V A N Q U I S

Kyresa

izools wrote: »

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.

With a lot of the cards upping their interest rates lately, and the soon predicted rate rises, who knows WHAT will happen with the interest rates with Vanquis! Their top tier is already 69.9% for example!

aless02

DH has had a Vanquis card for the past 1.5 yrs. It's been fab for building his credit back up - he was actually able to get a mobile phone contract in January! :T He's still able to get a 'normal' credit card just yet, but he's just gotten accepted for the Capital One card from Martin's email, which does have a lower interest rate than Vanquis (not that we leave a balance, but the name Capital One does look better :P), so he's going to close the Vanquis one off when that comes through.

They've always been polite & helpful to him on the phone.

d123

Kyresa wrote: »

Their top tier is already 69.9% for example!

Which still wouldn't equate to the fantasy figures you made up.

Kyresa

d123 wrote: »

Which still wouldn't equate to the fantasy figures you made up.

And we established that and STILL you are banging on about it.

Do you have some sort of hidden agenda here or something? Have I upset you on another post that you're trying to point score?,,,

d123

Kyresa wrote: »

And we established that and STILL you are banging on about it.

Do you have some sort of hidden agenda here or something? Have I upset you on another post that you're trying to point score?,,,

Dont flatter yourself, I don't think I have even seen a post of yours before, I just don't like "experts" who act like they are knowledgable while they spout rubbish.

Especially on a financial board where people would be looking for accurate advice.

Kyresa

d123 wrote: »

Dont flatter yourself, I don't think I have even seen a post of yours before, I just don't like "experts" who act like they are knowledgable while they spout rubbish.

Especially on a financial board where people would be looking for accurate advice.

1 I never professed to be an "expert" that is merely your interpretation...
and 2, I changed the post, quite a while ago now in light of the upset it caused you and the much politer and more appropriate post from Izools.

I suggest you put me on ignore now and I'm about to do the same once I've hit submit, you'll never have to take offence with one of my posts again . :beer:

Hax

FWIW - Vanquis DO charge a fee if your monthly interest fee is less than £1, then you are charged a minimum fee of £1.

cactusdust

Thanks HAX. So for example, if I bought a newspaper and paid it off in full each month I'd still be charged at least £1.00?

izools

cactusdust wrote: »

Thanks HAX. So for example, if I bought a newspaper and paid it off in full each month I'd still be charged at least £1.00?

There is a common misconception about the Vanquis minimum finance charge.

1. The charge of #1.00 is applicable if the "Interest due is under #1.00". If your interest would have been 20p for example, then #1.00 would be charge instead. This does NOT mean, however, that #1.00 would be charge if there was no interest. As it's not a matter of having "Interest Due under #1.00" - it's having none due atall. A subtle difference

2. Vanquis will not charge a penny interest, as per the credit agreement, as long as the card is only used for purchases and not cash / gambling transaction, and the statement is charged in full each month.

3. They will however add a #1.00 fee to the account if you only use the card for purchases, and clear it in full, if a purchase is posted to the account on the same day that the statement is produced - this is however an erroneous charge and will be refunded by Vanquis if you call them and advise them of such - the number to call being 0800 7816314 - make them pay for the call.

They've known about the error on the system generating a one pound charge when it shouldn't for years - and haven't fixed it. I don't think they know how. They must be feecing a fair penny from those customers who don't notice, and those customers that fall for the lies their CS team tell.

Diabolical.

cactusdust

Thanks a lot izools. I've set a direct debit to payout my full balance each month.. I doubt this will ever be more than a few quid- so glad to see I won't be charged for not using my card/or not earning Vanquis any money.