By: Kate Anderson | Updated: 12th February, 2019
Vanquis Bank’s Chrome Credit Card offers a comparably low representative APR of just 29.5% to those with a limited credit history or past problems. That can be a welcome sight, as APRs for most other credit cards for bad credit start at 35%. Credit limits start at a manageable level of up to £1,000, but can be built up to £4,000 over time.Read full review >
|Representative rate||29.5% APR (variable)|
Rates from 29.5% APR (variable) to 59.9% APR (variable) depending on individual circumstances.
Looking to build your credit rating up? The Vanquis Bank Chrome Credit Card could help in that process… without adding a scarily-high APR into the mix.
This is a credit-builder card with one of the lowest APRs in this segment of the market. If you stick to plan and play by the rules there’s the potential to make a real difference to your credit rating and unlock a credit limit of up to £4,000 in the future.
This is a card very much aimed at building people back up. Designed for those who have limited credit experience or credit issues in the past, the card offers manageable credit limits and a comparatively low APR.
I worked on the front line of personal-finance best buys for over eight years at one of the world’s largest research companies, Nielsen. I reported daily on the developments of the 2008 financial crisis and beyond, keeping up with the changing financial landscape and providing insights to all the major banks in the UK. I know the key players in the market and the tactics behind how they behave. All of which I will apply to highlight the best deals and give honest reviews to help you in your search.
The Vanquis Bank Chrome Credit Card sells itself on its low APR but offers little in terms of other rewards, and much like a strict parent, there are consequences to not sticking to your agreed limits.
None of the above is surprising considering where the card has positioned itself in the market. For those looking to repair their credit rating, the main benefits of the card are the manageable credit limits and comparatively low APR. Therefore, introductory offers and reward incentives could just lead to reckless borrowing and undo the headline benefits and the purpose behind taking out such a card.
As it promises, the Vanquis Bank Chrome Card does offer one of the lowest APRs in this segment of the market. Barclaycard and Tesco Bank have cards with comparable APRs, and granted, additional benefits. But considering the aim of the card is to rebuild credit, the low APR is the key to obtaining this objective. For those rebuilding their credit, it’s worth bearing in mind that responsible use of this card could open up future opportunities to qualify for other cards that are much richer in benefits.
While the Chrome Card is designed for those with a poor credit rating, the bank states that applications are considered on merit and that they will consider you if you’ve been turned down in the past.
You can apply online through the bank’s site with no risk to your credit rating. The bank promises a response within 60 seconds, or if they have any questions regarding your application you will receive a call within 15 minutes.
You will need to provide your address and residential status, alongside your employment status. The application does require a level of personal financial detail, including household income, monthly outgoings, number of dependents and any known changes to your income in the coming six months.
If you are in the market for a credit-building card, then in my view, this is definitely worth considering. The low APR is one of the best in this part of the market and the card is designed to potentially help you access more credit in the future. For someone that wants to take steps towards responsible borrowing, this no-frills card, which avoids spending incentives and tantalising introductory offers, could be a good choice.
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