Is this the worst CC rate ever? Or even legal?

Odyssy

I received a mailshot today for a Visa card from the Vanquis Bank Ltd quoting a typical APR of 58.6%!

FIFTY-EIGHT-POINT-SIX PERCENT!

Not only that - but it's for a credit limit of £250.
For a limit of £150 the APR is an astounding 69.1%!
PLUS there's an annual charge of £19.

Shylock would be jealous.

Buried in the small print is the information that it's part of the Provident Financial group.

One of the benefits trumpeted is 'No surprise charges'.

I'm just surprised that anyone is allowed to charge these rates.

It has been ceremonially shredded!

CTT_2

For petes sake this bloody card has been well documented on this site. You are not telling us anything new. As said many times before it is ideal for some people.

KTF

Please use the search facility before posting a new thread. As has been stated above, this card has been covered many times before.

BargainHunterCat

Well it certainly should be illegal!!! :mad:

grumbler

Odyssy wrote:

I'm just surprised that anyone is allowed to charge these rates.

BargainHunterCat wrote:

Well it certainly should be illegal!!! :mad:

Have a read of this thread: Great Champagne 'highest Apr' Credit Card Hunt! . And don't miss discussion in posts #10 - #14 , #18 , #19 ...

Robert_Sterling_3

Odyssy wrote:

I received a mailshot today for a Visa card from the Vanquis Bank Ltd quoting a typical APR of 58.6%!
FIFTY-EIGHT-POINT-SIX PERCENT!
Not only that - but it's for a credit limit of £250.
For a limit of £150 the APR is an astounding 69.1%!
PLUS there's an annual charge of £19.

The APR is indeed high.

However it is a mistake to say "Plus an annual charge of £19."
The reason it is a mistake is that the annual charge of £19 is part of what makes the APR so high. The lower the credit limit the more impact the annual charge has on the APR.