Approval for any credit card will depend 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.
Vanquis Bank Balance Transfer Credit Card review 2022
A rare 0% deal from bad credit specialist Vanquis.
Finder rating: ★★★★★
Doing its job: 5/5
In a nutshell:
Balance transfer fee
0% interest on balance transfers
|Minimum credit limit||£150|
|Maximum credit limit||Subject to status: £1,500|
|Credit limit note||Increased to £4K if account held correctly.|
|Purchases interest-free period (days)||56|
|Balance transfers||0% for 6 months reverting to 33.5%|
|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.
Balance transfer cards aimed at those with low credit scores are a rare breed – this is one of a handful available in the UK. In fact, this particular card is even rarer still because it doesn’t charge a balance transfer fee (most cards charge a balance transfer fee of around 3%).
You’ll get a respectable 6 months where every penny you payback on the card (assuming you don’t use it to make additional purchases) will go towards clearing debt – and not towards interest payments that leave you treading water. But if you haven’t cleared your debt by the end of the 6-month period, that extremely painful default rate of at least 33.5% kicks in.
To benefit from the 0% period, the balance from your existing credit card must be transferred within 60 days of opening your account. However, you can request the transfer as part of the application process.
So what’s not so good about this deal? Well, that low maximum credit limit of £1,500 will leave some people high and dry. However, if you have more debt than that currently, it may still make sense to try to transfer the maximum that Vanquis allows you to this card. Outside of the balance transfer deal the rates and fees on this card are at best average, and at worst relatively expensive, so it’s not a card to use for withdrawing cash, transferring funds to your current account or using overseas, for example.
Pros and cons
- Applicants with low credit scores may be eligible
- No balance transfer fee
- No annual fee
- Low maximum credit limit of
- High rates and fees outside of the balance transfer offer
How does it compare?
Vanquis Bank's card
Other popular 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 3000). Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of £12). You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 6 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).
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 settled on the Vanquis Bank Balance Transfer Credit Card, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible. You can request a balance transfer as part of your application.
Frequently asked questions
What credit limit will I get with the Vanquis Bank Balance Transfer Credit Card?
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 £150, while the maximum is £1,500. 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 Balance Transfer Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
The cash advance fee on the Vanquis Bank Balance Transfer Credit Card 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 33.5%, which is the same as the standard purchase 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 Balance Transfer Credit Card abroad?
Non-sterling transactions are subject to a 2.99% charge (which is very standard). For example, if you spend 200 euros (£172.65), it'll cost you around £5.16 in fees.
What is the minimum payment on the Vanquis Bank Balance Transfer Credit Card?
Each month you must pay at least 3% of your balance at that point or £10.00 – whichever of the 2 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 Balance Transfer Credit Card 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 39.94%. The fee for a money transfer is 3% (min. £3).