Vanquis

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Hello folks,

I was just looking for some advice. I recently noticed that my Vanquis card had been put up to 54% APR! Apparently I am now a Gold member (means nothing as far as I can tell) but no other explanation for the increase. I just called them and asked why it has been increased and was told 'the current economic climate'. I asked how much of an increase this had been from my previous rate and she couldn't tell me but said she would call back. I have a £2500 limit and made a payment of £500 last month but by the time interest has come off this hasn't made much of an impact.

I was wondering if anyone had any advice? I've recently graduated and started a job with a decent enough salary but I accrued a lot of debt at university. I couldn't work much in my final year and missed a few payments. As such, I can't get a loan as I haven't been working for long enough and have only been at this address for 3 months. On top of my missed payment it seems that my credit score isn't too good.

I'm not sure what I'm asking really, I'm just aghast at the thought of never escaping from them!

Thanks in advance
Still trying to find my way around the forum... :)

Comments

  • [Deleted User]
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    Find out when it was increased and if you still have the option to opt out. If you have, exercise it.

    If not, increase your min payments and read all your post so you know when they next reprice you. And then opt out of it and close your account.

    Don't miss payments, build your rating and apply for something better to 6-9 months.
  • poppet1711
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    Thanks zx81. I think you're right, best that I just clear as quick as possible and get rid! I've just used some of my savings to make another payment. It was painful but pointless paying all this interest whilst having savings available.
    Still trying to find my way around the forum... :)
  • NekoZombie
    NekoZombie Posts: 1,664 Forumite
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    I have a vanquis card with a 1250 limit - last month I spent £890 on the card, and the projected interest was £60!!!!! I always pay in full beacuse I don't fancy borrowing at that rate...

    Seeing as you now have a gold card, you may have already repaired your rating enough to get a mainstream card. If not, you need to clear the debt on this card asap as it should really be used just to improve your rating, and never to borrow due to the astronomical APR. Even given your recent rate hike, Vanquis have never been known for their competitive rates so I suspect it was relativiely high to begin with.
    BCSC Member 70:j
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  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
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    NekoZombie wrote: »
    I have a vanquis card with a 1250 limit - last month I spent £890 on the card, and the projected interest was £60!!!!! I always pay in full beacuse I don't fancy borrowing at that rate...

    Seeing as you now have a gold card, you may have already repaired your rating enough to get a mainstream card. If not, you need to clear the debt on this card asap as it should really be used just to improve your rating, and never to borrow due to the astronomical APR. Even given your recent rate hike, Vanquis have never been known for their competitive rates so I suspect it was relativiely high to begin with.

    Vanquis gold card is obviously a marketing ploy for their customers but will still rip you off 55% apr on them.

    I think they done the gold card is because after a year of paying interest on the bl0ody card,gold is what you could of payed for.
  • KingElvis
    KingElvis Posts: 4,100 Forumite
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    Any one who actually racks up a bill on one of these and is prepared to pay the interest must be barking.
    "We want the finest wines available to humanity, we want them here, and we want them now!"
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