39.9% APR a Disgrace

ispy_3

Vanquis Credit Card, Vanquis Bank, Bradford,yes authorised by the financial services authority. Got a mailshot through this morning offering me this wonderful opportunity to "control my budgeting". 39.9% or 49.9% for classic card. This is an absolute disgrace, is it April's fools day. What a way to get people into debt. Who are these people???

deanos

Thats cheap 177% here

http://www.providentpersonalcredit.com

pandas66

I was in Asda today just picking up a few bits when son spied a leaflet advertising their credit card and how to get 2p a gallon off he then read out loudly and clearly (very good reader for his age)19 % apr..........Bl00dy ell Mum thats a lot in it?

I know its not in the same league as above cards but still a high street store!

steve_cov

I was offered the glorious opportunity of something called "credit card cheques" by Capital One recently, at 21.9%.

Apparently they're a generous offer to customers. I thought I'd been targeted by identity thieves. As I pay off in full every month, Capital One have been instructed not to waste my time again.

pandas66

Just remembered my son got a vredit card application sent in the post today, it was a capital 1 card. His elder brother was a wee bit miffed!

When I found it, it was ripped to shreds!

Astaroth

Can we set up the forums so that all new registering members have to go through a training course on how to use the search button before they can post?

The Vanquis card is setup for those people who are a very poor credit risk and therefore have no other option if they want a credit card. There are many people (including people on this forum) who have got one of these cards with the sole purpose of rebuilding their credit history - like almost all cards, if you pay the balance off in full each month then there is no interest to pay.

If you earn over £100k and have no mortgage then clearly this card isnt for you and the leaflet should go in the bin (or shredder or recycling bin depending on your preference). If you cannot get credit else where and want to show future lenders that you can now be responsible/ trusted then the card can serve a purpose

pandas66

Astaroth wrote:

Can we set up the forums so that all new registering members have to go through a training course on how to use the search button before they can post?

The Vanquis card is setup for those people who are a very poor credit risk and therefore have no other option if they want a credit card. There are many people (including people on this forum) who have got one of these cards with the sole purpose of rebuilding their credit history - like almost all cards, if you pay the balance off in full each month then there is no interest to pay.

If you earn over £100k and have no mortgage then clearly this card isnt for you and the leaflet should go in the bin (or shredder or recycling bin depending on your preference). If you cannot get credit else where and want to show future lenders that you can now be responsible/ trusted then the card can serve a purpose

if this is aimed at my son (13) then I send my thanks, but he has ripped it to pieces!

hechizero

deanos wrote:

Thats cheap 177% here

http://www.providentpersonalcredit.com

That is so outrageous it's hilarious!

GiveItBack

I've noticed some of these recently, and was shocked and surprised.

why have I always thought that charging above 30% was legally classed as extortion?

inmypocketnottheirs

If you don't like the offer - don't take it up. Simple!

kenshaz

inmypocketnottheirs wrote:

If you don't like the offer - don't take it up. Simple!

The trouble is some people are vulnerable and perhaps not as alert as others ,that does not mean that the should be taken advantage of,better in our pockets and not in theirs.
Perhaps like bank charges.
I do not like some of the adverts recommending consolidated debt,but I want my voice heard ,so it is not simple.;)