Balance Transfer from Vanquis?

Ruthie_J

Hi everyone,
I am trying to clear my Vanquis card, it has a horrendous APR of 40%. I have got a poor credit history, but also have an Aqua card for which the APR is 29%. I know this is still bad, but it's better than 40%. I tried to do a balance transfer, but Aqua say their banks can't process transfers from Vanquis, but there is a way round it if, I call Vanquis and they can process the transfer like a payment on the account. However, I called Vanquis, and they said their policy is not to allow balance transfers! I made a transfer from them to Capital One about a year ago, so I know this is not true.

Was just wondering if anyone has any bright ideas?
Thanks

grumbler

Ruthie_J wrote: »

....there is a way round it if, I call Vanquis and they can process the transfer like a payment on the account.

This is likely to be classed as a cash advance, cost 3% and attract higher interest rate (35% purchases and 40% cash advances for my Aqua).

However, I called Vanquis, and they said their policy is not to allow balance transfers!

Of course, they enjoy lending you @40% and want this to keep going. However, I don't think that they can reject a payment coming to your CC account unless it puts your account in credit. In the worst case scenario ask Aqua if it can be your current account that they can "process the transfer like a payment on". If it can, then just use the money to pay your Vanquis balance off.

UsetheFORCE

Last week I made a balance transfer from my barclaycard to my missus Vanquis card which put her a few hundred pounds in CREDIT.

There wasn't any issue, would rather pay 7% than the 60% she has to pay.

grumbler

The correct way of saying this to avoid confusion was that you transferred the balance from Vanquis to Barclays (or money from Barclays to Vanquis).

Anthorn

I agree that the balance transfer would likely be charged interest as a cash advance. So if this is to be done get a cash advance from Aqua, pay off Vanquis and close it. Where interest is concerned there is no difference and also no difference with the Aqua balance.