Vanquis Credit Card

londonuk2008

I agree they have sky high interest rates - but if managed can increase your credit rating . It has with mine - and yes I have done the same as you , paid min payment and ended up worse off. Happy to say , I have paid my off via a balance transfer , but for the two years I was with them it has enabled me to get on the mainstream card ladder!

gomer

There is a difference between being conned and chosing not to make a full payment each month.

You were not conned, you knew how much interest Vanquis charged when you applied for the card, vanquis also tell you repeatedly on all the paperwork & statements that only paying the minumum payment with incur interest and take you longer to pay off, they also remind you that you are responsible for ensuring your account is well managed and that you stay within your limit.

Vanquis are not responsible for the way you chose to manage your account so i suggest perhaps that your anger at them is a tad misplaced.

Sammy_Girl

I agree with Gomer. You knew the APR that Vanquis charged as you took out an agreement with them to improve your credit rating. If you are near your credit limit and choose to make the minimum payment you need to be mindful of how much interest you will get charged to avoid going over the limit and thus incurring more charges.

Like you, I have a Vanquis card to improve my credit rating and I cannot fault them. I only use it to make purchases of about £50 a month so that I know that I can pay it off in full every month and not incur any interest. And I have found their customer service to be excellent. The key is to use this card to your advantage so that you don't have to suffer the horrendous APRs.

_Andy_

If you feel their APR is a 'con' why did you agree to a credit agreement with them?

clio

the main thing here is if you were not so close to your CL you would of had a bit more leeway so moral of the story is...... haway the toon

doelani

_Andy_ wrote: »

If you feel their APR is a 'con' why did you agree to a credit agreement with them?

I agree, I applied for a Vanquis a few weeks ago and after being accepted thought long at hard about the interest rate before activating the card. I have went ahead and used it but only because it is a small credit limit and I know I can pay it off each month.

If you go to close to ANY credit card limit it can cause problems when interest goes on , not just this one.

Paul_Herring

Another 'Vanquis is bad because I got charged interest' thread?

http://forums.moneysavingexpert.com/showthread.html?p=2155978#post2155978

gomer

I have an Aqua card which i am really happy with & like Vanquis it started off with a credit limit of £250 and the interest was extortionate, but i already knew that before i applied for it so i made sure i paid in full every month. I don't really understand why people get so annoyed about the interest when they already knew the card came with a crippling APR before they applied.

My Vanquis card is perfect for my spending needs & has helped me to stay within a limit i can sensibly afford to spend each month, thier customer service is among the best i have experienced & knock's spots off Barclaycard & Capitalone (imo). Practically every page in thier welcome pack (and statements) has a note reminding you that if you only make the minimum payment it will cost you substantially more & take much longer to pay off and they explain how to avoid paying interest.

I don't really understand why people complain about the credit card company when they make a minimum payment then get hit with interest, the 39% APR written on all the paperwork isn't just there for decoration. :rolleyes:

Sammy_Girl

As has been said above, if managed correctly the Vanquis card can be a great credit building tool, as OP has admitted in her first post, so I don't understand what her problem is.

And this all happened 9 months ago??? Seriously, life's too short. Get over it. If you don't like the interest rate, pay off the balance and close the account. I love Vanquis. They gave me the opportunity to rebuild my credit. I know that they have a 39.9% APR but I make sure I never spend more on it than what I can afford to pay back.

_Andy_

lucy69 wrote: »

The company behind Vanquis is Bradford-based Provident Financial!HERE'S an offer you should refuse - a credit card charging a monster 58.5 per cent.That's the top rate for borrowing on a Vanquis card, which makes it the most expensive around.The 58.5 per cent is levied on credit limits of just £100 and includes an annual fee of £10And there's a yearly fee on top - £10 for its Electron version and £19 for the Classic.Users of the Vanquis card can find themselves paying almost 65% for the privilege of being allowed to borrow just £100. Typical High Street credit cards charge about 14%North Norfolk Lib Dem MP Norman Lamb, a member of the Commons Treasury Select Committee that recently investigated card borrowing rates, is even more forthright. He describes the Vanquis card charges as 'outrageous'.This card is a RIP OFF - STAY CLEAR

Blatant copy and paste from elsewhere.

You have too much time on your hands.