By: Kate Anderson | Updated: 12th February, 2019.
The Vanquis Visa Classic Credit Card may not have the most competitive APR on the market or any added benefits, but for those who get approved, it could be a great way to build their credit rating up.
The Vanquis Classic Credit Card is a higher APR card without some of the features of other cards here. However, for those who qualify, this card can still be a great way to rebuild your credit score and use as a stepping stone to better cards in the future.Read full review >
|Representative||39.9% APR (variable)|
|Based on borrowing||£1,000|
|Annual rate of interest||39.9% APR (variable)|
Rates from 39.9% APR (variable) to 69.9% APR (variable) depending on individual circumstances.
The APR is one of the highest on the market, but the card could help rebuild a card holder’s credit score and provide access to a credit limit of up to £4,000 in the future.
There are not many benefits to this card beyond potentially allowing those with a poor credit rating access to borrowing. Having said that, it offers manageable credit limits and the ability to increase the amount you can access… if you demonstrate good borrowing behaviour.
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.
As already mentioned, there are significant drawbacks to this card. The combination of a high APR and the lack of introductory incentives means it lags behind some comparable cards on the market. And while it does offer access to credit, there are strict penalties in place if you exceed your limit or miss a payment.
The lack of introductory incentives and the high APR do not make for a stand-out package, but the card is not positioning itself as such. Spending incentives could lead to poor borrowing behaviour, and the card is designed to help improve credit ratings and give cardholders a stepping stone to more exciting offers in the future.
This card is not going to top the best-buy tables any time soon. With one of the higher APRs and no additional rewards, it compares poorly with other cards available from the likes of Barclaycard, Tesco and Aqua. However, it is there as a launch pad for access to future card offers and does provide a method for obtaining an increased credit limit.
The bank says that applications are assessed on merit and that you can be considered even if you have 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 be a UK resident over the age of 18 and 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 dependants and any known changes to your income in the coming six months.
If you are solely looking for a card that will help you improve your credit score and give you access to future credit then, in my opinion, this card could help you achieve that. It depends on whether you think you can make the minimum payments and stick within your credit limit, because the penalties for not doing so are high, and there are other credit rebuilder cards on the market that have a less punishing APR.
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