A warrior for better consumer practice, and stamping out exploitation.
A warrior for better consumer practice, and stamping out exploitation.
Member since:04.11.2009
Reviews:2
I’m embarrassed to admit that in 2005, my credit file was well and truly dragged through the mud following the break-up of my long term relationship and a sale of our home. Added to this, from Nov 05’ through to Aug 09’ I was working outside of the UK for a Bahrain based airline.
Upon my return the UK this summer, I needed a credit account to rebuild my credit rating, and as with most people, pay for goods and services online etc (the world seems increasingly difficult to survive in without a amex/visa or mastercard)
I was declined my UK current account provider Natwest to my astonishment, considering I’ve maintained a full service current account with them since 2004, without ever incurring charges. And then declined by Capital One.
I found an advert for Vanquis Bank on money supermarket.com, and read some really awful reviews about them, and gut wrenching APR’s, but stuck in a rut I took the plunge eye’s wide open. I applied on line at www.vanquis.co.uk and filled out the online application with took about 4/5mins. The website as of Aug 09’ was advertising typical APR of 39.9%
3 days later I received a phone call from a polite call centre operator stating that they needed to confirm a few more details, she confirmed that my application has been accepted. Great! Only she was unable to confirm my APR over the phone or my credit limit, very funny I thought! “this would be confirmed by post“. Then strangely, she offered a cash bank transfer from my Vanquis Card to my bank account in the meantime. I declined this offer and advised it would be silly when you cannot confirm my credit limit. I also declined there offer off the payment protection plan as I intended to pay the balance of every month.
One week after my initial application I received a copy of the credit agreement and a welcome leaflet. I had been offered a credit limit of £250 at a purchase APR of 34.080% cash advance of APR of 41.200%. At this point I felt very glad I had NOT requested a cash advance!
3 days afterward I received the pin number for the card, yet I had to wait another 7 days for the card itself to arrive. I bit slow, however it came after chasing them up on the phone.
The Vanquis Card is essentially the same as any other credit card other than its sub-prime, and the contract T&C’s look like they’ve been written by Ebenezer Scrooge himself. I’ve now had the card for 4 months, long enough to have formed my first impressions.
There monthly statements are clear and concise, so far I’ve only spent a nominal amount every month and have always paid back the full amount so now I have the full 56 days interest free credit. I choose the repay the balance over the phone using there automated system which is surprisingly efficient considering the time it took to receive the card. It takes 2/3 working days for the payment to be allocated to my account using this method, and shows up on my current account as Vanquis Bank (London) the following day.
My advice, umm (sighs) if your like me and applied for this card with the sole purpose of putting some good payment history track on your credit report file its fine as long as you pay in FULL.
If you need this card to survive steer well clear! A more suitable alternative would be to look at your local county council website, and look up in there A-Z index Credit Union. A far better way of obtaining small loans, which wouldn’t normally be considered by the major high street institutions.
Finally be warned!! I’ve paid my statements of in full each month, however if I had chosen to repay the minimum repayment on my last balance of £190.79, the minimum repayment would have been £8.00, however the estimated interest charge would have been £8!!! You do the maths, you would never repay any of the capital borrowed.
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Top review. Great to see you really reflect on your personal use of the card. I hope you get your credit back where it needs to be!
Tempus_Fugit 04.11.2009 22:05
My credit rating is so bad, not even Vanquis are prepared to give me a Credit Card. Have been living without one for some years now and I'm not missing anything.
Yorkiebee 04.11.2009 21:43
I agree with Thehonesttruth, you've given a lot of useful information in this review and also helpful advice about a credit union.
Advantages: No problems if you have a bad credit history, friendly staff. Disadvantages: Pounce on you if you go a penny over your limit, high interest rate.
kinetix63 29.03.2007 ·
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