Vanquis Credit Card - Dont Touch!

Fedz

weegee wrote:

Hi thanks for welcome,

Yes I realise my linguistic error, nevertheless you would pay 24.56 on 2 grand if you owed it. This is really high. Surely anyone who achieves a credit limit of 2 grand ought to be able to get a more reasonable rate elsewhere.

I can appreciate that they're in business to make money and that it's legal, but 59 percent? Their profit margin must be astronomical. This is what I object to. They could set a lower credit limit and still not charge such unbelievable rates of interest, and still make a lot of money. But they're just plain greedy!

I can understand people's shock at seeing the rates but in reality the rates aren't that high - mine is 33.030%

You'll find most (if not all) credit cards for low credit rating applicants are +/-2 of 30%

Store card APR's aren't any better but millions have them without question

weegee_2

Store cards have been harshly criticised within the last two days for being extortionate, so maybe millions will start to question! You appear to think these rates are realistic simply because they exist! I don't, I believe there must be an ethical dimension to making profits.

It was nice of you to list some other cards that people could try.

Goodbye!

cos_2

I used Cap1 to get restarted on the financial road because they did the same as Vanquis offering a low rate, no questions asked. If you always pay in full, or close, then it works to build your credit rating and makes it easier to get better deals in the future. I also got a Barclaycard with an initial low limit.

Nowadays, just three years on (from a crap rating, partially due to divorce) I have £3k limits on both but just got a Morgan Stanley platinum that I get cashback on and repay in full every month.

I can't talk about using Vanquis, but know that similar products from these other companies helped me out big time!

Many years ago I also had the Provi loans - used to sometimes switch off the lights and pretend I wasn't home when the collector called... Glad that's behind me!

Cheers,

D

ChrisB_4

They were very helpful when I removed my name off their mailing list. Idiots.

This interest rate is illegal is my opinion and I understand several MP's are currently talking to the DTi. We will see, I guess.

I actually thought the 58.9% interest rate was a joke and searched the literature for the "other" advert which would tell me how crazy my current credit card company was and offer me 10.5% or something. Not so.

Fat_Boy

This thread makes me laugh. :rotfl:

Only 2 days ago I posted about Vanquis and got flamed for it, I followed the first flamers advice and searched the forum for Vanquis to no effect, so I wrongly believed myself to be an idiot! (glad to see the search works well).

I used to work for a store card company (GE ahem ahem) so I know that shylocks are still operating under big business protection, but even GE never thought about a 56% card!

If such a high interest rate is the way back to a better credit rating I can't help but feel that you really shouldn't be allowed to sign an app form without adult consent first. 56% is neither fair nor realistic, and to those haters who will remind me that if your card only has a £200 limit and is paid off every month then it is really 0%, then remember this. A card that is settled every month neither improves nor ruins your credit rating. Try getting on the electoral register and getting a BT (or similar) phone line. This is the way to a better rating....

BWZN93

Fat_Boy wrote:

This thread makes me laugh. :rotfl:

Only 2 days ago I posted about Vanquis and got flamed for it, I followed the first flamers advice and searched the forum for Vanquis to no effect, so I wrongly believed myself to be an idiot! (glad to see the search works well).

I used to work for a store card company (GE ahem ahem) so I know that shylocks are still operating under big business protection, but even GE never thought about a 56% card!

If such a high interest rate is the way back to a better credit rating I can't help but feel that you really shouldn't be allowed to sign an app form without adult consent first. 56% is neither fair nor realistic, and to those haters who will remind me that if your card only has a £200 limit and is paid off every month then it is really 0%, then remember this. A card that is settled every month neither improves nor ruins your credit rating. Try getting on the electoral register and getting a BT (or similar) phone line. This is the way to a better rating....

There really is no need to offend the people who have these cards by saying that we should have adult consent to sign the forms!! Thats Outrageous!!

I have one - my credit rating isnt that great because ive only just graduated and have no history to go on, and moved several times in the last few years and only recently got a job. Capital one wanted a £200 deposit from me which I simply didnt have and this card was ideal for me. Im on 30%apr. Over the course of a year - if my card was maxed and I paid the minimum, my interest would be around £45 for the year. Considering ive seen some people come into my place of work to pay their cc bills and they are paying interest at around £45 per month, I certainly am not a mug - neither do I need consent from my parents - im 25, work in financial services, and have a law degree - Im not stupid.

