Vanquis Visa Credit Card

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  • Cash Advance Fee:
  • Cash Advance Rate:
  • Representative APR:
  • Standard Purchase Rate:
  • 3%
  • 49.94% p.a.
  • 39.9% p.a. variable
  • 39.94% p.a.

Pros

  • One of the only cards available designed to build credit

  • Even those with poor credit ratings can open an account

Cons

  • No balance transfer or introductory purchase rate offers

  • Standard rate of interest charged on purchases is well above average

  • Cash advances are extremely expensive

Best Features of the Vanquis Visa Credit Card

  • A great way to establish or rebuild your credit
  • Ideal if your credit rating is poor
  • Accepted wherever Visa is accepted, online and offline
  • Fraud monitoring keeps your money secure
  • Read the terms and conditions

Our Review

If you’ve got an impaired credit rating and have been declined a credit card, then give Vanquis a try. Their latest Visa credit card comes with a 56 day interest free period and no annual management fees. If you can afford to pay your balance in full at the end of the month, or are looking to build up a credit history then the Vanquis Visa card could be the ideal companion.

Who it’s for

The Vanquis Visa credit card is designed for people who have been declined credit cards in the past. If you have a poor credit score or simply want to build up a credit history, then the Vanquis Visa account is one of the best cards on the market currently available to you.

Eligibility

In order to be eligible for a Vanquis Visa credit card you must be 18 years or older, live in the UK and not be declared as bankrupt.

Credit limit

Vanquis offer a tailored credit limit based on your personal circumstances that can range from £150 to £3,0000. There is also the option to increase the credit limit on the 4th statement with further increases reviewed every 4 months, so long as you can continue to repay the balance in full each month and not go over the credit limit.

Purchases

The Vanquis Visa credit card comes with a 56 day interest free period on all purchases. Thereafter, the interest rate is a whopping, 39.94% p.a.. Although the Visa account offered by Vanquis is flexible in terms of monthly repayments, it’s recommended that you avoid paying the minimum amount, as the interest rate is so high.

Cash advances

If you need access to cash in a hurry then you can use your Vanquis Visa card at cash points worldwide. However, It should be noted that the APR is a staggering 49.94% p.a.. Vanquis also charge a 3% handling fee.

Security & fraud protection

Vanquis offer all Visa account holders complimentary fraud monitoring. The bank will actively monitor your account and keep an eye out for any suspicious activity and notify you if any fraudulent activity has been detected.

The credit card is also part of Visa’s Verified programme which further protects you against online credit card fraud by asking for a unique PIN code every time a transaction takes place on the web.

Conclusion

If you want to build up a credit history or have previously been rejected a credit card elsewhere then consider the Vanquis Visa card. With no annual management fee, a reasonable credit limit and a 56 day interest free period, the Visa account is a great way to improve your credit rating.

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