Advantages May approve you for credit when others won't
Disadvantages There are the most evil Sub-Prime credit card in the country - AVOID!!!
Vanquis Bank are absolutely horrendous.Myself and my other half are with Vanquis customers.
My OH has been with them for 2 years, applied for the card when he still had some defaults and a CCJ outstanding on his credit report, they gave him a £250 limit and a 59.9% APR.Fine for building credit, we made sure to pay off the balance in full each month to prevent interest being charged, which was good for a short time.
Then came the lies, his credit limit was upped to £750 and they said the APR was 39.9%. Then again they upped the limit to £1,500 and they said a Gold card was being issued with a typical APR of 19.9%.I've had a look over his statments as the balance isn't going down, and they are in fact charging 69.9% APR. Yes, nearly 70% interest. He has never missed a payment, never breached the credit limit, and always repair more than the minimum due.
He has a balance of £1,600 which is going down but very slowly as they are charging nearly £100 a month interest. He's been approved for a much lower rate card, 20-something% I think, but only with a £500 limit.So Vanquis has helped him get a better credit score, but he's stuck with them now because other lenders are being stingy with credit limits.
I myself have just become a customer of Vanquis as I've just been discharged from Bankruptcy, they gave me £250 with 39.9% APR, but with what's happened to him I'll be closing the account in favour of an Aqua card which I have been approved for.AVOID THEM. TRY FOR AQUA or CAPITAL ONE CLASSIC INSTEAD!!!
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