Vanquis interest rate

Dw1983

Hi Guys received a letter from Vanquis saying that my credit limit has been increased and that I'm now a gold customer whatever that means can anyone explain the Apr rate to me my purchase rate is 2.839% I'm not sure what this means I appreciate any help

Thanks

[Deleted User]

That sounds like your monthly rate. In very rough terms, you'll be charged that on your balance each month if you're not paying off in full.

SeduLOUs

Dw1983 wrote: »

Hi Guys received a letter from Vanquis saying that my credit limit has been increased and that I'm now a gold customer whatever that means can anyone explain the Apr rate to me my purchase rate is 2.839% I'm not sure what this means I appreciate any help

Thanks

They send you a posh card that says "GOLD" on it in big letters to make you feel important (but the card actually looks fairly rubbish), and then increase your credit limit so you'll think you're a super important customer and go out and spend a load of money on your new shiny card.

In reality, it's one of the worst rate cards on the planet (at around 39.9% APR), and you'd have to be absolutely crazy to leave any sort of balance on it.

It has its use as a credit building card, but if you don't need it for that, I'd be cutting it up and looking at other options that give you some sort of cashback or other benefit for using it.

redpete

Dw1983 wrote: »

can anyone explain the Apr rate to me my purchase rate is 2.839%

I'm sure that's not an APR but a monthly rate. It means that if you have a balance of £500 on the card and don't pay it off in full each month you will be charged approx £14.20 in interest each month.

The APR will be approx. 39.9%.