Vanquis Interest Rate Hike.....

intranicity

Had a Vanquis card for about 18 months, no problems, always paid on time, interest rate was 34.8%, credit limit started at £250, now £1000.

Just had this months statement and noticed that my rate is now 54.19%................:eek::eek::eek::eek:

Phoned them up to enquire WHY, the guy I spoke to was baffled and could see no reason, and said that they had no notified me by post that the rate was going up, he asked his supervisor if they new why, all a big mystery and they are now looking into it and will get back to me.

I have a Barclaycard now, so don't need this card, so will just pay off what I owe this month and close it, but though i'd better warn others to CHECK the small print on the statement where the interest is printed

izools

Oh, FYI, that 54.19% is the simple interest rate. Not the APR.

The actual APR that your account now has is 69.9% APR.

Again, 34.08% was the simple rate, APR was 39.9%

Vanquis purposefully print the Simple rate to try and fool people into thinking their standard rate (34.08% Simple = 39.9% APR) is cheaper than Aqua or Capital One Classic.

It isn't.

Still, you have your Barclaycard now so you can give Vanquis the almighty two finger salute

KingElvis

Vanquis are the gypsies of the credit card world, I would get shot of that card as if it had a dose.

intranicity

Just an Update.

I've cleared the balance on the card, phoned 3 times now to ask WHY, still no answers back from them apart from it's with their technical department.

Long and short of it, Vanquis might seem better than nothing, but you really do need to keep an eye on what they are doing, they admit to increasing my interest rate, but don't know why, can't get back to me despite acknowledging that they never wrote to me to tell me that they were Rate Jacking me, and after raising a complaint, they still do nothing.

Just glad I could afford my debt and clear it in one go, but I'm sure many others will end up in the spiral of debt that near 60% interest rates will cause, at best this company strikes me as being imoral....