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.
Vanquis Bank Chrome Credit Card review January 2020
If you’re looking to build or rebuild your credit, then the Vanquis Bank Chrome Credit Card could help.
Finder rating: ★★★★★
Doing its job: 5/5
In a nutshell:
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||Stay in control of your account with online servicing, a mobile app, SMS and email alerts.|
|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” like the Chrome card are designed to help borrowers with limited or bad credit to build a positive credit history. Any credit card, used responsibly (staying within your credit limit and paying at the very least the monthly minimum payment on time) will have a positive effect on your credit score, but these specialised cards are generally easier to get approved for, and often come with features designed to help protect and build credit. With the Chrome card, for example, you can schedule text or email alerts and can set up a direct debit to ensure you never miss a repayment.
The downsides of credit builders include higher interest rates, but this card boasts Vanquis Bank’s best rate, and 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 on purchases each billing cycle (this doesn’t apply to cash advances).
Expect a low opening credit limit (this is always tailored to the individual), which could be increased after your fifth statement, with further potential increases every five months.
When it comes to repayments, you can make manual repayments online or over the phone, or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee or losing any promotional rates 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 for the Vanquis Bank Chrome Credit Card
If you’ve compared cards and decided that the Vanquis Bank Chrome Credit Card 24.7pc Visa is the card for you, it’s straightforward to apply online, and it typically takes around 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 hassle-free as possible.