Vanquis Visa card

moonrakerz

I had a mailshot this morning for a Vanquis Visa credit card.

'Typical' APR is 39.9% - if you read the small print it can go up to 59.94% !!

And there is no annual fee to distort this figure.

Paul_Herring

:rolleyes:

http://forums.moneysavingexpert.com/showthread.html?p=2155978#post2155978

tom188

Its been a while since we had a "how much? how dare they" thread like this.

The rates are that high for a reason.

Paul_Herring

tom188 wrote:

Its been a while since we had a "how much? how dare they" thread like this.

The rates are that high for a reason.

One thing I have wondered - do their rates go up and down with the BoE base rate changes? :rotfl:

BONJOEY

this card has way to high apr, but is ideal as a credit builder for people who are struggling to get credit worthy

moonrakerz

Some very glib responses, which I expected. The problem is that people usually have bad credit records for one reason - they can't manage their money.
Cards like this are out there for one reason - that is to trap people who can't manage their financial affairs to mismanage these on this card.

If people think that these cards are available for people to re-build a bad credit history - more fools them !

Paul_Herring

mookrakerz wrote:

Some very glib responses, which I expected.

Because you saw them on the previous threads you found about this when you searched for them?

The problem is that people usually have bad credit records for one reason - they can't manage their money.

Granted, that is one reason. Another is that they don't have a history. Another one that escapes your implication is people that have had their 'lightbulb' moment, have sorted themselves out, and need to start over. Note that the latter are the ones who are likely to be looking at these boards. The majority of people that will get trapped in the way you mention won't even be aware of these boards - so posting (yet again) on here isn't helping them.

jamalfatty

I've just got myself one of these, APR doesnt bother me in slightest as I fully intend to pay if off in full each and every month.
Like has been said, good way of rebuilding my credit history after going crazy in my youth and destroying it!

BONJOEY

good for you jamalfatty!! xx

ShakerSonicBen

i have one to build my credit and its working.

havent paid a penny interest on the card, full payer each month.

BONJOEY

i do feel sorry for people who do have this card , a relative of mine has one and the liit started at 200 , and is now 750, the minimun payment is 40 pound and approx 35 of that is intrest and i feel so bad for them, as the balance is just not shifting,

they got this card as they have ccj etcon there credit file, and like i have said before its a card for people building credit or who cant get creit, if ts used properly and paid of full, every month, you can go up to vanquis gold which is 19.9 apr which in comparison o other companies aint that bad!