For many - these cards have been wonderful and whilst I appreciate your offense at recieving this type of offer ("what, ME - bad credit rating!! How darre they!!") please dont come onto these boards and offend those that are using them responsibily to get good history.

Financial regulation have tightened massively over the last few years, and for many, its simply not a case of getting a better card with better limits - Dont you think we would if we could?

Jo xx

Niteflyer

I have one aswell and it has done me more favours than you could possibly imagaine. The people at Vanquis are not stupid, they know that a lot of people use the card and pay in FULL every month just to rebuild their credit (making Vanquis no money) and yet they are still willing to give people a chance with their card. (more than I can say about some other cards)

To be honest, I am a bit sick of people coming here and flaming Vanquis! So you have great credit? well that's wonderful for YOU! don't have a Vanquis card but me? me? I don't have very good credit so I will glady have one, thank you!

At the end of the day, if you don't want a Vanquis card say no thank you, if you do want one, say yes please BUT PLEASE STOP COMING HERE AND SLAGGING IT OFF!


Matt

ChrisB_4

Jo - before most graduates have finished their courses they already have access to at least one card with 1000 limit with no annual charge. It's easy for an 18-year old student with zero credit history to get a Barclaycard with 250 limit at least. Get with it mate! I also know foreign students who zero UK credit history with Barclaycard Gold.

Matt - the point is that it's not an argument about whether Vanquis' business model is stupid (after all they're not doing anyone any favours.. it's 60%!!), it's about the fact that its under investigation for its legality, if you like this fact or not. It's the highest interest rate in credit card history, according to googling.

BWZN93

ChrisB wrote:

Jo - before most graduates have finished their courses they already have access to at least one card with 1000 limit with no annual charge. It's easy for an 18-year old student with zero credit history to get a Barclaycard with 250 limit at least. Get with it mate! I also know foreign students who zero UK credit history with Barclaycard Gold.

.

Errr - and arent they being irresponsible by giving a STUDENT a credit card?? I personally feel that Vanquis are being more responsible by setting low limits.

As to the 'get with it mate', why, as a student with a low income, take a credit card?? If mummy and daddy pay for it then fair enough - but most students arent really in a position to pay these credit cards. They are also probably applying from their parents address where they have been since birth, apply in a student residence of any description and you are less likely to get credit.

Foreign students with barclaycard's probably lied on the application or had them a year or two ago, following several high profile debt suicides, lenders are being a hell of a lot more cautious, which is why most people will tell you they are being offered lower limits than they have previously been offered.

Anyone who knows ANYTHING about the actual credit scoring process knows that your credit rating takes a hit if you move 5 times in 4 years. I know, because I credit score these applications for a major financial provider - as a complex advisor in a branch.

Finally, when you are 25, moved house, just started a job, and have no history whatsoever, it is hard to get credit. Im not stupid or not with it, I know how the system works - hence my current credit card is vanquis, and im not ashamed of it. In fact, Im in a much better position than some recent graduates I know, who have cards and loans all over the place and have £5k of debt which doesnt include their student loans. My debt is my student loan, my student 0% overdraft which is being gradually cleared, and a vanquis with a low limit which I can afford to pay in full every month, and could clear it tomorrow and close it should I wish.

Jo xx

ChrisB_4

Foreign student was a girlfriend at the time, and no she didn't need to lie. I was a bit surprised because I thought (at the time) that the Gold Barclaycard was for workers earning over 20k.. must not be the case I guess.

Your friends with the credit cards who were probably bridging finances between holiday jobs. Or getting themselves in debt. Either way building a credit record - a good thing. And they categorically weren't using parents address, I know because these were good friends of myself and includes me. In fact when I was 20, Barclarycard actually sent bills to an address abroad and I paid the bills out there via cheque (before internet days). They were happy and I subsequently found the change of address did not cause problems. It's like applying for a security guard job, it don't matter if you have a criminal record, only that you have a traceable history and traceable addresses.

It's just simply not true that it's difficult for a student at 18 to get a credit card. It's easy. Vanquis would eat student alive with their high interest rates. Assuming they're not the best finance-minded, better a student has a 30% APR than a 60% APR.

Sounds to me like you made a mistake not getting a credit card as a student.