New Vanquis Card

BugsyBrowne

digitalphase wrote: »

My experience of Capital One Classic has been wholly positive. The only downside is the foreign sounding people on the other end of the phone

My interest rate with Cap 1 is 34% if I remember rightly. Vanquis and Aqua were something like 35%. APR varies depending on circumstances.

Mate trust me vanquis customers are not on 35% more like 50%..

izools

digitalphase wrote: »

Vanquis and Aqua were something like 35%. APR varies depending on circumstances.

Vanquis is 39.9% to 59.9% being the highest of all - many people believe they've been given a good rate when the letter their card is on states 34%.

This is incorrect.

Vanquis, unlike all the other card providers, quote the Simple Interest Rate, not the APR. 34% Simple = 39.9% APR

digitalphase

My statements said purchase interest 34.080% per year, and cash interest at 41.200% per year.

It says on their terms and conditions:

• 2.6 The (variable) APR in relation to your Account at the time of the agreement is one of the following:
  • Tier A) 19.9% APR (variable);
  • Tier 29.9% APR (variable);
  • Tier C) 34.9% APR(variable);
  • Tier D) 39.9% APR(variable);
  • Tier E) 49.9% APR (variable);
  • Tier F) 59.9% APR (variable).
• We will tell you which APR is applicable to your Account when we open it.

I must have fallen into Tier C

izools

digitalphase wrote: »

My statements said purchase interest 34.080% per year, and cash interest at 41.200% per year.

It says on their terms and conditions:

• 2.6 The (variable) APR in relation to your Account at the time of the agreement is one of the following:
  • Tier A) 19.9% APR (variable);
  • Tier 29.9% APR (variable);
  • Tier C) 34.9% APR(variable);
  • Tier D) 39.9% APR(variable);
  • Tier E) 49.9% APR (variable);
  • Tier F) 59.9% APR (variable).
• We will tell you which APR is applicable to your Account when we open it.

I must have fallen into Tier C

'Fraid not. Vanquis have ammended their terms since then to only include D, E, and F.

34.08% PA is the SIMPLE interest rate.

34.08/12 = 2.84% Per Month
1.0284^12 = 1.399
(1.399-1)*100=39.9(%) APR.

Call them and ask. If they say your interest rate is 34% say "NO, that is the SIMPLE rate, isn't it? I asked for my APR. What is my APR?" You'll see.

They try to con people into thinking they're getting a better deal than they are unfortuantely.

digitalphase

star-fire wrote: »

Mate trust me vanquis customers are not on 35% more like 50%..

• 2.6 The (variable) APR in relation to your Account at the time of the agreement is one of the following:
  • Tier A) 19.9% APR (variable);
  • Tier 29.9% APR (variable);
  • Tier C) 34.9% APR(variable);
  • Tier D) 39.9% APR(variable);
  • Tier E) 49.9% APR (variable);
  • Tier F) 59.9% APR (variable).
• We will tell you which APR is applicable to your Account when we open it.

Taken from http://www.vanquis.co.uk/vanquis-card/terms-and-conditions

digitalphase

izools wrote: »

'Fraid not. Vanquis have ammended their terms since then to only include D, E, and F.

34.08% PA is the SIMPLE interest rate.

34.08/12 = 2.84% Per Month
1.0284^12 = 1.399
(1.399-1)*100=39.9(%) APR.

Call them and ask. If they say your interest rate is 34% say "NO, that is the SIMPLE rate, isn't it? I asked for my APR. What is my APR?" You'll see.

They try to con people into thinking they're getting a better deal than they are unfortuantely.

Naughty of them to not amend on the website then No matter, as I said I no longer have the displeasure of having an account with them

izools

That's VERY naughty! They haven't ammended the terms on their website but I got a notice of variation last year when they got rid of A, B, and C.

And if you look at the summary box

http://www.vanquis.co.uk/summary/

You'll see it says "39.9% to 59.9%".

What a joke of a company.

digitalphase

izools wrote: »

That's VERY naughty! They haven't ammended the terms on their website but I got a notice of variation last year when they got rid of A, B, and C.

And if you look at the summary box

http://www.vanquis.co.uk/summary/

You'll see it says "39.9% to 59.9%".

What a joke of a company.

Yep, indeed, I see that on the summary!

Just another thing to prove how incompetent they are!

ash68

I have been a victim of fraud and have lost a lot of money out of my bank account in the past, so i am very wary. I had a call from vanquis yesterday and they accepted me for a granite credit card. Before i was even accepted they requested me to give them my bank details before i could proceed any further, otherwise they couldn't tell me whether i was accepted or not. Did anyone else here have to do that? I'm concerned about being conned.

Thanks in advance.

BugsyBrowne

ash68 wrote: »

I have been a victim of fraud and have lost a lot of money out of my bank account in the past, so i am very wary. I had a call from vanquis yesterday and they accepted me for a granite credit card. Before i was even accepted they requested me to give them my bank details before i could proceed any further, otherwise they couldn't tell me whether i was accepted or not. Did anyone else here have to do that? I'm concerned about being conned.

Thanks in advance.

More than likely an I,D check