Vanquis Bank?

smiffy8

Hi,

I am 19 and I am looking for a credit card to use to spend little each month and pay it on time in order to build up my credit rating.
I was sent a 'priority invite' from Vanquis and I was wondering if I should accept?

Could someone also explain APR to me?
e.g. If I spend 20 pound in a supermarket and pay it on time do I have to pay anything extra? and if i fail to pay it on time how much will it be at 39.9% variable?

Thankyou for your help - they really do need to teach these kind of things at school!

bengalknights

Just pay it of in full everymonth and consider it a stepping stone card

smiffy8

Thanks, If I pay it off in full every month will I be charged anything more than what I spent?

Anthorn

If you clear the statement balance every month you won't pay anything over and above what you spent except 49p per month after the first 3 months for eVanquis plus paper statements. But you can have eVanquis without paper statements which is free.

If you don't clear the statement balance you'll pay interest from the day it was debited. If my math is serving me right, 39.94% APR works out at 2.839% monthly (I think).

The-Gaffer

with the new aqua rate reducin card on the go aim for that and in 3 years its 19.9% apr, pretty reasonable considering its aimed at subrime swerve cap ones progression card though as itd be harder to get,

The-Gaffer

As a plus point though, vanquis dont report as much data as the rest of the gang ie, capital one aqua barclaycard etc, try sygma aswell they will only search equifax with aqua and vanquis its liable to be experian, sygmas technically mainstream and its surprising how many poor scorers get ACCEPTED

:money:

Anthorn

The-Gaffer wrote: »

with the new aqua rate reducin card on the go aim for that and in 3 years its 19.9% apr, pretty reasonable considering its aimed at subrime swerve cap ones progression card though as itd be harder to get,

Yes, I agree go for the lowest interest rate you think you can get. The drawback is if you get refused the search will be recorded on your credit report and another application may be difficult to get approved although not impossible: Companies like Vanquis who say they deal sympathetically with applications that have been refused elsewhere should expect to see a recent search.