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 Card 29.3pc Visa review August 2020
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: ★★★★★
Doing its job: 5/5
In a nutshell:
Minimum credit limit
|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|
|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.
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?
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.