Neo credit card by vanquis

Dod1978

Has anybody got one of these cards and if so are they any good. I can't find a lot of information on it. Any help would be appreciated.

grumbler

Define "any good".

Looks like a typical sub-prime card with very high interest rate.
Shamelessly promotes 'cash transfers' (3%+50%APR:eek:) as "the safest and most convenient way to pay".

swaite53

I guess it depends what you want from the card.

I am rebuilding my credit and have a Vanquis card. Their service for me has always been friendly and helpful.

Yes, the interest rates are high, but I didn't have much choice.

ilikewatch

grumbler wrote: »

Shamelessly promotes 'cash transfers' (3%+50%APR:eek:) as "the safest and most convenient way to pay".

Really? I thought the one feature that made the Neo different from Vanquis' other offerings was that they DON'T charge a fee for cash transfers or bill payments?

https://www.neocreditcard.co.uk/about-the-card/faqs#what_is_%E2%80%9Cpay_a_bill%E2%80%9D?

Is there a fee for using this service?

We do not charge a fee for either “Pay a Bill” or “Cash Transfers”.
Cash Transfer – this is a Cash Transaction on your account and we charge Cash interest rate from the date the transfer is debited to your account.
Pay a Bill - this is a Purchase Transaction and we charge Purchase interest rate. If you pay your balance in full and on time you will not pay interest on new purchases.

ilikewatch

grumbler wrote: »

Looks like a typical sub-prime card with very high interest rate.
Shamelessly promotes 'cash transfers' (3%+50%APR:eek:) as "the safest and most convenient way to pay".

Not really fair on Vanquis to quote them out of context like that - the website actually states

"If you need to pay a friend from your NEO account then NEO’s Cash Transfer is the safest and most convenient way to pay"

In the event that you need to pay a friend from your NEO account, then a cash transfer directly into their account probably is the safest and most convenient way to do so - I assume that the only other way would be to make a cash withdrawal from a machine.

Anthorn

In the sub-sub-prime credit card market in the rather ubiquitous 39.9% stable there is now another player: The Cashplus Mastercard credit card has a £10 annual fee which when added to the 32.85% annual interest amounts to 39.9% APR based on the usual £1200 limit.

I received an email yesterday offering a guaranteed acceptance and up to £500 limit. Not a lot but better than the average starting £250 limit from Vanquis.

By invitation only and their offer expires rather quickly this coming Monday. Probably other Cashplus prepaid users will have received an offer.

Might be worth looking out for if it becomes generally available especially since Cashplus has a very good record on MSE forums.

boo_star

Anthorn wrote: »

In the sub-sub-prime credit card market in the rather ubiquitous 39.9% stable there is now another player: The Cashplus Mastercard credit card has a £10 annual fee which when added to the 32.85% annual interest amounts to 39.9% APR based on the usual £1200 limit.

I received an email yesterday offering a guaranteed acceptance and up to £500 limit. Not a lot but better than the average starting £250 limit from Vanquis.

By invitation only and their offer expires rather quickly this coming Monday. Probably other Cashplus prepaid users will have received an offer.

Might be worth looking out for if it becomes generally available especially since Cashplus has a very good record on MSE forums.

Aqua is better than that overall.

Anthorn

boo_star wrote: »

Aqua is better than that overall.

Really? You don't say!

But that depends on which Aqua card. Their starter card falls into the arm-and-a-leg APR rate and not-worth-bothering-with credit limit bracket.

Dod1978

Thanks for the replys. I have another quick question. I'm looking to build my credit rating, what would be a better credit card to get an aqua start card or a marbles start credit card

grumbler

ilikewatch wrote: »

Really? I thought the one feature that made the Neo different from Vanquis' other offerings was that they DON'T charge a fee for cash transfers or bill payments?

https://www.neocreditcard.co.uk/about-the-card/faqs#what_is_%E2%80%9Cpay_a_bill%E2%80%9D?

Is there a fee for using this service?

We do not charge a fee for either “Pay a Bill” or “Cash Transfers”.
Cash Transfer – this is a Cash Transaction on your account and we charge Cash interest rate from the date the transfer is debited to your account.
Pay a Bill - this is a Purchase Transaction and we charge Purchase interest rate. If you pay your balance in full and on time you will not pay interest on new purchases.

I stand corrected.
I did know about the bills, but for 'cash transfers' assumed that "Cash advances 3% or £3" from the summary box applies.

That said with 50% APR 3%/£3 fee hardly makes much difference.

grumbler

Dod1978 wrote: »

Thanks for the replys. I have another quick question. I'm looking to build my credit rating, what would be a better credit card to get an aqua start card or a marbles start credit card

Try Aqua Reward that pays 0.5% cashback and is good for spending abroad.