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Intresting info about Vanquis

Last post Fri, Mar 20 2009, 8:33 AM by relay. 6 replies.
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  •  Fri, Mar 20 2009, 8:33 AM

    Re: Intresting info about Vanquis

    Ah, i see. Thanks Moderator. I didn't realize the link was a problem, should have thought really before posting that. Sorry. :-(
    • Post Points: 5
  •  Thu, Mar 19 2009, 6:10 PM

    Re: Intresting info about Vanquis

    Was there any particular reason why my reply was deleted? Moderator - Yes there was, it contained a link that contavenes the MS forum rules. Please ensure you read the moneysupermarket.com Community Standards and Terms of Service before posting. Thanks

    I was simply pointing out that the APR on the Vanquis Gold card is variable & although they tell the customer it is only 19% they are actually charging people anything up to 29%APR instead and cover themselves by saying the 19% was 'variable'. The following quote is from a review by someone who was also upgraded to Gold card status.

    Please watch out for small print and make sure you read it, 3months ago I received Vanquis Gold card with credit limit of £2000 with 19.9% APR and now 2 month later I rang up and questioned about APR on Gold card and the answer was 29.9%. Vanquis website clearly states Typical 19.9% APR for Gold card. Duty manager from Vanquis saying website is only for guide and its not actual information for customers.

    It does seem that they are not being completely transparent when they upgrade existing customers & it would be advisable to investigate further if they do upgrade you to Gold card status.

    • Post Points: 5
  •  Thu, Mar 19 2009, 8:12 AM

    Re: Intresting info about Vanquis

    Skywalker:In that case you are doing the right thing. It's strange that these credit card companies increase the credit limit, when there is no apparent reason to do that, particularly in your case, where you rarely pay them any interest at all. In my case I almost always pay in cash, because I can pretty much always get at least a 10% discount (obviously not at places like Asda) although when buying via the internet, always use a credit card for the protection.

    Oh I agree. I've requested to have my limit lowered a number of times in the past yet they still keep on giving me more. £2000+ is nice to spend and I could find a hundred things I could use it for however, I think its far better to put money aside each month, into a savings account for larger purchases.

    I mainly use my credit cards for internet purchases also. In this current economy, with businesses going into administration, the protection you get with credit cards can't be beaten.

    I would honestly prefer not to have credit cards though, despite how careful you are, the temptation of spending will still be staring you in the face. But that won't help me get a mortgage, unfortunately.

    • Post Points: 5
  •  Thu, Mar 19 2009, 7:33 AM

    Re: Intresting info about Vanquis

    In that case you are doing the right thing. It's strange that these credit card companies increase the credit limit, when there is no apparent reason to do that, particularly in your case, where you rarely pay them any interest at all.

    In my case I almost always pay in cash, because I can pretty much always get at least a 10% discount (obviously not at places like Asda) although when buying via the internet, always use a credit card for the protection.
    • Post Points: 50
  •  Thu, Mar 19 2009, 7:16 AM

    Re: Intresting info about Vanquis

    Skywalker:If you are paying 50% apr you obviously have a really bad credit history. I don't believe for a second that they will reduce this to 19.9% just because you are in debt to them by 2k. You need to read the small print. And you need to rethink spending money you haven't earned yet, and paying 50% for that 'help' !


    I've had my Vanquis card for over two years. When I first got it, I had no credit history. Now, I'm actually getting pre-approved for credit cards with rates as low as 10%. The interest rate I receive from Vanquis actually means nothing to me. I pay my balances off in full each month, regardless of the amount I spend. Last time I paid them interest was roughly 8 months ago.

    I'm more focused on building a great credit history, so when it comes to applying for a mortgage in the future, my chances will be greatly improved.
    • Post Points: 20
  •  Thu, Mar 19 2009, 6:37 AM

    Re: Intresting info about Vanquis

    If you are paying 50% apr you obviously have a really bad credit history. I don't believe for a second that they will reduce this to 19.9% just because you are in debt to them by 2k. You need to read the small print. And you need to rethink spending money you haven't earned yet, and paying 50% for that 'help' !
    • Post Points: 20
  •  Thu, Mar 19 2009, 6:19 AM

    Intresting info about Vanquis

    I have a Vanquis credit card, paying rediculous amounts of interest - 50% apr.

    When I received this months statement, they had given me a credit limit increase, well over £2000.Shortly after receiving this statement, I received a letter from them saying my account is being upgraded to "Gold Status". The letter didn't have much information about Gold Status or its perks so I decided to Google and see what information came up. I couldn't find anything at all about the Vanquis Gold card in Google either. I thought perhaps this may be a new type of card they are offering.

    All I can assume from my upgrade is that the interest rates will be much much lower, 19.9% from looking at the credit agreement. The letter says my current Vanquis card will cease to function within 30 days and that any outstanding balances will be transfered to the new card.

    This gold card, I believe to be issued automatically to customers who reach £2000+ credit limit. So if you have a Vanquis card, now you'll have something to look forward to.
    • Post Points: 35