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Vanquis Bank credit card review: Vanquis Visa

CREDIT card issuers are a fickle bunch, and if you're one of the millions of Britons with a history of bad debt, credit problems, CCJ's or simply no credit history at all, then you'll probably be well accustomed to their polite brush-offs.

Finally, there is a credit card aimed specifically at those of us who've always been told to talk to the hand because the face ain't listening! The Vanquis Visa credit card.

With an eye-watering APR and a credit limit that wouldn't fill a trolley very high at Marks and Spencer, this is not a card for painting the town red. It is, however, a generous and extremely rare opportunity to claw your way back up the credit score league table.

Vanquis Bank - the issuer of the card - explain that the high interest rates and low credit limit are indicative of the risk they're taking in offering the card to just about anyone (in many cases with an instant decision online). Users of the card report that Vanquis offer better than usual customer contact, so appear to be taking their role as responsible lenders seriously.

Use the card responsibly, and pay it off diligently every month and before long you'll be climbing your way back up the credit score ladder.

Interest Rates and Fees
		Notes..
Typical APR	39.9% APR (variable)	39.9% APR - 59.9% APR. The rate you will receive will depend upon an assessment of your circumstances. The typical APR is the rate most people are offered.
Balance Transfers	n/a	-
Balance Transfer Fee	None	-
Cash Withdrawal Rate	49.94% p.a. (variable)	This rate is also charged on credit card cheques.
Cash Withdrawal Fee	3% (£3 minimum)	-
Annual Fee	None	-
Foreign Transaction Fee	2.99%	This fee will be charged if you make a purchase or cash withdrawal in a foreign currency.

Cardholder Services & Extras
Online Account Management		24/7 telephone banking is provided as well as an online payment facility to pay your credit card statement with a debit card. You'll receive a monthly statement through the post and you can also to choose to pay your balance at the Post Office or by post too.
Fraud Guarantee
Fraud Monitoring		Vanquis will monitor your account for any suspicious activity and get in touch with you if they need to check anything with you.
Identity Protection
Verified by Visa
Purchase Protection Insurance
Purchase Delivery Insurance
Comprehensive Travel Insurance
Travel Accident Insurance
Travel Inconvenience Insurance
Assistance Abroad
Emergency Card Replacement
Other Extras	- Choice of 3 card designs - UK based customer services call centre
Optional Extras

Payments & Payment Details
		Notes..
Credit Limit	£150 minimum, £1000 maximum	Maximum credit limit is subject to status.
Interest Free Period	Up to 56 days	For purchases only where you have repaid two or more consecutive statement balances in full and on time. There is no interest free period on cash advances or cheques.
Minimum Monthly Payment	5% (£5 minimum)	The minimum monthly payment will depend upon as assessment of your circumstances. It will be either: - 3.5% of your outstanding balance, or £5 whichever is greater, OR - 4.5% of your outstanding balance, or £5 whichever is greater, OR - 5% of your outstanding balance, or £5 whichever is greater.
Allocation of Payments	Balance Transfers & Promotional Rate Balances » Interest, Fees & Charges » Purchases » Cheques » Cash Advances	If you do not pay off the full outstanding balance, your payment will be applied towards the lowest interest bearing transactions first.
Default Charges	£12	There is also a £25 tracing charge if Vanquis have to trace you.
Copy of Statement Fee	£5	This is the fee you will be charged for duplicate statements.

Card Details
		Notes..
Online Application	Yes	-
Card Type	Classic	-
Payment Company	Visa	The company who provides the payment technology and infrastructure to allow you to use this credit card. Retailers and ATM machines displaying the 'Visa' logo will accept this credit card.
Card Issuer	Vanquis Bank	The bank who issues this credit card.
Card Advertiser	Vanquis Bank	The company who advertises and promotes this credit card.

Review Continued...

Having a poor - or non-existent - credit history can sometimes feel like you're caught up in a classic Catch-22 scenario. You want to prove that you can be trusted with a credit card, but nobody is willing to give you the chance to prove it.

Well, the Vanquis Visa credit card is, without a doubt, your wingman into improving your credit score and working your way back to the point where banks say yes, rather than politely gesturing towards the door.

What this card is not

The one thing you must remember about the Vanquis Visa credit card is that this is not a ticket to wild days at the shopping mall. Nor should it be seen as a handy loan of £100 or whatever credit limit they decide to offer you.

The Vanquis Visa credit card should be seen as one thing only: an opportunity to step back onto the ladder of credit-worthiness.

So why not use it like all the other lucky people whose wallets bulge with different shiny platinum cards? Because the APR for purchases on this card is almost three times higher than the average high-street credit card. If you're unable to pay your balance off in full each month, you'll find yourself spiralling back down the poor credit hole.

And don't ever even contemplate using this card to withdraw cash, use abroad or utilise one of their credit card cheques they may send you from time to time. With an APR on cash advances that'll make your eyes water (coupled with the fact that interest for these kicks in immediately) this is a sure-fire way to run yourself into financial difficulties.

Repaying what you spend

To improve your credit score you should use the card often, but always pay it off in full before it has time to start charging you interest.

We're happy to see that the Vanquis Visa credit card gives you the option to pay monthly, fortnightly or weekly. This is especially useful for low income earners, or those who budget on a weekly or fortnightly basis, rather than monthly.

The Vanquis Visa credit card does have a higher minimum repayment amount than normal credit cards, at 5% of the balance total or £5. This forces you to pay off your outstanding balance much quicker, and thus prevent you slipping into unmanageable debt.

Final word

No, the Vanquis Visa credit card is not the best credit card for wild nights in Vegas, but when you're being knocked back by every lender this side of the English Channel, it comes out as the very best - and probably only - card available to you.

With its high APR and low credit limit, Vanquis Bank can afford to offer this card to just about anyone, no matter what their financial history. For the cardholder who uses this card sensibly, this presents an almost unique opportunity to improve a ravished or non-existent credit score.

Apply Online for Vanquis Visa credit card »