Vanquis Question UPDATE 26/2

southernguy_2

Just received my Vanquis statement and there is an entry labelled


Minimum finance charge £1.00

What is this?

On the plus side 3rd statement credit limit increase from £250 to £500

Thanks

PNPSUKNET

its if you are charged intrest, this is the min amount I believe but could be wrong.

never-in-doubt

have a chat with izools about this - he's the expert....

Its some sort of minimum interest charge and I understand you can ring and have it refunded! Post here and the guys will sort it for you: The Sub Prime Credit Thread - Part IV

never-in-doubt

never-in-doubt wrote: »

have a chat with izools about this - he's the expert....

Its some sort of minimum interest charge and I understand you can ring and have it refunded! Post here and the guys will sort it for you: The Sub Prime Credit Thread - Part IV

Actually - have a read here: V A N Q U I S

izools wrote: »

LOL Vanquis stay well within the confines of the law? You're having a laugh, right?

Their advertising is misleading, they quote their interest rate in "Simple Interest" not "APR" like they should (so if Vanquis quote 47% on the statement, the APR is actually 59.95), they don't send opt out letters pre-warning of interest rate increases and accuse customers of lying when they want to opt out when the statement comes through with an increased APR... What else... they ignore written requests to close an account and send out a new card instead, oh and they breach verbal contracts made over the phone.

That's what has happened to my ex and I over the last year, anyway!

Oh, and 0% interest of a balance is apparently £1.

Vanquis + Law = oxymoron

Hope the above links etc help

southernguy_2

Thanks for the replies

I thought i'd read something about it previously

Any idea where in that thread it mentions it Don't think i could sit there and go through over seventy pages lol

izools

Basically it is incurred if you pay your bills in full each month but a transaction appears on the account on the statement date. Their billing system is seriously !!!!!!.

Call them on 0800 781 6314 and ask for the fee to be refunded. They will.

Raise a complaint and demand they set out what they will do to resolve their flawed system in future

southernguy_2

Thanks Izools

What a ridiculous system

I'd actually paid more than the balance as i pay off what ive spent not whats showing as the balance on the last statement

DropDebtFred

I've just been accepted for a Vanquis card with a £1000 limit. Provided I run it properly, what increases can I expect? What's the max limit with this card?

I've also got a Cap One card with a £1100 limit, run properly.

I've had a go on the Barclaycard website, but am not suitable for one of their cards.

Any other cards I should be looking at? I have one CCJ that will be removed after 6 years on my credit report in June. I have 3 defaults from Lloyds Bank Accounts from 2006.

southernguy_2

DropDebtFred

That's quite a good limit for a Vanquis card

Normally they start people on £250 or thereabouts

The highest i think i've seen is £1250 which is usually when they give you their gold card.

Ive just had my limit increased from £250 to £500 on the third statement date.

I use it mainly for groceries and such and repay in full each month as you have to really with the interest rates they charge.

I'll continue to use it till the summer/autumn and then possibly look for an alternative but i still have a CCJ on my credit report until January 2011 So not sure what my options will be.

izools

The highest Vanquis limit I've seen around here is £2,500 - but that chap had his card for many many years.

Once the limit reaches / passes £1,500 you are given a "Gold" card but this means NOTHING as the APR is still rediculous.

TBH DropDebtFred, I wouldn't worry about what you limit you get as you should never ever ever spend more on a Vanquis card than you can afford to repay in full each month - the Interest is insane and will cripple you!!!

Once you've had it for six months to a year I would recommend applying for a Capital One Progress

DropDebtFred

izools wrote: »

The highest Vanquis limit I've seen around here is £2,500 - but that chap had his card for many many years.

Once the limit reaches / passes £1,500 you are given a "Gold" card but this means NOTHING as the APR is still rediculous.

TBH DropDebtFred, I wouldn't worry about what you limit you get as you should never ever ever spend more on a Vanquis card than you can afford to repay in full each month - the Interest is insane and will cripple you!!!

Once you've had it for six months to a year I would recommend applying for a Capital One Progress

Hi Izools

Thanks for your advice. I'm aware of how to use these cards, thanks.

For me to apply for a Cap One Progress card, i'd have to close my Classic card account. I'm not sure i'd want to take that risk.