V A N Q U I S

SnowTiger

rartherinv wrote: »

so naturally customers carrying £0 forward each month and making them a loss for running the account are not going to be the people they are going to offer more credit to

Do you mean customers who pay off their balance in full every month?

Do credit card companies make a loss on such customers? There are several credit card cashback deals around, suggesting transaction fees are a nice little earner for them.

Is a customer who regularly pays off their balance preferred to one who constantly runs a balance of £650? I wonder which one is more likely to default?

Is an unpredictable wave better than a predictable trickle?

Of course, a customer who keeps their credit card in a drawer for a rainy day that never comes is a loss maker.

jaybeerex

I've been with Vanquis about 3 years now, my credit limit is £3k which is crazy compared to some on here, i just transferred the balance to barclaycard 0% for 12 months so going to get it cancelled. as a credit builder it's decent, but the interest is crazy, easy to get caught out.....

samtoby

rartherinv wrote: »

although some posts are contradictory to this, i believe vanquis also tries to screen out customers who don't make them any money. there was an investor's document leaked on here earlier in the year which showed the average balance carried on a vanquis card was £650 on an average limit of £900... so naturally customers carrying £0 forward each month and making them a loss for running the account are not going to be the people they are going to offer more credit to

I disagree with that. If you have a balance of 0 at the end of every month and a limit of £250 then that evidences that you can clear that balance ok - lets say you use near the limit every month. So push the limit up to say £500 and you run a balance of around 400 a month and clear it all or say leave £50...... there is more room for raising the limit. So then it gets raised to 1k you run £600 through a month and then make a larger purchase to max it; it might take you two and a half months to clear it based on at the £500 limit you clearing £400 a month? That sounds confusing but I know what I mean. Lol.

KxMx

I had a letter today offering me an increase from 500 to 1000 from next month.
I've had the card several months and perhaps two months have had a statemented balance approaching half of my limit. Other months under £200. Always pay off in full every month.

Maestro.

The limit on my Vanquis card goes up AGAIN this month to £1750, despite the fact that I don't use it much anymore, so it appears I was wrong before about having to utilise most of the limit to get increases.

I suspect what'll soon happen is the limit on my Vanquis card ends up higher than my BOS card.

As a side note, balance transfers from Vanquis to a BOS card don't appear to work. I wanted to transfer the couple of £ on my Vanquis card to my BOS card and when I phoned them the lady tried and said they don't allow it for some reason. Food for thought for anyone who moves away from Vanquis to BOS and wants to transfer a balance.

samtoby

Well I have got to the bottom of why I can't get a vanquish card.

I called customer services to ask them why I can't get a card. The lady advised that all my applications have cancelled (all three in last 18 months) because someone with the same surname and date of birth is cancelling mine out. Apparently a system error. So has been put through manually to their underwriting team......I am ever hopeful!

RICK..._2

Has anyone got the Alpha card from Vanquis?

Other half has bad credit and she applied for vanquis but got declined, but offered an 'Alpha' card, with an APR of 79.9%!!!!

Apparently if you manage it properly you will eventually be able to upgrade to the Vanquis card.

She's gone ahead with it as it's a start, but there's no way on this planet she's keeping a balance on it. Will be paid off in full each month.

samtoby

Wow that's high. But promising if she manages it well that it may put her onto Vanquish.

samtoby

Maestro. wrote: »

The limit on my Vanquis card goes up AGAIN this month to £1750, despite the fact that I don't use it much anymore, so it appears I was wrong before about having to utilise most of the limit to get increases.

I suspect what'll soon happen is the limit on my Vanquis card ends up higher than my BOS card.

As a side note, balance transfers from Vanquis to a BOS card don't appear to work. I wanted to transfer the couple of £ on my Vanquis card to my BOS card and when I phoned them the lady tried and said they don't allow it for some reason. Food for thought for anyone who moves away from Vanquis to BOS and wants to transfer a balance.

How long have you had your card?

balletshoes

comicbertha wrote: »

Hello all again, so my card has arrived and as intended, shopping and petrol have gone on it. I've made a payment via debit card to clear the balance and am keeping an eye on the account online.

I was just wondering how long payments take to show up? Also I notice that purchases also take some time to show up and whilst I tried to clear my entire balance, I couldn't as these payments were not showing yet. I'm getting a little suspicious that this may be to keep me from clearing my entire balance before statement day.

Also, over the telephone whilst signing up, I did ask for minimum only to be taken as a direct debit. Not because I want a balance on the card, but because it is attached to an account I transfer money to solely to pay bills and I'm happy paying it off throughout the month - but my DD agreement states monthly payment full/minimum. Just wondering which one it is?

This credit lark is giving me a headache already lol

you can pay what you like if you take the Vanquis card statement into your bank and pay it there ie I check my balance owing by phoning Vanquis before I take my statement into the bank (as there may be later transactions on it that I want to pay off) then tell the bank cashier how much I want to pay to my Vanquis card with the statement. I've never had a problem doing this. I have no minimum direct debit set up with my Vanquis card.