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  • SnowTiger wrote: »
    I wonder how much it's cost you in interest payments?


    A valid point SnowTiger, however, over six months i've paid about £12 to Vanquis in interest - I reckon I can live with that.

    I never spend more than i can afford to 'almost' pay off each month and for the first couple of months I paid off the whole amount which was about £50 spends, after that i started spending a bit more but still no more than i could afford to comfortably pay off at the end of the month, albeit purposely leaving a tiny owed amount (£4/£5) to which Vanquis were welcome to add a bit of interest. My rate is 34.08% i know that's pretty high so i'm not going to leave a large amount on this kind of card. I wasn't looking for an increase as i'm only using this card in order to restore my credit rating which took a battering in 2007. Since then everything has been paid on time, and there's 3+years worth of lovely 00000 on my credit file now.
    I use this card for small everyday things such as groceries, petrol, the odd takeaway etc and when i get paid so does Vanquis - apart from that last few pounds.

    In reply to the post about the letter i received: it merely said that due to the excellent conduct of my account, the credit limit will increase from £500 to £1500 after my March statement BUT if before the due date of the March statement i go over my limit/fail to make minimum payment, then no increase. The letter concludes with the usual option to reject the increase.

    Nothing about an increase/decrease in my interest rate.
    :o
  • I had a 'Special Invitation' to apply for a card come throught the post yesterday.
    I have never heard of Vanquis, i can't get credit anywhere else, are they a decent company or should i stay away?
  • Just a quick query about the card. I've mainly got mine for something to use as a security deposit for hotels instead of having to hand over cash on check-in. I have no interest in using it for big purchases and recurring high levels of interest.

    Do they charge for non-use? Would I be better off buying a small value item (i.e, a newspaper) once a month and paying it off on full? I'm a first time credit card user.
  • Kyresa
    Kyresa Posts: 1,534 Forumite
    Part of the Furniture 1,000 Posts
    edited 24 February 2011 at 9:40PM
    emilyxxx8 wrote: »
    I had a 'Special Invitation' to apply for a card come throught the post yesterday.
    I have never heard of Vanquis, i can't get credit anywhere else, are they a decent company or should i stay away?

    Vanquis are a company that offer credit to people who can't get it elsewhere.

    It's a card with extremely high interest rates. For example, if you owe £500 on the card, you could be paying back over £20 in interest alone, on top of the amount you have to pay to alleviate some of the balance - and that's PER MONTH!

    It's not a card to supplement your income with, it's a card to get green dots on your credit report.

    If you can't set up a direct debit to pay for the full amount every month of what you spend on it, stay away!
  • cactusdust wrote: »
    Just a quick query about the card. I've mainly got mine for something to use as a security deposit for hotels instead of having to hand over cash on check-in. I have no interest in using it for big purchases and recurring high levels of interest.

    Do they charge for non-use? Would I be better off buying a small value item (i.e, a newspaper) once a month and paying it off on full? I'm a first time credit card user.

    As far as I know they don't charge for non use but you don't get limit rises as you would if you used it more regularly. If you already have a decent limit and you're not worried about rises then you don't have an issue

    tiger
  • d123
    d123 Posts: 8,734 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Kyresa wrote: »
    It's a card with extremely high interest rates. For example, if you owe £500 on the card, you could be paying back over £50 in interest alone, on top of the amount you have to pay to alleviate some of the balance - and that's PER MONTH!

    that doesn't sound right, can you show some sums to show how you came to that figure?

    A quick bit of maths (without adjusting for APR) would show at 50% interest the monthly interest on £500 would be around £20.
    ====
  • Kyresa
    Kyresa Posts: 1,534 Forumite
    Part of the Furniture 1,000 Posts
    d123 wrote: »
    that doesn't sound right, can you show some sums to show how you came to that figure?

    A quick bit of maths (without adjusting for APR) would show at 50% interest the monthly interest on £500 would be around £20.


    Nope, it was a figure completely plucked out of thin air to show the astronomical rates these cards charge.

    That's why i said "could"
  • izools
    izools Posts: 7,513 Forumite
    1,000 Posts Combo Breaker
    Well no, you couldn't.

    The APR would have to be in excess of 120% to pay #50 interest a month on a #500 balance.

    Agreed though that this card has an astronomical APR. That's par for the course and the only way for Vanquis to offset the risk of lending to the clientele that they do.
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  • d123
    d123 Posts: 8,734 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Kyresa wrote: »
    Nope, it was a figure completely plucked out of thin air to show the astronomical rates these cards charge.

    That's why i said "could"

    Thats a bit silly then, if you want to make what looks like an educated statement on a board dealing with financial matters and credit cards at least try and make your figures reasonably accurate rather than just pluck a totally exaggerated figure out of thin air.
    ====
  • Kyresa
    Kyresa Posts: 1,534 Forumite
    Part of the Furniture 1,000 Posts
    d123 wrote: »
    Thats a bit silly then, if you want to make what looks like an educated statement on a board dealing with financial matters and credit cards at least try and make your figures reasonably accurate rather than just pluck a totally exaggerated figure out of thin air.


    Well rather than picking up on one negative in the post, was the rest of the post to your liking? Do I need to change any of that too? Just to meet with your criteria.
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