Is This the highest ever credit card interest rate!!!!!!!

mandi

Hi everyone,

BEWARE!!!! this morning I received an application from VANQUIS Bank, They are offering a Credit Card with a Whopping great APR of......59.9% on a MAXIMUM credit limit of £150 !!!yes thats One Hundred and Fifty pounds ...and they are throwing in an annual fee of £19 and a cash handling charge of 2.5% . Now forgive me if Im wrong but is this legal??? These people are regulated by the Financial Services Authority( Ive checked)
This is the highest interest rate I have ever seen!.. unless someone out there knows different?????

chugalug

Yep unfortunately this is perfectly legal, I dont think there is a ceiling on the rate of interest that can be charged. I think there was something about this card on MSE when it first came out. If its the same one its targetted at those with poor credit histories (read poor) and if the charges are added into the APR it becomes 70 odd % !! If I remember correctly its something to do with a subsidary of Barclaycard. If you have a choice stay well clear - if you dont just use it to build a credit history but I think Capital One is a better option.

mandi

Hi Chgalug,
Thanks for the advice. Im not planning to apply, the application is just one of dozens I receive each week! However your right about aiming at those with a poor credit history, cos to be honest mines not brilliant! ... probably due to the fact that I didnt subscribe to Martins site at the time..

Donnie

http://www.providentfinancial.com/plc/About_Us/Our_products/Vanquis_Bank.aspx

fatboyonadiet

Did Martin not start a thread on this once to find the highest, think it was higher than that

Stonk

Indeedy. If you consider loans as well as credit cards, you can find much higher rates ...

PayDay Loan Company: Go to http://www.paydayloan.co.uk/ and click the Our Charges button. APR 1,734%. See how they write "APR: 1734" - without the % sign it looks more like a reference number that a frightening interest rate.

Curry_Queen

I received some junk mail from Vanquis this morning but shredded it without even reading it! ... wish I'd had a look at it now :doh:

mandi

Yes your right
Martins giving away a bottle of bubbly for the highest APR. Thing is I dont know how to post this to him... Im not stupid .. just a bit of a pc phobic.. So can ya tell me how you post him? would really appreciate the advice..

Thanks

skye

I have received a few of these now (my credit rating must be bad!!), I was so digusted I can't believe they are allowed to charge an interest rate this high.

Debt_Free_Chick

Surely MSEers don't carry debt at all, or if they do, it's at 0%. In which case, the APR for borrowing is irrelevant, as we'll never carry a balance on any card

The annual fee is the "extortionate" charge - plenty of fee free cards out there. The cash handling fee is the standard rate and just about all CCs charge it.

On a serious note, I'd like to see all CC promotional mail including a link to this site

April2

mandi wrote:

Yes your right
Martins giving away a bottle of bubbly for the highest APR. Thing is I dont know how to post this to him... Im not stupid .. just a bit of a pc phobic.. So can ya tell me how you post him? would really appreciate the advice..

Thanks

[email="Martin@moneysavingexpert.com"]Martin@moneysavingexpert.com[/email]