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Vanquis Card Review

A Vanquis Card Review
Image: FreeDigitalPhotos.net

This is my Vanquis Card Review and is the only Credit Card I did not default on.

My Credit rating was not very good at the time I applied for the Vanquis card but that’s why I applied with Vanquis, because they specialise in customers who have bad credit.

I already had credit cards from Capital One and Aqua Card and wanted to see if I could get another to add to the collection.

The Application

I did not experience any problems during the online application but I could not get an instant decision. I had entered in all the required details.

I can only guess that Vanquis may have wanted to manually review my application to see if they could offer me a card.

About ten days after my application I received confirmation I had been accepted along with the interest rate of 34.1% for purchases and 41.2% for cash withdrawals. Ouch.

Previous Application to Vanquis

I have previously applied for a Vanquis Card about a year before my second application, but my application was declined. My credit rating at the time I applied the first time round was very, very poor so it was no surprise.

I waited another year before making another application. On the second occasion my application was approved. I knew a couple of my defaults would be marked as satisfied on my credit file and this would look better. It seemed to have done the trick.

Customer Services

I only ever had reason to contact Vanquis customer services once. I got through quickly and managed to resolve the issue I had with my direct debit. No problems here.

Credit Limit Increase

After six months my Credit Limit Increased from £250 to £750. As usual I maxed this out but unlike all my other cards. I managed to repay it and close the account. Go me.

Concluding my Vanquis Card Review

This credit card can be a useful tool for rebuilding your credit rating but be careful of the high interest rate. Once you have established a good credit rating you should be in a position to apply for and be accepted for a credit card with a much lower rate of interest.

I cannot stress this enough though, only use this card if you know you can pay it back in full each and every month. Otherwise you could end up paying back a lot of interest, and be in debt.

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