Cap one barclays or vanquis

kpearsoncj

Hi thanks for reading ..

i have a vanquis card - 1000 limit 35% apr
cap one platinum £200 limit 29.9%
bcard initial £150 limit 35%

I woulld like one credit card ideally at £500-1000 with a good apr.

I use prob about £100 on each card per month to show i can pay it back token gestures really and some work expenses etc while travelling. I have always paid on time and never missed payment altough a do have 2 past defaults fully paid up now.

I have had the vanquis card 12 months the others 6 and 4 so i am just looking if anyone know a good way to lower the interest rates and maybe get a bigger limit off the lowest rate card - that for me is ideal so i am more than happy to ditch the others. The vanquis one at 1000 has really just been kept as a life saver if needed.

Any guidance is appreaciated

redux

If your spending on each is modest and you pay in full, why worry about the interest rate?

If you won't quite afford to pay everything in full one month, having 3 cards could help, as you might pay two in full and minimum on the other. If it was all on one card there would be interest anyway.

I wouldn't rush to change from there. Keep steady for a while, see if they increase limits slightly, then look for a new card with a lower rate in case of not paying in full.

symphonies

Even though the limit is pretty low, it's worth keeping the Barclaycard. Try and build up a good history with them because it's very likely they'll upgrade you to one of their better ones if you keep using and paying the card on time.

I've found them to be more flexible than other lenders. They have been known to lower APRs, give B/T and M/T offers to existing customers and very occasionally fix it so that you get cashback for a certain amount of time on their cards. (A friend rang up to cancel his card only to be offered £20 and 1% cashback for 6 months on all purchases. It may not seem like a lot but it's better than nothing especially if one can't get the top cashback cards out there.)

Keep the Vanquis and Capital One until they increase the limit on your Barclaycard and then ditch them for something better to use alongside your Barclaycard.

LplateSaver

I'd wait two more months, until you have six months history with barclaycard then close one of the others, and ask for an increase with barclaycard. it might be a few more months until they lower the apr or offer you a better card but I really don't see a benefit from keeping a vanquis long.

Simon7685

Speaking from experience, having been in this position I agree with the above advice. Stick with the BC long term and be patient (which isn't always easy), don't give the others up until you can better them.

My BC Initial started at £250, I got it upgraded to a platinum last summer, the APR dropped to a sensible level and the limit is now £3500 and balance and money transfers regularly available at 0% but it has taken over 3 years to get there, so you do need to be patient.

Spend on all of them each month and always repay in full, that is the golden rule for turning things round and getting to a good credit rating and better deals.

kpearsoncj

thats what i was thinking capital one said i can ask them to lower it after next week.

Simon7685

LplateSaver wrote: »

I'd wait two more months, until you have six months history with barclaycard then close one of the others, and ask for an increase with barclaycard. it might be a few more months until they lower the apr or offer you a better card but I really don't see a benefit from keeping a vanquis long.

If you pay in full each month and use sensibly Vanquis isn't a problem. I had mine for nearly 3 years and never paid a penny in interest. If used well you use their money for 50+ days interest free.

LplateSaver

Simon7685 wrote: »

If you pay in full each month and use sensibly Vanquis isn't a problem. I had mine for nearly 3 years and never paid a penny in interest. If used well you use their money for 50+ days interest free.

What benefits do they give you? 0% for stoozing? Cashback? Even my lovely sub-prime capital one gave me £15 is january for being a customer. Like I said there's no advantage in having a Vanquis past building up your credit rating, and god forbid you ever accidentally miss a payment at their APR.

kpearsoncj

Hi just an update if anyone is interested lol - i shut my capital one and vanquis cards. Re applied for a capital one balance card / 0.05 cashback also and got a £500 limit and also just had a letter today saying my barclaycard initial is going upto £950 limit.

Thanks for the advise it defo paid off