Do you struggle to get credit cards because you have a poor or incomplete credit history? It can be difficult to borrow anything when your credit rating is not in good shape, and it’s a familiar story for many people around the country. If this applies to you, you could benefit from learning about Vanquis. It is a UK-based company that has built up a reputation of helping people rebuild their credit with credit cards. Let’s explore everything you need to know about Vanquis Bank credit cards.
Vanquis Bank is a subsidiary of the Provident Financial Group, an organisation established in the late 1800s with the aim of providing credit to struggling families. Vanquis Bank arose from Provident in 2002, and has since won the credit provider of the year award at the Credit Today Awards four times in a row. Today, it has well over 3 million people in the UK who it counts as customers.
The idea is to provide customers who have a poor credit rating the opportunity to use a card. Typically, the credit cards have a lower limit than traditional cards, with that limit determined in part by the applicant’s current credit status. If a customer manages to use their new card responsibly, they may have the chance to raise their personal limits. Using a credit card responsibly is a great way to prove to the credit reference agencies that you can manage your finances. Therefore, you will find that it won’t be long before your rating improves.
The Vanquis Bank credit card is a standalone product, that currently comes with a 39.9 percent representative interest rate. While this sounds like a lot, if customers use their cards properly - by paying off their balance in full each month - then they won’t have to pay any interest at all. In short, it’s an ideal card that will help you rebuild your credit.
The Vanquis card also comes with an array of different features. When you are a new customer you will be granted an easy-to-deal-with credit limit. As you prove your financial management skills, that amount could rise from between £150 to 1,000 to up to £4,000.
Customers can also expect a customer service call centre based in the UK, and Vanquis offer a simple online application form to prospective customers. Finally, you can expect flexible card repayment options. As a provider of credit services to struggling people, Vanquis understand circumstances can change, so it allows its customers to pay off what they can afford each month.
If you are a person struggling to get credit, it’s likely down to you having a poor, incomplete credit rating. It can be tough to raise your score without getting credit, so services like Vanquis work well to give you a boost. As long as you pay off your full balance each month, without fail, you won’t have to pay a penny in interest, either. And, over time, you will find that your credit rating improves, and Vanqis may even extend your credit limits further, if you agree.