COMPARE CREDIT BUILDER CREDIT CARDS

This card now offers 0% on purchases for 3 months. The card is suitable for those who are applying for a credit card for the first time who have limited credit history and want to start building a credit profile. The card has a steep APR of 29.9%, so you should clear any debts run up on the card as soon as possible to avoid racking up interest. It should really be used as a way to improve your credit record. The 29.9% rate applies to purchases, balance transfers and cash withdrawals. While you don't have to have the best credit score to apply for the card, you're likely to be declined if you have recent County Court Judgements against you, IVAs that date back five years or if you've ever been made bankrupt. You could also be turned down if you have missed multiple payments on credit agreements within the last 12 months. Applicants must be at least 18 years of age and have a regular income of at least £10,000 per year to be considered for this card.

This credit card aims to help those who are new to credit build up a good credit history and those who might have had a few credit problems to get back on track. You will be able to apply for this card even if you have been turned down for credit in the past, as all applications are considered on merit. The card has a steep representative APR of 29.8% (variable) so you should try to pay off your balance in full every month to avoid paying interest. You may be offered an even higher rate depending on your credit history. Cardholders start with a credit limit of up to £1,000, which could be increased on your fourth statement. You may get further increases every four months, up to a total limit of £3,000. Accounts can be managed online via a secure online service called eVanquis. Once you have registered for the service you can view your account balance, access your statements and pay your credit card bill. You can apply to add a an additional card holder if your account has been open for at least six months, you have a credit limit of at least £500 and your account has been well maintained.

This card has a hefty 34.9% APR, but is designed for people who want to build or rebuild their credit rating. The same rate applies to purchases, balance transfers and cash withdrawals, so you should try to clear any debts as quickly as possible and avoid using the card to get money out of ATMs. Even those who have had County Court Judgements against them in the past, or who have defaulted on previous credit arrangements will be considered for the card, provided you can demonstrate some history of managing your credit. The card has a minimum permitted credit limit of £200, while the maximum amount you can borrow is £1,500. You are unlikely to be accepted if you haven't previously had any credit in the UK, or if you have been declared bankrupt in the last 12 months. You can choose your own card design and register for e-mail alerts to help you stay in control and make payments on time.

This card suits people who have a poor credit history or who previously might have been turned down for alternative cards. It is therefore a good option for people who are self-employed and find it difficult to prove a regular income, who are working part-time, or who might be affected by previous bad credit, including County Court Judgements. They will also consider those not on the electoral roll or at a new address. However, the card comes with a steep APR of 35.9% on purchases and balance transfers, so you will need to pay off any debts as quickly as possible to avoid racking up high interest charges. You will not be charged interest on purchases if you pay your balance in full and on time each month. Depending on your credit history, you may be offered a higher rate of either 37.9% or 39.9%. On the plus side, the card offers flexible payment dates, so you can make your repayments at the time of the month that is most convenient to you. You can change your payment date up to three times a year. Bear in mind that if you are moving a balance across from another card, you will have to pay a £3 or 3% handling fee, whichever is greater. The maximum credit limit offered is £1,600. The card has a 24-hour customer helpline if you need any advice on your account or if you run into difficulties.

The product’s 39.9% APR is of course high, but is reflective of the more underserved element of the population that Vanquis is there to help. You should of course pay off the card in full each month whenever possible to avoid paying any interest. As a specialist lender within the sub-prime market Vanquis has helped over 1 million people who were unable to get credit elsewhere, and whilst APR’s are clearly high, managing a card account with them effectively could be your first step to an improved credit profile.