transferring from vanquis

debtfree13

ok.

so i got a vanquis card to help build my credit rating and always pay more then the minimum.

i have now been sent a gold card and my limit has increased.

thing is, after doing some research, i have found that the rate has gone up as well and is now something like 69.9% :eek: (my balance is currently at around 800 squids does that mean i pay 70% of that 800 each month as interest?)

anyway... what i'd like to know is what provider, if any, should i look at to transfer my balance from vanquis? ideally i'd like 0% for X months but anything less then what i'm currently one would be a bonus! i guess it would need to have a 1000 pound limit?

any info would be great

bigadaj

You should be paying the whole amount off, particularly with these high interest cards, clear the balance every month and it is a green mark for your credit file.

If ou do clear the card very month then the interest rate won't affect you, start it straight away though you do have trailing interest for one month after your first full payment.

There are various checkers on here and elsewhere that suggest cards, have you tried your own bank as they know you best.

In terms of what you will currently pay it will be a little less than one twelfth of your apr rate, though that's still going to be about 5% a month!

TheGenerus1

I transfered my Vanquis balance to a Flybe card from Sygma bank.
You could also try a Creation card from Sygma bank as well.

Their APR starts at 18.9% - £24.9% and are more lenient in their acceptance of applications from people who have had bad credit in the past.

As long as you state the amount of balance transfer that you require when you make the application, the credit limit given should reflect this. Many people apply for the card but do not put down the balance transfer when making the app thinking that when they get accepted they will call and then give them the balance transfer details. By doing this you may well get a lower limit than the balance transfer you needed.

The 69.9% rate you are on now is not monthly but yearly as bigadaj has told you which is about 5% a month interest on your £800 balance.

Usa2012

TheGenerus1 wrote: »

I transfered my Vanquis balance to a Flybe card from Sygma bank.
You could also try a Creation card from Sygma bank as well.

Their APR starts at 18.9% - £24.9% and are more lenient in their acceptance of applications from people who have had bad credit in the past.

As long as you state the amount of balance transfer that you require when you make the application, the credit limit given should reflect this. Many people apply for the card but do not put down the balance transfer when making the app thinking that when they get accepted they will call and then give them the balance transfer details. By doing this you may well get a lower limit than the balance transfer you needed.

The 69.9% rate you are on now is not monthly but yearly as bigadaj has told you which is about 5% a month interest on your £800 balance.

I agree that sygma are more accepting. I transferred £185 from vanquis to them (asda card). They have me a starting limit of £1000 and 0% for 12 months with 24% apr. 1% cash back too.
I had previous poor credit and was accepted instantly with my limit and apr on screen. Good luck x