Vanquis Cash Advance

onenonlyf8

Hello, on Friday I was accepted over the phone for a Vanquis Card. They asked me if I wanted a cash advance, I said yes and took £100. They said it would be in my account by Tuesday. I received a text from them yesterday saying " The £100 cash advance authorised has now been cancelled." Why have they done that? I've tried to get through but can't. Will I still get the card? Thanks

grumbler

I have no idea.

I guess you are lucky that the cash advance has been cancelled. When they offered it, have you asked how much it would cost you?

SnowTiger

onenonlyf8 wrote: »

Hello, on Friday I was accepted over the phone for a Vanquis Card. They asked me if I wanted a cash advance, I said yes and took £100. They said it would be in my account by Tuesday. I received a text from them yesterday saying " The £100 cash advance authorised has now been cancelled." Why have they done that? I've tried to get through but can't. Will I still get the card? Thanks

You'll have to ask them.

I suspect they've either rejected you or given you a very low credit limit. Some here have only been given a £150 credit limit. And I think Vanquis will only transfer up to 50% of that to a bank account.

Lewys

The APR on cash is 49.94% - they've done you a favour!

Tammy2

They offered me that when I applied over the phone. Very naughty - they made no mention of the cost until I asked them. Obviously I then said no thanks!

As others have said, maybe you have a low credit limit at this time. Fingers crossed.

[Deleted User]

I've never used the Vanquis cash advance but I do like to know it's available. Even though the interest rate is high there is no cash withdrawal fee so it could be useful for short term cash in an emergency. Much cheaper than a payday loan.

thebritishbloke

Lewys wrote: »

The APR on cash is 49.94% - they've done you a favour!

That's at best. My interest rate on my Vanquis was 89.9% when I had it.

grumbler

[Deleted User] wrote:

...there is no cash withdrawal fee...

Are you sure? Their "Cash advances" get charged "3% or £3, whichever is the greater" - like for most CCs.

[Deleted User]

grumbler wrote: »

Are you sure? Their "Cash advances" get charged "3% or £3, whichever is the greater" - like for most CCs.

I've never tried it to find out for sure but this is what it says on the monthly statement email:

If you need a cash transfer from your Vanquis credit card account to your bank account, simply call us on 0330 099 3000* and we'll be happy to help you. You won't be charged a cash withdrawal fee and the money will be transferred straight to your bank account.

thebritishbloke

[Deleted User] wrote:

I've never tried it to find out for sure but this is what it says on the monthly statement email:

If you need a cash transfer from your Vanquis credit card account to your bank account, simply call us on 0330 099 3000* and we'll be happy to help you. You won't be charged a cash withdrawal fee and the money will be transferred straight to your bank account.

That's interesting. So in theory you could then BT the balance to another card, and hey presto cheap money transfer. Heck of a risk though.

lynz68

They are saying they won't charge a fee but they will still charge interest in the amount advanced. It's Vanquished they don't do 0% anything.