V A N Q U I S

yenool

izools wrote: »

Yes if the statement said 30. something then you're absolutely right, you got a better-than-typical APR so well done!

I think Vanquis try to get away with printing the Simple rate instead of APR is to try and lull those who have a card with a 39.9% APR that it's cheaper than Capital one classic - which has of course 34.9% APR but because Capital One print the APR and Vanquis print the Simple rate, the less savvy of us may see Vanquis as being cheaper...

Cheeky.

But yes, quite right, best way to use a card like this is simply pay in full each month that way the APR is totally irrelevant anyway. I wouldn't like to borrow at 29.9% let alone 34.9% or 39.9%, even when it was the best rate I could hope to get...

I think anybody who actually borrows money on these cards is crazy. The interest rates are so high that even the smallest balance will easily spiral out of control.

IMO the only way to do it is to pay in full each month.

fritzchen

allthingsconsidered2009 wrote: »

Has anyone ever actually been declined by Vanquis? How did this tragedy come about and did they give you a straight no or prolong the agony and humiliation of it all ?

I got turned down twice for a Vanquis card but I finally got one on the 3rd try! I always waited 12 months before I re applied.
I've had my card for nearly a year now and have had no problems but I only have a limit of £250 still.

NekoZombie

I got a letter from vanquis today saying the wrote to me last month to say my interest rates were changing, and that I can reject the changes within 30 days. Nowhere on the letter does it mention what the actual rate change is, and of course I didn't get a letter last month. I assume the interest rate is going up again (it was high anyway)but I'm not worried as I always pay in full. Have yet to crack mainstream credit - until I do, Vanquis and I are going to continue being friendly.

d123

yenool wrote: »

I think anybody who actually borrows money on these cards is crazy. The interest rates are so high that even the smallest balance will easily spiral out of control.

not as crazy as people who use the likes of wonga.com with their 4000+% APR on their loans though

dazzaofdagenham

i was quite surprised how high the interest rate is / was

Over xmas i left a balance outstanding of £178 pounds onto my next statement and the interest on the next bill was £12..

That tought me a lesson !!....

wont be doing that again

darren

rogerblack

Approved - 500 quid balance.
I've got 2 defaults between 5-6 years old - 5K and 600, and am not on the voters roll.
Though I have operated a current account with ~20mo of green, in the recent past.

I diddn't even have to send in proof of address.

CpdButWhy

izools wrote: »

Yes if the statement said 30. something then you're absolutely right, you got a better-than-typical APR so well done!

I think Vanquis try to get away with printing the Simple rate instead of APR is to try and lull those who have a card with a 39.9% APR that it's cheaper than Capital one classic - which has of course 34.9% APR but because Capital One print the APR and Vanquis print the Simple rate, the less savvy of us may see Vanquis as being cheaper...

Cheeky.

But yes, quite right, best way to use a card like this is simply pay in full each month that way the APR is totally irrelevant anyway. I wouldn't like to borrow at 29.9% let alone 34.9% or 39.9%, even when it was the best rate I could hope to get...

Hi izools,

I received my mail on Monday, and it says annual purchase interest rate = 34.08%. It does not say simple anything.

On the other hand, the GBP500 limit which I received is ridiculuous (not that the APR isn't, but that can be stomached)... I wonder what one needs to qualify for the GBP1000 limit from start.

Best regards,

CpdButWhy

izools

In regards to the limit, they do increase this often with most good customers. Within 2 years of being approved for a #250.00 limit my OH had a #3,000.00 limit

Does it say the interest rate is 34.9% or 34.08%?

CpdButWhy

izools wrote: »

In regards to the limit, they do increase this often with most good customers. Within 2 years of being approved for a #250.00 limit my OH had a #3,000.00 limit

Does it say the interest rate is 34.9% or 34.08%?

Yep, I incorrectly copied the value, it says 34.08% (which was puzzling enough considering I couldn't find the corresponding Tier).

Copying them now exactly:

Your annual purchase interest rate is: 34.08%

Your annual cash/cheque rate is: 41.20%

And I wasn't able to find any Tier in the T&C with a rate which corresponded to either of these values.

Russe11

I had a call which went to automated message saying Vanquis bank was trying to get in touch, do they try ring again?

Assume that if they are trying to ring me they are willing to accept?