Approval for any credit card will depend on your status. The APR shown represents 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.
Aquis Credit Card review 2020
For borrowers looking to build or rebuild their credit rating, the Vanquis Bank Aquis Visa offers an easy-to-manage starting credit limit of up to that can be reviewed regularly.
Finder rating: ★★★★★
Doing its job: 5/5
In a nutshell:
Minimum credit limit
Up to 56 days
Interest-free each billing period
|Min credit limit||£250|
|Max credit limit||Subject to status: £1,000|
|Credit limit note||Increased to £4K if account held correctly.|
|Purchases interest-free period (days)||56|
|Incentive||You could get a credit limit increase after your 5th statement and further increases every 5 months, up to £4,000.|
|Additional cards available||1|
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
As the name suggests, credit builders are designed to help borrowers with limited or bad credit to build a positive credit history. They’re generally easier to get approved for, but come with higher interest rates and lower personalised credit limits (both of which can be tailored to the individual). On the plus side, with the Aquis card you could get your first credit limit increase after your fifth statement and further increases every five months.
Despite the high rates, if you pay off your balance in full each month you’ll be able to take advantage of the card’s grace period of up to 56 days of 0% interest each billing cycle (this doesn’t apply to cash advances).
To maximise your chances of improving your credit score, you should use your credit builder card sensibly – staying within your credit limit and paying at the very least the monthly minimum payment on time (don’t forget, the Aquis lets you set up a direct debit for this). You’ll also want to keep other credit accounts in good shape and not take on too much debt elsewhere.
Pros and cons
- Can improve credit rating with sensible use
- Reviews on credit limit every five months
- Quick eligibility checker that won’t affect your credit rating
- A relatively high interest rate on purchases
- Applicants with low credit scores are unlikely to be eligible
How does it compare with other credit builders?
You can make manual repayments through Vanquis Bank's app, by logging in to your online banking or over the phone (0330 099 3001). Alternatively you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and damaging your credit score – making it harder and more expensive to borrow money in the future – and getting hit with a penalty fee (£12) as a result.
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
|Minimum amount||Fixed amount||Fixed percentage||Full amount|
How to apply
If you’ve compared cards and decided that the Vanquis Bank Aquis Visa is the card for you, it’s straightforward to apply online, and you’ll typically get a response within 60 seconds. Before applying, you can check your likelihood of acceptance in around two minutes – Vanquis uses a “soft credit search” to do this, meaning that your credit score won’t be affected.
If your credit rating has seen better days, don’t despair. You may still be able to get an Aquis credit card and improve your credit report at the same time.
A credit builder card like this is likely to have higher interest rates and lower limits but with reviews on your credit limit completed every five months, you could be in line an increase.
If you want to see what else is out there, compare your options above to shop around.
Frequently asked questions
What credit limit will I get with the Vanquis Bank Aquis Visa?
If Vanquis Bank is able to offer you this deal, the offer will specify a personalised credit limit based on Vanquis Bank's assessment of your situation. The minimum limit offered on the card is £250, while the maximum is £1,000. Once you've had the card for a while and shown Vanquis Bank that you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the Vanquis Bank Aquis Visa?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) often incur steep fees and/or higher rates of interest.
The cash advance fee on the Vanquis Bank Aquis Visa is 3% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250, and you'll incur a fee of £7.50.
The interest rate on this part of your balance will be 29.84%, which is the same as the standard purchases rate (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
How much does it cost to use the Vanquis Bank Aquis Visa abroad?
Non-sterling transactions are subject to a 2.99% charge. For example, if you spend 200 euros (£181.49), it'll cost you around £5.43.
What is the minimum payment on the Vanquis Bank Aquis Visa?
Each month you must pay at least 3% of your balance at that point or £10.00 – whichever of the two figures is greater. So if you had, say, £316.67 outstanding, you'd pay £10.00, and if you had £1,333.33 outstanding, you'd pay £40.00.
Paying only the minimum required amount each month is generally not advisable as it tends to be a very expensive way to borrow money which can lead to persistent debt.
Can I transfer money from the Vanquis Bank Aquis Visa to a bank account?
Yes. That's what's known as a "money transfer" (rather than a "balance transfer") in credit card jargon. You can arrange this from your online banking or using Vanquis Bank's app. This part of your card balance will incur interest of 29.84%. The fee for a money transfer is 0%.