Reduce credit card interest rate

aav

I have a Vanquis credit with a high interest rate and wondered if you are able to get a lower rate of interest. I've had it for over 2 years and have used it regularly. Every bill time I have paid the bill in full and have never missed a payment. Any advice would be great.

CLAPTON

aav wrote: »

I have a Vanquis credit with a high interest rate and wondered if you are able to get a lower rate of interest. I've had it for over 2 years and have used it regularly. Every bill time I have paid the bill in full and have never missed a payment. Any advice would be great.

if you pay in full each and every month then you shouldn't be paying any interest unless you withdraw cash.

grumbler

If you pay the bill in full and don't withdraw cash, the interest rate is irrelevant.
Even if Vanquis agree to reduce a little their exorbitant APR, it still will be a far too expensive way of borrowing.
If you really want to borrow and have a good credit record now, can't you just apply for a better card?

aav

Sorry I am not making myself clear. I know if I pay in full I don't incur any interest. What I was looking at doing is making a bit of a large purchase which I wanted to pay off over a few months. Also I don't think my credit is good enough to get a better credit card.

Tixy

What APR is your vanquis on? they may drop it a bit if you ask, but if you can get a different card then it will likely be cheaper.

Have you tried to apply for a new card?

What negatives do you have on your credit history?

Something like the barclaycard initial has 3months 0% on spending, and accepts people with settled defaults/CCJs over a year old in some cases.

grumbler

Well, you don't need any advice then. Just call them and ask, but the most likely answer will be 'No'.

CLAPTON

better not to get into debt whatever the interest rate is: