Vanquis Card

Stigy

Hi all,

Just been accepted for one of these cards. I don't need the credit card, but applied in a bid to aid my credit report. Just wondered what your thoughts were on these cards? Obviously they have high rates, and that's not a good thing, but being aimed at people in my sort of situation, beggars can't be choosers! So that aside, was after opinions of current users.

I opted to pay the minimum each month as I thought this might help my credit file more, but now I'm not sure. Obviously it's in their interest for their clients to pay this way as I'm assuming they get more money in the long run? I will easily be able to afford the full amount each month, but my sole purpose for applying was to eventually help with the credit report.

Any advice would be appreciated!

Maestro.

Pay in full. Despite what some people say, I've only ever known credit card companies in my experience to appreciate paying in full, based on comments about how well the accounts have been run, the way they list the direct debit options (tone of voice particularly suggests they like full payers), etc etc. You also won't incur any interest. Just be sensible with it and in 12-18 months you should be able to get better products. I've now cancelled mine, as the credit limit had climbed to a point where it was pointless for a sub prime card.

Usa2012

I too have had a vanquis for around 8 months. Started at £500 and recently upped to £1000. It's a great way to build hood credit but pay in full as the interest stinks lol
I just used mine mainly to pay for a few coffees twice a month and paid off in full. Just put an mot on it til payday though.
They have always been great to deal with I've found and will review your credit limit every 4 months xxx

Stigy

Thanks for the advice. It's strange, Maestro, they seemed to want to push for the minimum payment, almost as if the call taker was on commission for it? I will probably change to pay in full when I receive my 'welcome' letter etc.

[Deleted User]

Always pay in full for a card with high APR. Vanquis can prefer whatever they like but all they report to the credit reference agencies is the facts about how much you owe and how much you've paid - you don't get extra marks for making them money.

I can well believe that Vanquis may prefer you to pay the minimum - they have a completely different business model to more mainstream credit providers - a good chunk of their profits will come from interest and fees/charges.

No need to wait for the welcome letter, just call them up and say that you want your direct debit to be full payment.

Maestro.

Stigy wrote: »

Thanks for the advice. It's strange, Maestro, they seemed to want to push for the minimum payment, almost as if the call taker was on commission for it? I will probably change to pay in full when I receive my 'welcome' letter etc.

interesting, that's never been my experience. I know they push the cash advance though. Pretty naughty, it's a shame sub prime credit companies even have to exist at all.

SammenForLivet2

it's a shame sub prime credit companies even have to exist at all.

It's a shame - but people rely on them and also, they offer credit (and the chance to rebuild your credit), when others may not be willing, from what I hear on this forum.

The only sub-prime card I've ever had is the Aqua Reward, and they seem pretty happy accepting payment in full.

I guess they work on the Mastercard Interchange fees, which they earn on every transaction.

giblet10

Vanquis worked for me - it was my first card post IVA which I held for about a year by which time my IVA defaults dropped off - I then progressed through to getting a credit card with £10k limit.

I've since closed Vanquis but as I say, worked for me and I always found their service to be good.