150!!!!

It's just disgusting!!! :mad:

CTT_2

To you it may seem disgusting but to some other people it may be a god send. After all the limits are low so hopeully the cardholder will not get into into financial problems AND you do not have to take extended credit. Its probably no worse and no better than the riskier Capital One or Barclaycard cards that are available to people who wish to build up their credit status.

Robert_Sterling_3

For an even higher APR try this loan from the tally man.

Lends you £50
Repayments £10 per week cash for seven weeks.
I think that the APR is about 500%.





This is not financial advice

dfarry

CTT wrote:

To you it may seem disgusting but to some other people it may be a god send. After all the limits are low so hopeully the cardholder will not get into into financial problems AND you do not have to take extended credit. Its probably no worse and no better than the riskier Capital One or Barclaycard cards that are available to people who wish to build up their credit status.

Fair enough but you almost make it sound like they are performing a public service :rolleyes:
Obviously their card is better than the tally man... but I'd imagine for someone to borrow £150 they must be pretty desperate.... perhaps so desperate that they might default on a payment and soon find that low credit limit mounting up with fees and additional interest.

Perhaps I am wrong but it seems to be that this card is squarely aimed at those that could do with sound financial advice/planning and not more flexible friends!

Niteflyer

There are 100's of posts about Vanquis on this forum!

At the end of the day they help people with not-so-good credit (whether you like it or not, they do) to rebuild their credit rating.

If you don't want the card, say no thanks! simple as that!

Matt

dfarry

The cards no good for me... and if it can "help" moneysavers then that's great...

I am amazed though... that such a high level of interest is considered a help - this suggests that some people HAVE to borrow at possibly any cost.

I'm interested in these other posts that you mention so I'll do a search for them.

CTT_2

dfarry wrote:

Fair enough but you almost make it sound like they are performing a public service :rolleyes:
Obviously their card is better than the tally man... but I'd imagine for someone to borrow £150 they must be pretty desperate.... perhaps so desperate that they might default on a payment and soon find that low credit limit mounting up with fees and additional interest.

Perhaps I am wrong but it seems to be that this card is squarely aimed at those that could do with sound financial advice/planning and not more flexible friends!

We all have the choice to say yes or no. No one is forcing the card on anyone but the opportunity is there for the taking.

dfarry

CTT wrote:

We all have the choice to say yes or no. No one is forcing the card on anyone but the opportunity is there for the taking.

Indeed you are right.... but coincidence????

A few weeks ago I was declined a credit card by BarclayCard (because of the other cash I have stoozed).... it may just be junk mail but I wonder if Vanquish have somehow found this to be the case and then "targeted" me (or others like me).

CTT_2

dfarry wrote:

Indeed you are right.... but coincidence????

A few weeks ago I was declined a credit card by BarclayCard (because of the other cash I have stoozed).... it may just be junk mail but I wonder if Vanquish have somehow found this to be the case and then "targeted" me (or others like me).

I too have been targeted and I rang Vanuis and they advised they buy lists from Experien. Also I have about 60k stoozed away so perhaps they think I am need of their services. I have asked them to remove me from any mailing lists and they said this would be done.

dfarry

CTT wrote:

I too have been targeted and I rang Vanuis and they advised they buy lists from Experien. Also I have about 60k stoozed away so perhaps they think I am need of their services. I have asked them to remove me from any mailing lists and they said this would be done.

So then....can I do SBT's with this card?

CTT_2

dfarry wrote:

So then....can I do SBT's with this card?

Read the literature or call them.