V A N Q U I S

izools

CpdButWhy wrote: »

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.

Yes this is what Vanquis do to try and fool you into thinking your card would be cheaper to borrow on than Aqua or Cap One Classic.

It isn't. 34.08% is the Simple rate, the APR is 39.9%. This is why they term it the "Annual Interest Rate" and not the "Annual Percentage Rate".

Call them and ask. If they 34.08%, ask clearly "I didn't ask for my Simple Rate, I asked for my APR. Please tell me the APR and not the simple rate".

They will then say 39.9%

Russe11

Just had them on the phone, they quoted me the simple rate as well as the APR, very pleasent lady, but explained/read the script at about 3x normal talking speed so was hard to get all the details.

Any idea what credit limit they will give? It may of been mentioned to me in the call but I really was just not catching it all.

The £1.29 per 100 balance protection scheme sounds a bit pointless. Either having it or not having it!

Tier A) Purchase/Balance Transfer annual rate 19.94%, Cheque annual rate 29.95%, Cash annual rate 33.97%; or
Tier Purchase/Balance Transfer annual rate 29.84%, Cheque annual rate 39.84%, Cash annual rate 44.17%; or
Tier C) Purchase/Balance Transfer annual rate 34.95%, Cheque annual rate 44.94%, Cash annual rate 49.42%; or
Tier D) Purchase/Balance Transfer annual rate 39.94%, Cheque annual rate 49.94%, Cash annual rate 54.57%; or
Tier E) Purchase/Balance Transfer annual rate 49.94%, Cheque annual rate 59.94%, Cash annual rate 64.88%; or
Tier F) Purchase/Balance Transfer annual rate 59.94%, Cheque annual rate 69.51%, Cash annual rate 74.75%; or
Tier G) Purchase/Balance Transfer annual rate 69.94%, Cheque annual rate 79.50%, Cash annual rate 85.06%.


Some shocking rates there, wonder how many people get offered tier G and what circs?

Kyresa

Tier should be irrelevant quite frankly. If you are going to use Vanquis and not pay the balance off every single month, I would seriously advise against getting one!

Use it as a credit builder to get green blobs only!

Russe11

Thats all I intend to use it for.

gamez-over

Vanquis are commendable on the fact that they are able to offer credit to people who are in tough situations....however I think they are a shocking company and have terrible customer service.

Russe11

gamez-over wrote: »

Vanquis are commendable on the fact that they are able to offer credit to people who are in tough situations....however I think they are a shocking company and have terrible customer service.

any examples?

wearside_2

I applied for one. Received my £20 cashback from Quidco, then left it in the safe. Since then my credit limit has been raised four times!

Russe11

wearside wrote: »

I applied for one. Received my £20 cashback from Quidco, then left it in the safe. Since then my credit limit has been raised four times!

was that every 4 months?

Kyresa

Russe11 wrote: »

was that every 4 months?

I think it's more unusual than not to get a rise after 4 months after reading this thread.

Some people have waited over a year for an increase - if you got a £500 starting balance I think you'll wait longer to be honest.

(Just passed month 4, used card every month, paid in full, no raise!)

inkslinger

Had mine a year and my limit is now up to £2250. Have a couple of CCJ's so im surprised. But happy.