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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.
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
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.
