Vanquis gold credit card

RMS2

dranzer01 wrote: »

Thats a very interesting post. My friends have got varied vanquis and said it is a good starter as the apr drops down to approx 10%? Not too sure if that is correct.

And also, when paying off your monthly balance, for example in a period like this month where there are working days and non working days rolled into one, would you still need to pay off your balance on a 'bank holiday'

I don't own a Vanquis card, so I can't comment 100%, but I think it would be unlikely that they would go that low, it is not their target market. Vanquis do a good job for what they are, offering credit to people with a poor rating and help to rebuild, but not a card to borrow from unless you really have to. Unfortunately, the people who have Vanquis, by the very nature are going to be the sort that will use the credit option (Vanquis would go out of business if they didn't).


If you don't set up DD to pay it off in full (might not always have the funds in place) then pay early, do not leave it to chance or hope, you don't get any day's grace.

dranzer01

Thanks for the advices. If the limit is £3,000 and I use that up, I would be expected to pay back £3,000 at the end of the next month in full? Sounds a little bit much. If you use up the full limit in one month (or during a month) cant you pay back the minimum (for example £100) the following month?

zenthra

dranzer01 wrote: »

Thanks for the advices. If the limit is £3,000 and I use that up, I would be expected to pay back £3,000 at the end of the next month in full? Sounds a little bit much. If you use up the full limit in one month (or during a month) cant you pay back the minimum (for example £100) the following month?

if you want to avoid any interest charges you would need to pay the 3K by the due date however you can just pay the minimum amount instead but then the mega Vanquis interest rates kick in! basically Vanquis is not a card you want to leave a large outstanding balance on month in and month out!

Herbalus

dranzer01 wrote: »

If the limit is £3,000 and I use that up, I would be expected to pay back £3,000 at the end of the next month in full? Sounds a little bit much.

Do you mean that if you buy £3000 worth of stuff with their money and then ask for you to pay for it, you think it's a little bit much?! :eek:

Golden rule of credit cards - don't spend money you don't have. Or it gets expensive.

Also, if you spend up to the limit in a statement period, you don't get another limit for the next statement period i.e. if you spend your £3000 and they bill you on 1st to pay back by 17th, you can't spend any more until you've paid some off. That's why, ideally, your credit limit should be more than twice what you're likely to spend in a month.

lindsaygalaxy

My max is £3k.

dazzaofdagenham

I have a gold card from them and the limit in 3500

Never been anywhere near that limit.....highest my balance has ever been is about 700 pounds..

Hoping to get rid of it very soon.

dranzer01

dazzaofdagenham wrote: »

I have a gold card from them and the limit in 3500

Never been anywhere near that limit.....highest my balance has ever been is about 700 pounds..

Hoping to get rid of it very soon.

How long have you been with them? Is your payments last day of the month?

mandco

your payment date is determined by when you take out your card

a vanquis gold card is issued once your limit reaches £1500 or more so even if you get a gold card it doesn't mean your limit will be £3000.

you can pay any amount from the minimum payment to the full balance each month but the interest rates vary greatly starting at 19.9% and reaching as high as 99.9% depending on your rating. its an ok starter card and works well as long as you are repaying in full each month but def not the card you want if you are planning on a large spend and paying off monthly. If you don't already have a vanquis card your starting limit will usually be between £150 & £1000 and it often takes around 9mths to a yr minimum to get to gold card level if you use it well and get the 4 monthly increases.