Vanquis Increases / Statements

kilasuit

wrong thread

plumber2009

never-in-doubt wrote: »

Yet my APR is 34% - none of that added on it, simple as that! 34% apr. Dunno what any of that above means either, but I doubt they can state your apr as one and charge another, this is illegal.

My vanquis statment says

Purchase intrest @ 2.840% per month
Purchase intrest @ 34.080% per year

So what is the APR ?:think:

Some are saying to add 5% to the 34% to make it 39.9%

izools

never-in-doubt wrote: »

Yet my APR is 34% - none of that added on it, simple as that! 34% apr. Dunno what any of that above means either, but I doubt they can state your apr as one and charge another, this is illegal.

Mate that isn't the APR printed on you're statement, its the simple interest rate. Vanquis never state your APR unless you drill it into them that you don't want to be told your simple interest rate. It's not that they are quoting one thing and charging another, they just aren't qoting the same kind of interest as all the other card providers do.

Simple interest doesn't take into account compound interest. APR does.

Call them and ask what your APR is. If they say 34%, tell them "I didn't ask what my simple interest rate was, I asked what my APR is. They are two different things. Check again". You'll see

Same goes for Plumber20009

never-in-doubt

izools wrote: »

Mate that isn't the APR printed on you're statement, its the simple interest rate. Vanquis never state your APR unless you drill it into them that you don't want to be told your simple interest rate. It's not that they are quoting one thing and charging another, they just aren't qoting the same kind of interest as all the other card providers do.

Simple interest doesn't take into account compound interest. APR does.

Call them and ask what your APR is. If they say 34%, tell them "I didn't ask what my simple interest rate was, I asked what my APR is. They are two different things. Check again". You'll see

Same goes for Plumber20009

Ok thanks mate - I understand you now. That still seems dodgy to me though :mad: :mad:

And you thought Barclays were bad :eek: :eek:

izools

never-in-doubt wrote: »

That still seems dodgy to me though :mad: :mad:

What doesn't seem dodgy about Vanquis?

Keep in mind that this is the credit card company that didn't even figure out how to print their name on their credit cards until 2009...

Former_MSE_Alana

Hi all,

We have received this statement from Vanquis:


"We know that many of you have questions about Credit Limit Increases. We hope that this clarification will be helpful to you.

With a Vanquis Bank Visa card, you’ll start with a Credit Limit of £250, £500 or £1,000.

You could get a credit limit increase on your 4th statement, and further credit limit increases every 4 months, up to £2,500.

As a responsible lender, Vanquis Bank will seek to provide you with a credit limit that reflects your needs and your ability to manage your account. To be considered for a credit limit increase, you should make use of your credit limit without going overlimit and make your payments on time.

By using your credit limit and keeping your account in order, you demonstrate to us that you can manage your account well and can handle the monthly repayments.

Please also keep your other accounts such as credit cards, loans, catalogues, mobile phone and mortgages in order and don’t take on too much debt elsewhere. Please remember this is just a guide and meeting this criteria does not guarantee you a credit limit increase."

benoit

MSE_Alana wrote: »

Hi all,

We have received this statement from Vanquis:


"We know that many of you have questions about Credit Limit Increases. We hope that this clarification will be helpful to you.

With a Vanquis Bank Visa card, you’ll start with a Credit Limit of £250, £500 or £1,000.

You could get a credit limit increase on your 4th statement, and further credit limit increases every 4 months, up to £2,500.

As a responsible lender, Vanquis Bank will seek to provide you with a credit limit that reflects your needs and your ability to manage your account. To be considered for a credit limit increase, you should make use of your credit limit without going overlimit and make your payments on time.

By using your credit limit and keeping your account in order, you demonstrate to us that you can manage your account well and can handle the monthly repayments.

Please also keep your other accounts such as credit cards, loans, catalogues, mobile phone and mortgages in order and don’t take on too much debt elsewhere. Please remember this is just a guide and meeting this criteria does not guarantee you a credit limit increase."

Notice the word 'Could'? Very nicely worded without actually telling you a great deal. LOL

I was on £1000 for over a year and never got an increase, in fact that's one of the reasons i closed the account. Other sub prime cards were much more generous to me than Vanquis.

never-in-doubt

I started on £250 last Jan and then in May/June it went to £500. I always used to use the card for smaller purchases and paid in full, other months deliberately leaving a few pound outstanding so they could make their 'cut' from me.

Ok, breaking down their 'logic' for increments.

1. I earn over £60k so does the wife
2. I have 3 main cards - all at £0
3. I have Vanquis, also at £0
4. I have £200k mortgage with a value of £450k
5. I have no debts
6. My total available credit is around £7k (less than a months income)
7. Vanquis have only given me one increment.

So, sorry Vanquis your response is utter garbage and a pack of lies. I am not being big-headed when I say I am what you'd call your ideal customer but your theory doesn't wash.

Put it this way, I know people in financial straits who keep getting limit increases but us that pay in full and/or simply don't need the credit are the ones you refuse increases to because you know we're no risk! Be honest and say you leech to the poor and needy in order to get charges - don't lie and treat us all as being thick - we are not, and your silly statement really isn't worth the paper it is written on.

Your 'response' to this would be interesting - yes, i'll happily supply my Vanquis account number to you if you contact me via PM.

Innocent_Guy

Innocent_Guy wrote: »

Hi There,

Just got my limit increased from £250 to £750 also!! Finally!!

Limit increased again to £1500 - I wonder when the Gold card will be given to me lol

kilasuit

Innocent_Guy wrote: »

Limit increased again to £1500 - I wonder when the Gold card will be given to me lol

i got my limit increased to £1500 and also got a gold card

When did you open your account with vanquis?