Vanquis card

Lily189

Hi I applied for a vanquis card on Friday they phoned me a few mins after and said I was accepted
They went threw all the details of the card set up my direct debit
Does this mean I'm excepted
I was also offered a cash advance which I accepted they said it takes 2 working days
Has anyone got this and it been in on time
How long till you received your card

[Deleted User]

As they said you've been accepted, I'd say you've been accepted.

It was a mistake to take the cash advance (unless you're absolutely desperate and even then, I would think twice) - can you still cancel this?

If not, make sure you pay if off as soon as possible as the interest will start racking up from day one, at a very high rate.

[Deleted User]

You will get charged extortionate interest on that cash advance.
I’d try and cancel it as suggested above.

Ben8282

Oh yes you are accepted all right. You are the PERFECT vanquis customer. Direct debit set up (miimum payment presumably) and cash advance accepted. They couldn't ask for more.

cymruchris

Would definitely cancel the cash advance unless it's an emergency.....

stehouk

I feel sorry for people that fall into the cash advance trap, it will snowball into massive debt from day one and fill the pockets of the credit card company investors that prey on the poor.

jimbo26

Lily189 wrote: »

they phoned me a few mins after and said I was accepted

Lily189 wrote: »

Does this mean I'm excepted

You answered your own question

T-G-C

I must make an important point here. The purchase rate and cash rate are the same, an elevated rate for cash transactions was aborted in late 2018.

The main difference between the two now, is that the interest is charged from the date of the transaction, which means that a grace period is not available unlike with a purchase transaction.

OP: You should have setup a Direct Debit for the full balance and refused the cash advance. Use the card for purchases that you would normally account for on your debit account, then use that money to clear the credit. If you used it in this fashion for 6-12 months, there is a good chance that your clean and crisp record will allow for a more mainstream card. Whilst you will not appear as a profitable customer for interest, mainstream providers do not prioritize this among more red factors like persistent debt or missing payments. Making good use of your credit limit, but not carrying a balance, will demonstrate responsible use of your card. Since other lenders cannot see the name Vanquis on their credit check, you will not be discriminated for this in itself.

JP2019

T-G-C wrote: »

Since other lenders cannot see the name Vanquis on their credit check, you will not be discriminated for this in itself.

If that is the case then why do people say that having a Vanquis/Aqua/Marbles etc etc looks bad to other lenders being sub prime? Do other lenders see the high interest rate instead of the name?

Not saying you are wrong at all, you are probably right but I am curious why so many others say different.

Ben8282

JP2019 wrote: »

If that is the case then why do people say that having a Vanquis/Aqua/Marbles etc etc looks bad to other lenders being sub prime? Do other lenders see the high interest rate instead of the name?

Not saying you are wrong at all, you are probably right but I am curious why so many others say different.

I don't know who says this or why they say it but I would guess that they may be referring to the low limits usually given by these lenders. Having a credit card with a really low limit can hardly look good. Lenders can't see the APR so that is not the reason.