Coronavirus - Get the latest updates and resources from MyWalletHero - Find out more.
Advertiser Disclosure

The Best Vanquis Credit Cards

Updated: 16th September 2020

You may not have a completely clean credit history, and if that’s the case, Vanquis Bank is the type of provider that can help you out. The bank specialises in providing cards to those who either have no credit history or have had debt problems in the past. Here you will find Vanquis credit cards that give you the opportunity to build up your credit score, and provide you with a springboard to access more attractive offers in the future.


Credit card offers from our affiliate partners appear first and are ordered from highest rating to lowest, followed by other top-rated offers. You can read more about our ratings and page sort here. Offers from affiliate partners are marked with *

 

We’ve taken a look at the cards in the Vanquis credit card portfolio, examining the interest rates, credit limits and account management options and have come up with our favourites. Here are MyWalletHero’s top picks for Vanquis credit cards.

Great for: Building or Rebuilding Credit
2.5 stars question mark

If your mission is to get your credit back on good footing, the Vanquis Aquis credit card could be an ally in that mission. With no annual fee and a manageable starting credit limit, this credit-builder card is simple and straightforward. The APR isn’t among the highest, but it’s still high enough that you should avoid carrying a balance.

Read full review >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • No annual fee
  • Possible credit limit increase after 5th statement
  • Online eligibility checker

REPRESENTATIVE EXAMPLE

Representative rate 29.8% APR (variable)
Purchase rate 29.84% p.a. (variable)
Based on borrowing £1,000

what we like

  • No annual fee
  • Possible credit limit increase after 5th statement
  • Online eligibility checker
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    29.8%
  • INTRO OFFER:

    N/A

KEY SCORES:

  • 1/5 Perks
  • 3/5Fees
  • 1/5APR

HIGHLIGHTS

  • No annual fee
  • Possible credit limit increase after 5th statement
  • Online eligibility checker

REPRESENTATIVE EXAMPLE

Representative rate 29.8% APR (variable)
Purchase rate 29.84% p.a. (variable)
Based on borrowing £1,000
Great for: Rebuilding credit
2 stars question mark

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 >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • No annual fee
  • Manageable starting credit limit between £150 and £1,000
  • You could get a credit limit increase after your fifth statement, up to £4,000 if you manage your account well
  • Online and SMS account management

REPRESENTATIVE EXAMPLE

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.

what we like

  • No annual fee
  • You could get a credit limit increase after your fifth statement
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    39.9%
  • INTRO OFFER:

    N/A

KEY SCORES:

  • 1/5 Perks
  • 5/5Fees
  • 1/5APR

HIGHLIGHTS

  • No annual fee
  • Manageable starting credit limit between £150 and £1,000
  • You could get a credit limit increase after your fifth statement, up to £4,000 if you manage your account well
  • Online and SMS account management

REPRESENTATIVE EXAMPLE

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.

Great for: Credit repair with a lower starting APR
2 stars question mark

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 >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • Low APR compared to most other credit-building cards
  • Starting credit limit of £250 to £1,000
  • Possibility to build credit limit to £4,000
  • Managing your card well could lead to credit-rating improvements
  • Easy account management via online portal and mobile app

REPRESENTATIVE EXAMPLE

Representative rate 29.5% APR (variable)

Rates from 29.5% APR (variable) to 59.9% APR (variable) depending on individual circumstances.

what we like

  • Credit limit could increase to £4,000 over time
  • Comparably low starting APR
  • No annual fee
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    29.5%
  • INTRO OFFER:

    Starting credit limit of up to £1,000

KEY SCORES:

  • 1/5 Perks
  • 3/5Fees
  • 1/5APR

HIGHLIGHTS

  • Low APR compared to most other credit-building cards
  • Starting credit limit of £250 to £1,000
  • Possibility to build credit limit to £4,000
  • Managing your card well could lead to credit-rating improvements
  • Easy account management via online portal and mobile app

REPRESENTATIVE EXAMPLE

Representative rate 29.5% APR (variable)

Rates from 29.5% APR (variable) to 59.9% APR (variable) depending on individual circumstances.


Vanquis Credit Cards

Vanquis may not be a mainstream brand, but it certainly has its place in the market. As part of the Provident Financial Group, it has provided credit cards to those struggling to find credit elsewhere since 2002. As of August 2019, Vanquis had accepted four million customers, and it promises to continue to provide others with the same opportunity going forwards.

