V A N Q U I S

UsetheFORCE

rartherinv wrote: »

Hi,

You can't pay off a credit card with a credit card. Apart from clearly being an act of irresponsible lending they would also have to pay high fees on credit card payments received, so they would never do that.

What you are looking for is a Balance Transfer. It normally costs 3-5% of the amount you want to transfer in the form of a charge by the provider you are transferring the balance to (ie. capital one).

I would suggest it may be a waste of time & possibly money to do this between 2 high interest cards with low limits if the capital one card is going to be charging interest as well, as you will be saving a small amount on monthly interest but you will have to pay 3-5% up front for the honour to do so.

People normally use balance transfers to move interest bearing balances onto cards with special offers like a 0% interest balance transfer period.

My Capital One APR is 27.9, My Vanquis APR is 89.9....so even with high interest cards and low amounts, the differential can be substantial! This would apply for even a few hundred pounds!

My Barclaycard APR is 29.9 BUT it has a Lifetime Balance transfer for 6.9% APR so agree with you on that!

rartherinv

UsetheFORCE wrote: »

My Capital One APR is 27.9, My Vanquis APR is 89.9....

Ouch that rate is up there with the highest Vanquis will ever charge anyone! My suggestion that a BT might not be suitable was based on my own rates which are 55% vanquis and 33% capital one, but if the poster who posed the question has a similarly extortionate rate I agree they should be begging, borrowing and stealing to get rid of that vanquis card!!

You can get a Balance Transfer before you even receive the new card. Just give cap1 a ring to active the account and have your Vanquis card details to hand so they can do the transfer. :beer:

...and cut up the Vanquis card as soon as the balance is 0!! This company gets a good rating from me for taking a risk and providing a hugely important service to those in need when no one else but PDL thieves will, allowing people to rebuild their financial lives, but they do still possess the shark mentality that has been inherited from their overlords Provident. For instance, when I started in 2009 I had a £200 limit at a rate of 50%, and 4 years later with no late or missed payments, I was on a limit of £3000 at a rate of 55%. Clearly risk and reward do not decide your rate, it is just how much profit can be made. Needless to say I transferred my debts elsewhere as you are seeking to do.

UsetheFORCE

rartherinv wrote: »

Ouch that rate is up there with the highest Vanquis will ever charge anyone! My suggestion that a BT might not be suitable was based on my own rates which are 55% vanquis and 33% capital one, but if the poster who posed the question has a similarly extortionate rate I agree they should be begging, borrowing and stealing to get rid of that vanquis card!!

You can get a Balance Transfer before you even receive the new card. Just give cap1 a ring to active the account and have your Vanquis card details to hand so they can do the transfer. :beer:

...and cut up the Vanquis card as soon as the balance is 0!! This company gets a good rating from me for taking a risk and providing a hugely important service to those in need when no one else but PDL thieves will, allowing people to rebuild their financial lives, but they do still possess the shark mentality that has been inherited from their overlords Provident. For instance, when I started in 2009 I had a £200 limit at a rate of 50%, and 4 years later with no late or missed payments, I was on a limit of £3000 at a rate of 55%. Clearly risk and reward do not decide your rate, it is just how much profit can be made. Needless to say I transferred my debts elsewhere as you are seeking to do.

I luckily enough don't pay any interest on my Vanquis as the limit is £100, pretty scandalous but I am sure having the card will improve my credit rating.

I totally agree with you regarding Provident, I had the misfortune of working for them for a couple of months. I saw first hand very dodgy practices and the interest rates are pretty mind boggling...

teabag29

Applied for my vanquis card 1 year ago next month. Started with a £250 limit in june 2012, was increased to £500 in December 2012 and just got a letter through to say my limit will be increased to £1250 next month. My credit score from experian has also risen from the low 300's to 600 too. Really thankful to vanquis for giving me a chance to build my credit rating up, by feb next year my remaining defaults will be cleared and hopefully i'll have a good credit rating again after that

david_bedford_2

Had the card since november, £500 limit got a letter today confirming my limit increase to £1500 :eek: on the 22nd July.

Remember guys higher limits become greater responsibilities, never spend up to or max out the credit card, not only does this cause high apr charges, but lenders look at your overall spending which means they put you in higher risk.

