Vanquis specialises in credit cards for people who want to build their credit score.
Vanquis Bank is part of the Provident Financial Group, a lender first established in West Yorkshire in 1880, in order to provide affordable credit.
Vanquis is an arm of the group set up specifically to offer credit-builder credit cards. These are designed for two types of people: those with bad credit history who can’t otherwise get a credit card, and those who don’t have much of a credit history – for instance if they’ve lived abroad, or if they’re very young.
How do Vanquis credit cards compare?
Vanquis offers one main type of credit card, though the terms each customer is offered will differ according to their particular circumstances and credit history.
These are the main features you can expect:
- An opening credit limit of £150 to £1,000
- Your credit limit can be increased after you receive your fifth statement
- A representative APR of 39.9%
Vanquis credit card features
Vanquis credit cards come with several features designed to help people on their credit-building journey:
- Simple application: The Vanquis application process is usually quick – after you’ve applied, a representative will call you back, often within 15 minutes. As long as you’ve provided the correct information, you should get a decision on the phone
- No card fees: Vanquis does not charge customers monthly fees to use its cards
- Rising credit limit: Although your starting credit limit is low, at a maximum of £1,000,Vanquis can increase your ceiling every five months if you’re proving yourself dependable. Your credit limit can rise to £4,000
- Online and mobile banking: The Vanquis app helps you stay on top of your funds, allowing you to make payments via Direct Debit and track your spending
- Regulation: Vanquis is regulated by the Financial Conduct Authority, and its credit cards are protected by the Consumer Credit Act, meaning you’ll get a full refund if anything goes wrong on purchases worth between £100 and £30,000
How to build your credit with a Vanquis Bank credit card
Credit-builder cards don’t have the best terms on the market because they’re design for a particular goal – helping people with poor credit histories prove to potential lenders that they’re ready to borrow more responsibly. There are a few basic measures you can take each month to achieve this:
- Pay off the minimum each month, at least: Paying the agreed amount each month shows you take your credit agreement seriously, and that you’re responsible enough to set money aside each month. It’s better to pay off more than the minimum, and better still to settle the full balance each month, as it cuts down the insurance you have to pay
- Pay on time: Making sure you don’t miss a payment is vital, as it’s the quickest way to negatively affect your score
- Don’t spend your entire credit limit: Spending less than your limit each month will cut down on the interest you have to pay, and will show lenders that you’re not relying too much on your credit
Am I eligible for a Vanquis Bank credit card?
Vanquis has clear eligibility criteria for each of its cards, though the offer you get will depend on your particular circumstances. You need to be a UK resident aged 18 or over to apply, and you must have a UK bank account. If you are bankrupt, you will not be eligible
Your chances of being accepted for a Vanquis credit card will depend on a range of factors – most of which come together to make up your credit score. You’ll get better rates if you have a history of responsible borrowing than you will if you’ve missed loan repayments or even defaulted in the past.
The best way to take control of your credit score is with MoneySuperMarket’s free Credit Monitor tool. You can use it to find out what your credit score is, and to work out simple ways to improve it. Once you have a better handle on your score, you should find it easier to get better deals on credit cards.
How long does it take to get a Vanquis credit card?
It only takes a few minutes to provide us with the information we need to access your credit score, and for us to find the correct deals – and doing so won’t affect your credit score. After that we’ll direct you to the provider, who will test your eligibility and ask you to make a full application – which shouldn’t take long. Once you’ve applied, Vanquis will call you back and tell you whether or not you’ve been accepted.
Your Vanquis credit card and PIN should arrive in the post within 10 to 14 working days of applying. Sometimes an application is flagged for a manual evaluation, which can take a few days extra.
How do I apply for a Vanquis credit card?
MoneySuperMarket’s comparison tool is a great way to apply for a Vanquis credit card. It’s simple: you give us a few details about yourself and your circumstances, and we scour our providers for the best deals available to you, including APR and credit limit. You then pick the one you like best.
We are free and independent, and offer exclusive deals you can't get anywhere else. Click here to get started with our comparison tool.