Vanquis Credit Card

The Vanquis visa credit card has a few things to offer that you may be interested in.  It is considered a bad credit credit card because of the high interest and the terms of their agreement.  Let’s look at some specifics so that you can understand what this means.

First the Vanquis visa is not going to offer you an introductory rate on balance transfers.  You will not have zero percent interest at the start or probably ever during the accounts life for balance transfers.  This is a rare find for most of the cards on our list.  However, the card does have a purchase rate offer.

For the purchases you have zero percent interest for 56 days.  There are terms you are subject to understanding before this will work for you.  You must have the purchases made before the 56 days and showing on the account.  This period starts when the account is opened and not when you get the card in the mail.  After the 56 days is over you will be charged an interest rate of 33.9 percent.  This is one of the highest interest rates on the market at the moment.

We have already mentioned the reason for this high interest rate.  It is first a standard variable rate subject to change over time.  They also have universal default so if your credit scores get worse you could have an even higher interest rate.  The interest rate is high because they are offering the card to higher risk individuals.  If you have had credit arrears on your history then this card will help you rebuild the credit.  It is for rebuilding your credit rather than anything else.

There are now rewards associated with the account.  In other words you don’t get discounts, flight miles, or even cash back rewards for having this card.  If rewards are important you may want to shop for a better card, but if you have had trouble in the past some cards are unwilling to deal with you if your credit rating is still low.  The fact that they offer you a card at an almost guarantee when you send in an application can be of great benefit to you.

This card will not charge you an annual fee for their help in getting you back on track.  The other change is the interest rate.  You could be subjected to above 50 percent interest on your purchases with universal default or if your credit rating changes after the fact.  The card company reserves the right to decide what the best rate is for you and for them.  The allocation of payments will be interest, fees, default chargers, balance transfers, promotional rates, purchases, and then the cash transactions.  The cash transactions will be higher than the purchase or balance transfer rates.  Overall this card is meant to help those who need credit rebuilding.  It is not a card for consumers that have great credit and that can get a better deal.

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