Vanquis Bank Chrome Card 29.3pc Visa review November 2019

If you're looking to build your credit rating, the could help. This card comes with an easy-to-manage starting credit limit which is reviewed regularly.

Finder rating: ★★★★★

Representative example: When you spend £1,000 at a purchase rate of 29.3% (variable) p.a., your representative rate is 29.3% APR (variable).

29.3%

Representative APR

£0

Account fee

Up to 56 days

Interest-free each billing period

Details

IssuerVanquis Bank
NetworkVisa
Annual/monthly fees£0
Min. credit limit£250
Max credit limitSubject to status: £1,000
Credit limit noteIncreased to £4K if account held correctly.
Purchases29.3%
Purchases interest-free period (days)56
Additional cards available1

Expert review

Chris Lilly

Review by


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.

Expert review

Along with companies like aqua and Capital One, Vanquis Bank is one of the biggest names in credit-building credit cards – which are designed to help borrowers with limited or bad credit to build a positive credit history.

These cards are generally easier to get approved for, but come with higher interest rates and lower, personalised credit limits. On the plus side, Vanquis states that you could get your first 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, Vanquis lets you set up a direct debit for this). You’ll also need to keep other credit accounts in good shape and not take on too much debt elsewhere.

How does this deal compare?

Table: sorted by representative APR, promoted deals first
Updated November 14th, 2019
Name Product Annual/monthly fees Min. credit limit Max credit limit Min income Rep. APR Incentive Representative example
£0
£250
Subject to status: £1,000
Not specified
24.7%
Stay in control of your account with online servicing, a mobile app, SMS and email alerts.
Representative example: When you spend £1,000 at a purchase rate of 24.7% (variable) p.a., your representative rate is 24.7% APR (variable).
£0
£500
Subject to status: £1,500
£15,000
24.9%
No fees for making purchases or withdrawing cash abroad – currencies are converted at the standard Mastercard exchange rate.
Representative example: When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
£0
£250
Subject to status: £1,000
Not specified
29.3%
Representative example: When you spend £1,000 at a purchase rate of 29.3% (variable) p.a., your representative rate is 29.3% APR (variable).
£0
£250
Subject to status: £1,000
Not specified
29.8%
You could get a credit limit increase after your 5th statement and further increases every 5 months, up to £4,000.
Representative example: When you spend £1,000 at a purchase rate of 29.84% (variable) p.a., your representative rate is 29.8% APR (variable).
£0
£100
Subject to status: £600
£10,000
34.9%
Earn Asda vouchers every time you shop - 1% cashback on all Asda spend, 0.2% on all other transactions. Once £2.5 is earnt a voucher can be downloaded to spend in Asda stores.
Representative example: When you spend £1,200 at a purchase rate of 34.9% (variable) p.a., your representative rate is 34.9% APR (variable).
£0
£150
Subject to status: £1,000
Not specified
39.9%
Representative example: When you spend £1,000 at a purchase rate of 39.94% (variable) p.a., your representative rate is 39.9% APR (variable).
£0
£500
Not specified
Not specified
26.9%
Representative example: When you spend £1,200 at a purchase rate of 26.95% (variable) p.a., your representative rate is 26.9% APR (variable).
£0
£250
Subject to status: £1,500
£5,000
27.5%
Collect 1 Tesco Clubcard point per £4 spent (£4 minimum) in Tesco and 1 Clubcard point per £8 spent (£8 minimum) outside Tesco in each purchase transaction.  Must have available credit to collect Clubcard points. Clubcard points are turned into Clubcard vouchers every 3 months or sooner using Faster Vouchers. Clubcard vouchers can be used in Tesco or with Clubcard Reward Partners to get even more value on dining out, hotel stays and travel.
Representative example: When you spend £1,200 at a purchase rate of 27.542% (variable) p.a., your representative rate is 27.5% APR (variable).

Compare up to 4 providers

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.

Repayment options

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 Card 29.3pc Visa

If you’ve compared cards and decided that the Vanquis Bank Chrome Card 29.3pc Visa is the one for you, it’s straightforward to apply online, and you’ll typically get a response within 60 seconds.

Each application is considered on its own merit, and Vanquis will still consider you if you’ve been turned down for credit elsewhere. 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.

The entire process takes around 10-14 days – from you submitting your application to the physical card arriving in the post. If Vanquis needs to contact you for more information then it could take a little longer. After you’ve received your card and welcome pack in the post, you’ll need to give Vanquis a call to activate the card. Your PIN (Personal Identification Number) will arrive by post separately, and you’ll need to key in this PIN the first time you use the card at a merchant – from then on you can just tap and go using the card’s contactless payment technology.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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