Just opened a vanquis credit card account

kpearsoncj

Hi just opened a vanquis visa account to try to increase my credit rating after a redundancy about 8 years ago and bad advise shot it to pieces.

i plan to run the credit card along with my bank account and pay off in full each time.

can anyone give me any feedback on vanquis / card any benefits etc good bad points thanks

CKhalvashi

I don't/never have had one, however the only advice I can give you is to make sure the payment is made a week before the due date, or a direct debit it set up.

They're a reputable company, and many on these boards have been helped by them post insolvency.

CK

kpearsoncj

ok cheers thanks for that

MisterBaxter

Their interest rates are high and they will try their hardest to sell you the repayment option plan, you will also receive some calls about a savings vouchers or something to that effect.

The interest rates aren't an issue if you pay in full each month and after a couple of times politely telling them I didn't want their repayment plan or savings vouchers they haven't called again.

I've never had an issue with making payments to them and they get recorded on my account quickly.

I suspect that they are like many card companies in that if you keep within your limits and pay on time they leave you alone.

Robo787

I have just paid mine off £253.13.

Got it in November and didn't use it until January ( CAR MOT ).

First payment of £11.15 was due by DD at the beginning of Feb.

DD was paid then a few days later i checked my account and was £3.13 over my £250 limit, they had added over £16.00 in interest.

Why they don't calculate the interest in with the minimum payment i don't know rather than adding it a few days later.

If i'd of left things as they were, i would have paid about £35.00 and still owed nearly the full amount.

FORGET ANY RECOMMENDATIONS ON CREDIT CARDS AFTER BANKRUPTCY, THEY JUST WANT YOUR MONEY.

I was declared Bankrupt in Feb 2012 and discharged in Dec the same year and will never get in debt again, i only got the card after visiting this website to build my credit score up, but i have now cut it up and closed my account so i don't get sucked back in the debt hole.

There is purchase interest from purchases you make and cash interest from any cash machine withdrawals you make.

KxMx

If you need to contact them there is an 0800 number which works on saynoto0870.
I've been with Vanquis a couple of years no problems. I always re-pay in full each month.
I second making sure payment promptly before due date, it can take several days to appear but typically they credit from payment date not when it shows up on the transactions.
I get calls every other month or so about their repayment plan, which is annoying and I haven't been able to stop them. I just say no thanks before they start their spiel and hang up.
As long as you pay in full each month you won't pay interest on purchases.

Drp8713

Robo787 wrote: »

I have just paid mine off £253.13.

Got it in November and didn't use it until January ( CAR MOT ).

First payment of £11.15 was due by DD at the beginning of Feb.

DD was paid then a few days later i checked my account and was £3.13 over my £250 limit, they had added over £16.00 in interest.

Why they don't calculate the interest in with the minimum payment i don't know rather than adding it a few days later.

If i'd of left things as they were, i would have paid about £35.00 and still owed nearly the full amount.

FORGET ANY RECOMMENDATIONS ON CREDIT CARDS AFTER BANKRUPTCY, THEY JUST WANT YOUR MONEY.

I was declared Bankrupt in Feb 2012 and discharged in Dec the same year and will never get in debt again, i only got the card after visiting this website to build my credit score up, but i have now cut it up and closed my account so i don't get sucked back in the debt hole.

There is purchase interest from purchases you make and cash interest from any cash machine withdrawals you make.

Will all due respect, Vanquis cards should always be paid in full each month due to the up to 89.9% interest and should not be maxed out.

If your spending £249 on a £250 limit and not paying in full of course your going to go over.

Robo787

Drp8713 wrote: »

Will all due respect, Vanquis cards should always be paid in full each month due to the up to 89.9% interest and should not be maxed out.

If your spending £249 on a £250 limit and not paying in full of course your going to go over.

I have closed my account now, i didn't know they charged 89.9% so have done the right thing.

Poppops

I started with Vanquis a few years ago after a long spell in debt and have now moved on to Barclaycard. My rate is half what it was then.

However Vanquis is great for improving your credit rating if you manage your account well.

And personally I haven't a bad thing to say about them. I paid on time, they left me alone, and at the end of the day they gave me a card when no-one else would

SnowTiger

Robo787 wrote: »

I have just paid mine off £253.13.

Got it in November and didn't use it until January ( CAR MOT ).

First payment of £11.15 was due by DD at the beginning of Feb.

DD was paid then a few days later i checked my account and was £3.13 over my £250 limit, they had added over £16.00 in interest.

Why they don't calculate the interest in with the minimum payment i don't know rather than adding it a few days later.

Most, if not all, credit cards work that way.

It's because the credit card company doesn't know how much interest to charge until the statement is produced.

Spending up to your credit limit isn't a good idea, especially if you only (intend to) make minimum payments.

I note you've closed your account now. That's probably for the best.

LittleVoice

I've received a priority invitation to apply for a Vanquis card (limit of between £150 and £1000) in order to "build or rebuild" my credit history.

I wonder where they get their list of potential cardholders as I have no need to build or rebuild a credit history. I've had credit cards continuously since 1971, currently have 3 to take advantage of various cash back/rewards, and have always paid off in full each month (much more than the credit being offered).

It's almost worrying to get the offer, apparently out of the blue.