Its cards are relatively stripped back, with the main emphasis being on good account management and improving your credit position. It sells itself on being a responsible lender who will try to help customers through modern account management and features such as limited credit limits.

What does Vanquis do well?

Vanquis provides an opportunity to borrowers who are struggling to obtain credit elsewhere. Each of its cards specialises in credit rebuilding, with features included to help make responsible borrowing a part of your everyday financial life. Its eligibility requirements are much looser than those of other providers. Vanquis promises to assess your personal situation and won’t turn customers away just because they’ve had debt issues in the past.

Vanquis cards offer manageable credit limits in the first instance. This allows you to have access to credit and to start rebuilding your credit score, without the temptation of building up too much debt straight away. Vanquis then offers the chance to increase your card’s credit limit over a set period of time if you display good borrowing behaviour, such as staying within your credit limit and making your minimum monthly payments.

The provider’s other main selling point is its account management tools, which are designed to make keeping track of your spending a lot easier. You can choose to service your account online or through a mobile app. Vanquis also provides SMS payment reminders, helping you to avoid missing your monthly payment. Added to this, it has a 24/7 fraud watch so that nothing derails your efforts to improve your credit score.

Finally, if you have had issues with credit in the past, then you may be concerned about applying for a card where there is the risk of being rejected. Well, with Vanquis, you don’t have to worry. You can take advantage of its eligibility checker which will let you know if you will be accepted for a card without affecting your credit score.

Where does Vanquis fall down?

While there are positives to cards like these, if you have a squeaky-clean credit score, they probably wouldn’t be your first choice. While they have good features for those who struggle with credit, there are some definite downsides.

The first of these downsides is a higher than average APR. A typical credit card APR sits around 18%, but with cards like these, you can expect to see interest rates in the high thirties. This is a major downside, as if for any reason you don’t pay your balance in full each month, you will be looking at a large interest charge on any outstanding debt. That is why, to make cards like these work, it is best to pay off your balance in full at the end of each month. The aim is to improve your credit score, so make sure you avoid incurring those high interest charges.

Another drawback of Vanquis cards is the lack of benefits. While that isn’t the reason to take out cards like these, it doesn’t hurt to have something a little extra to sweeten the deal. Understandably, you won’t find any introductory offers, as these could encourage irresponsible borrowing, but Vanquis doesn’t offer anything in the way of cashback and rewards, nor does it even waive its foreign transaction fee.

Also, the credit limits with these cards are low. Initially, you can expect a credit limit of between £150 and £1,000 depending on your personal circumstances. This can be increased over time if you manage your account well, but if you are in need of higher levels of credit, then it may be best to look elsewhere.

What will you find in Vanquis’s card portfolio?

What Vanquis offers is the potential to improve your credit score. Here you can be accepted for a credit card despite a poor previous credit history or low income, and therefore gain access to manageable credit limits, account management tools and support. Not only will you then be rebuilding your credit, but also you could also find yourself with a larger credit limit in as little as five months if you manage your account responsibly.

What you won’t find are any introductory offers or extra perks. Vanquis offers a no-frills service, so if you are after interest-free periods or reward points, then there are other cards on the market which may better suit your needs. The focus with these cards is to offer credit to those who may not be able to get it elsewhere, and to provide the tools to manage your money well and to give you the opportunity to access more attractive deals in the future.

How to apply for a Vanquis credit card

Applications can be made through the Vanquis Bank website. You will go through an eligibility checker first, which will ask you to provide your personal details as well as your employment status and information regarding your income and outgoings. Once you have completed the application, you will receive a response in around 60 seconds.

To be eligible for a Vanquis credit card, you need to be aged 18 or over and a UK resident. You will not be accepted if you already hold a credit card issued by Vanquis Bank or if you are legally restricted from obtaining credit, for example, because of bankruptcy.

More ways to compare credit cards

Top credit card picks by category

Top credit card picks by issuer


The Motley Fool receives compensation from some advertisers who provide products and services that may be covered by our editorial team. It’s one way we make money. But know that our editorial integrity and transparency matters most and our ratings aren’t influenced by compensation. The statements above are The Motley Fool’s alone and have not been provided or endorsed by bank advertisers. The Motley Fool has recommended shares in Lloyds, Tesco and Barclays.