Vanquis Card

Nottingham89

Is it worth applying for a credit card with them? I know there APR is high but I am struggling to get credit even though my accounts with Littlewoods & Jacamo are all up to date and no problems with my credit report.

Even if I just use it for small things just to help build it up, is it worth it? or shall I not bother. I have been reading mixed reviews about them.

(If I was to get a £300 limit, and I spent it all in one, what would the monthly repayments on it be. Just trying to work it out, my maths is poor)

spikescot2005

Nottingham89 wrote: »

If I was to get a £300 limit, and I spent it all in one, what would the monthly repayments on it be. Just trying to work it out, my maths is poor)

Depends what your APR is. If you plan on leaving a balance on this card it's not the card for you.

Nottingham89

spikescot2005 wrote: »

Depends what your APR is. If you plan on leaving a balance on this card it's not the card for you.

If I have to spend the limit then I will, I just need to make sure I can keep up with the monthly minimum payments. It says on the website 39.9% APR (variable), ive no idea what that means.

CLAPTON

presumably you have a spare money each month left over otherwise you won't be able to make the repayments
why don't you save up that spare money for whatever it is that you want and save paying that interest

DermotFlanigan

spikescot2005 wrote: »

If you plan on leaving a balance on this card it's not the card for you.

+1

I think most people pay off the full amount each month to build up the green dots. I wouldn't use it for long term lending. The rate you are likely to get when first applying will be closer to 59.9%.

Nottingham89

I have a bit of spare money but I could do with a new laptop and it would take a while to save up for one, is there any alternatives?

balmk

Hello

The idea of the Vanquis card is that you make small purchases on it every month (not up to the limit!) and then pay the total off in full.

Example - use the card for one weekly shop every month. Put the money aside, and when the statement comes pay it off in full. This will give you the green payment markers on your account and, as lenders now show your statement balance as well as the payment history on your credit file, will demonstrate that you are able to manage your money by paying the total balance.

The simplest way to ensure full payment is to ask them to set up a direct debit for the full statement amount.

As the APR is so high, this is not the card to be leaving a balance on!

Nottingham89

balmk wrote: »

Hello

The idea of the Vanquis card is that you make small purchases on it every month (not up to the limit!) and then pay the total off in full.

Example - use the card for one weekly shop every month. Put the money aside, and when the statement comes pay it off in full. This will give you the green payment markers on your account and, as lenders now show your statement balance as well as the payment history on your credit file, will demonstrate that you are able to manage your money by paying the total balance.

The simplest way to ensure full payment is to ask them to set up a direct debit for the full statement amount.

As the APR is so high, this is not the card to be leaving a balance on!

Thank you, that makes a lot of sense. I am new to credit cards etc and I am not sure how they work. So if I spend £20 or £10 a month on it, will that do me good? how much would I need to pay back?

balmk

A small affordable purchase would be sufficient - as long as you are able to clear the balance in full every month. £20 would be fine.

Just a note regarding interest - you will be charged interest on your purchases for the first month as it is only after you have paid 2 consecutive statements in a row that they do not charge interest (provided that you continue clearing the balance in full).

Nottingham89

I have a good idea, I think.

My heating is supplied from the local council. I have to pay £15.92 a week, so it's £63.38 a month, would it be a good idea to use the Vanquis card to pay it as I am able to afford it.

LemJell

HAve you tried Capital One? I started with a high APR card from them and ater 12 months or so I got one of their low APR cards, I've never had a problem with them. I tend to use mine for emergencies like if the washing machine broke but also use it for cheap weekend aways.