Always try to pay off as much as possible, some months i paid £300 to £150 interest never went above £14 - £20. i never paid in full.

Funny enough i applied for an aqua card last week and got an instant online approval with £250 limit.

i also currently hold a cap one with £500 limit, i am coming up to my 5th Statement, again always paid between £150 - 200.

Gotta say thank you vanquis for building my credit report, i am slowly edging towards prime market, i did apply but got an instant "NO", so ill try again in 6 months time.

izools

rartherinv wrote: »

You can't pay off a credit card with a credit card

My partner and I both have Aqua Reward credit cards.

We also have Creation-Backed credit cards.

We pay our Creation cards in full each month using our Aqua cards (fee free, treated as purchase) and then pay off our Aqua cards in full from our bank accounts.

I earn 0.5%~1% Cashback via my Asda Creation card and my OH earns Flybe points via his Flybe Creation card and we then also earn a further 3% cashback via Aqua.

Well, I don't, I've maxed out the £100 cashback cap on my Aqua card until December, but still...

When I held a Vanquis card I managed to pay it using my Barclaycard - they asked me "Is it a debit card?" (I lied) and they asked me what sort code was printed on the card (it obviously didn't have one, so I gave them the local Barclays sort code) - the payment went through fine.

Whether it will these days I don't know.

pete_pamplemoose

My statement is due tomorrow, i left 50 pounds in my account to cover any charges, but i am only showing as 7 pounds available to spend, the statement hasnt updated as its the weekend, only showing transactions up to 12th, so either ive used the card and cant remember, which means i will be over tomorrow when the payment plan charge and any intrest hit, or the charges have been taken but are not showing due to the weekend update????

Anyone advise which is more likley, ive been trying very hard to not to go over limit.

rabbit_burrow

david_bedford wrote: »

Had the card since november, £500 limit got a letter today confirming my limit increase to £1500 :eek: on the 22nd July.

Remember guys higher limits become greater responsibilities, never spend up to or max out the credit card, not only does this cause high apr charges, but lenders look at your overall spending which means they put you in higher risk.

Always try to pay off as much as possible, some months i paid £300 to £150 interest never went above £14 - £20. i never paid in full.

Funny enough i applied for an aqua card last week and got an instant online approval with £250 limit.

i also currently hold a cap one with £500 limit, i am coming up to my 5th Statement, again always paid between £150 - 200.

Gotta say thank you vanquis for building my credit report, i am slowly edging towards prime market, i did apply but got an instant "NO", so ill try again in 6 months time.

I don't completely agree with that. I only agree IF you can't repay in full. I, on the other hand, need a higher limit for booking flights & using on holiday (UK & abroad), I do, however, pay it in full so I doubt very much that I would be seen as 'high risk' by lenders just for using my limit or for anyone doing the same.

Evenflow848

david_bedford wrote: »

Had the card since november, £500 limit got a letter today confirming my limit increase to £1500 :eek: on the 22nd July.

Remember guys higher limits become greater responsibilities, never spend up to or max out the credit card, not only does this cause high apr charges, but lenders look at your overall spending which means they put you in higher risk.

Always try to pay off as much as possible, some months i paid £300 to £150 interest never went above £14 - £20. i never paid in full.

Funny enough i applied for an aqua card last week and got an instant online approval with £250 limit.

i also currently hold a cap one with £500 limit, i am coming up to my 5th Statement, again always paid between £150 - 200.

Gotta say thank you vanquis for building my credit report, i am slowly edging towards prime market, i did apply but got an instant "NO", so ill try again in 6 months time.

I've had mines since August of last year and received a letter today telling me of a similar increase.

To be honest, it frightens me that it could go that high. I will of course accept the increase and will continue to repay my balance in full.

I've also got a Capital One card (£750 limit) and a JD Williams Catalogue account (£700 limit) as well... Hopefully my credit is steadily improving. Might chance my arm with a main stream credit card provider in the next 6 months or so.

I, like you, am also grateful to Vanquis for giving me this initial line of credit which has invariably opened up other doors for me elsewhere to improve my score.

xkpa

Hi guys, I have applied at 17th of June 2013 and still didn't received any call from Vanquis. I called them on 2nd of July and they said that my application is pending. I am close to 1 month after I have applied, is it normal to wait so long for approval/rejection decision? Thanks