Vanquis Credit Card

gordon74

..........

vwman_3

I'll say it first, Here we go again, :eek:

JollyNolly

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1101485056,23650,#improving

Astaroth

But some people have no choice but to take those types of interest if they want credit.

I cant remember which company it was but I did once get 2 letters in one envelope both were invitations to apply for one of their credit cards - the first was for their "vanquish" card with APR of around 30% and the other was their "black" card (a list of benefits like 24/7 concierge service world wide, access to all airport gold/ diamond member suites, free travel and breakdown insurance, etc) with an apr of 12% and an annual fee of £300 - it said that you had to have a min salary of £70k to apply.

Gave them a call and had to ask them to decide if i was at the top or bottom of the credit spectrum.

Astaroth

I was not suggesting it as a debt management method but for someone who has previously poor credit history and now wants to start rebuilding their credit.

Some credit APRs are misleading too - if you look at the Natwest Black card (which is similiar to the one I received an invite for) the APR looks like 50% because APR has to be calculated on a balance of £1500 and has to include annual fees (the Black card is about £400 from memory) but their actual interest rate on purchases is 12%. The fee however does cover a lot of "luxury" extras but if you looked at APR only it would be a "dont touch with a barge pole" (obviously some would question if 24/7 world wide concierge/ free travel insurance etc is worth £400 but if you have an income of over £70,000 then you probably arent overly bothered for £400 and that is a different arguement.)

I am sure in the vanquish card case it probably simply is a high interest rate and not fees given it is aimed at poor credit history people rather exceptional credit history ones - just thought it is making people aware that APR isnt the be all and end all and that small print needs to be read.

Paul_Herring

gordon74 wrote:

vwman wrote:

I'll say it first, Here we go again, :eek:

How do you mean?.

This is one of those recurring threads.

Some member receives an offer from Vanquis, and immediately starts a thread expressing surprise/distaste/disbeleif/offense at the interest rates being offered.

Other members, not having seen/heard of Vanquis before, join in with any/all of the above emotions.

Other members reply with the (prefectly reasonable) response of
1) this is about the only card that those with bad credit records can obtain
2) you don't pay the high interest rate if you pay it off every month
3) combining (1) and (2) results in an improved credit record after a while.

Yet other members see all this coming and you see posts like vwman's

vwman_3

gordon74 wrote:

How do you mean?.

Paul-Herring beat me to it and thanks to him for his comments, but yes the Vanquis Card saga has been done to death.
Yes some people say that it's a good card and others not, depending on your situation.
In my opinion, there is very little, if anything that can be added to the other threads on this (excellent) site relating to the Vanquis card.

YorkshireBoy

vwman wrote:

In my opinion, there is very little, if anything that can be added to the other threads...

...of which there are 34 of them - in the last year alone!

vwman_3

YorkshireBoy wrote:

...of which there are 34 of them - in the last year alone!

Is that all........lol;)

The_Boss

Make one of them a sticky thread!

mrplumb

hi.
I have a Vanquis card and have no complaints.
I earn 25k but have a crap credit rating, I got the card and make sure I pay the complete balance each month, therefore the interest rate isn't a concern, but I'm getting a credit rating back.