Vanquis Bank Purchase Credit Card review
- Representative example:
- When you spend £1,000 at a purchase rate of 39.9% (variable) p.a., your representative rate is 39.9% APR (variable).
- Account fee
- £0
- Balance transfer fee
- 0%
- 0% interest on purchases
- 9 months
Review
If you’re looking to spread the costs of your purchases without running up interest, then the Vanquis Purchase Offer credit card offers just that. Vanquis Bank has released this card specifically designed to help people spread the cost of purchases, with no interest attached for a set period. If your aim is to build a good credit history, you should repay your balance in full before the interest-free period is up. The Vanquis app helps you control your finances by monitoring your transactions and allowing you to make payments. Plus, if needed, you can easily report your card lost or stolen, giving you added security.
If you’re unsure whether you’re eligible for the card and don’t want to affect your credit score, then you can use Vanquis' online eligibility checker - it’s a piece of cake. The checker conducts a soft search, which means your credit score won’t be impacted. If you’re unsure what your credit score is, you can check yours for free with Finder.
Vanquis credit cards can help you improve your credit score if you manage your card well. Staying within your credit limit, paying on time and paying at least the minimum amount each month all help build your credit score. The Vanquis credit card is designed for people with a fair credit score looking to build on it, so you don’t need a perfect credit score to apply. However, your APR and credit limit may vary depending on your circumstances.
Pros
- Avoid currency conversion charges when spending abroad
Cons
- Annual fee
Pros
-
0% interest on purchases for the first 9 months
-
Split large payments into manageable amounts
-
No annual fee
Cons
-
A relatively high APR after the initial offer period
-
Interest on balance transfers
-
Minimum repayment
-
Foreign usage fees
Details
Product details
| Annual/monthly fees | £0 |
| Balance transfer fee | 0% |
| Money transfer fee | 3% (min. £3) |
| Foreign usage charge (EU) | 2.99% |
| Foreign usage charge (rest of world) | 2.99% |
| Cash advance fee | 3% (min. £3) |
| Late payment fee | £12 |
| Duplicate statement fee | £5 |
| Exceeding limit fee | £12 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
The Vanquis Bank Purchase Credit Card is issued on the Visa network (used by a whopping 4.2 billion cards), so you'll be able to use it at more than 100 million merchant locations across more than 200 countries and territories.
What is the Vanquis Purchase credit card?
With the Vanquis Purchase Offer credit card, you get 0% interest on purchases for 9 months. If your application is successful, the card still acts like your typical credit card. You can spend money up to a pre-set credit limit outlined in your credit agreement. You’ll get a bill each month, and you’ll have to pay off at least the specified minimum amount. For example, you could buy that sofa you’ve always wanted and spread the payment over the interest-free period. So, if you make a purchase that totals £400, you can pay back the minimum fee (shown on your credit card statement) – let’s say £100 – each month for 4 months. By the end of the 4th month, you’ll have paid off the card balance and avoided costly interest charges.
Note that once this 9 month offer period expires, the interest rate rises. So, aim to pay off your balance before it ends to avoid additional costs. After the initial interest-free offer period, your Vanquis Purchase credit card acts like a regular credit card, with 56 days interest-free on purchase transactions when you’ve paid off the purchase balance in full and on time. It’s important to note that should you not pay off your balance in time, you’ll be charged interest from the date of your first purchase. Setting up a direct debit to regularly pay off your balance in time can give you peace of mind.
What benefits/features can you get?
The Vanquis Purchase Card comes with a few benefits and features that differ from other credit cards. These features include:
- 0% interest on purchases for the first 9 months
- Credit limit between £250 and £4,000
- Spreading costs of purchases into smaller amounts
- No annual fee
As with any credit card, using it responsibly can help you build up and maintain a good credit score over time. The opposite is also true – using a credit card irresponsibly can negatively impact your credit score.
Applying for a Vanquis Purchase Offer credit card
- Complete the online eligibility soft check on Vanquis’ website.
- You receive a decision in 60 seconds.
- Vanquis processes your application and lets you know the next steps.
To apply, you must meet the following eligibility criteria:
- Be over 18
- Do not have an Aquis, Chrome, Origin, Vanquis, thimbl or Granite credit card
- Are not currently bankrupt or have an active Individual Voluntary Agreement (IVA)
What do I need to apply for a Vanquis Purchase Offer credit card?
To apply for the Vanquis Purchase Offer Card, you’ll need to provide the following documents:
- Address details for the last 3 years
- Job details
- Contact details
- An idea of your monthly expenditure
- Bank account and debit card details
Vanquis app
Vanquis has a mobile app you can download onto your iOS or Android smartphone.
App features:
- Verify online purchases. Verify online purchases made with your card to prevent fraud.
- View your transactions. Monitor your credit card transaction history.
- See up to 12 months of statements. View and download your credit card statements.
- Make payments. Make payments towards your credit card bill and get an instant update on your available credit.
- Set up automatic payments. Set up a recurring debit card payment, called a Continuous Payment Authority (CPA), towards your credit card bill.
- Report your credit card lost or stolen. Inform Vanquis that your card is lost or stolen to prevent unauthorised purchases.
Vanquis customer reviews
Vanquis has an “excellent” rating of 4.5 out of 5 on review platform Trustpilot (updated July 2023). Many customers praised the easy-to-use app and accessibility of the credit card for those with a poor credit score.
The Vanquis app has a score of 4.8 out of 5 on the App Store (updated July 2023). Customers commended Vanquis for the security and efficiency of its app.
Customer support information
You can contact Vanquis customer services by phone on 0330 099 3000 with any queries.
Bottom line
As far as 0% purchase credit card interest-free periods go, the Vanquis card is on the shorter end. The HSBC Purchase Plus credit card, for example, offers 0% for 20 months. However, the Vanquis card is designed for people with fair credit and who may struggle to get credit elsewhere. Vanquis also offers an easy-to-use eligibility soft check, as well as easy management of your card through its app, which can be useful. Its excellent customer reviews also make Vanquis stand out from its competitors.
How does it compare?
Vanquis Bank's card
Other popular balance transfer deals
Finder Score for credit cards
To make comparing even easier we came up with the Finder Score. Costs, perks and suitability across 120+ cards are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.
Read the full methodologyApproval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow. Most of the data in Finder's comparison tables is provided by Moneyfacts.
Frequently asked questions
Your reviews
