Vanquis Bank Ltd

We help people who have been turned down for credit elsewhere

For many people the convenience of a credit card seems out of reach. It doesn't have to be that way. If you've been turned down elsewhere, don't despair. We'll look at what you can afford to pay back and help you take the first steps towards a brighter financial future.

We’ll help you manage your money and credit limit

As a responsible lender, Vanquis Bank will seek to provide you with a credit limit that reflects your needs and your ability to manage your account. To be considered for a credit limit increase, you should make use of your credit limit without going overlimit and make your payments on time. By using your credit limit and keeping your account in order, you demonstrate to us that you can manage your account well and can handle the monthly repayments.

Please also keep your other accounts such as credit cards, loans, catalogues, mobile phone and mortgages in order and don’t take on too much debt elsewhere. Please remember this is just a guide and meeting this criteria does not guarantee you a credit limit increase.

We offer a responsible and reliable financial service

We pride ourselves on being a responsible lender. We’re open about our pricing and products so you won't get any unpleasant surprises.

We are a UK based company

Vanquis Bank is a UK based credit card company. You can trace our roots back to Bradford nearly 130 years ago when our parent company Provident Financial was established. Vanquis Bank was formed in 2002 and now has over 400,000 customers in the UK.

Our customers are the focus of what we do. Our call centre in Chatham, Kent, is dedicated to giving you all the support you need. That means you’ll be talking to someone who understands your situation, needs and who will work with you to help where they can.

We are part of the Provident Financial Group

Vanquis Bank is part of Provident Financial, a leading UK financial provider. A company founded in Bradford in 1880 by Joshua Kelley Waddilove, he devised a system to help local working class families to provide for themselves through the use of vouchers that could be exchanged in local shops. The families then paid back the vouchers in small affordable weekly instalments.

Since then Provident Financial has grown and grown, leading to the establishment of a home credit group in the 1990s and the formation of Vanquis Bank in 2002. Provident Financial is now a FTSE 250 company listed on the London Stock Exchange.

Vanquis Visa Card summary

APR	Typical 39.9% APR (variable) Rates from 39.9% APR variable to 59.9% APR variable depending on individual circumstances.
Interest rates			Monthly					Annually
	Purchases		2.84%					39.94%
	Cash and cheques		3.43%					49.94%
	Cash adv (inc fee)		3.43%					54.57%
Interest-free period	Up to 56 days interest-free on purchase transactions only, where you have paid off two or more consecutive current statement balances in full and on time.
Interest charging information	You will not pay interest on new purchases if you pay your balance in full and on time. Otherwise, the period over which interest is charged will be as follows:
				From					Until
	Purchases			transaction date					paid in full
	Cash advance			transaction date					paid in full
	Balance transfers			date debited to your account					paid in full
Allocation of payment	If you do not pay off your balance in full, payments we receive are applied to the lowest interest bearing transactions first. For further details, please refer to your credit card terms and conditions.
Minimum repayment	Your Minimum Repayment is one of the following: (i) 3.5% or minimum £10, or (ii) 4.5% or minimum £5, or (iii) 5% or minimum £5 Plus any ROP transaction charge accrued on your Account. If you only make the minimum payment it will take longer and cost more to clear your balance
Credit limit	Minimum credit limit					£150
	Maximum credit limit					£1,000 (Subject to status)
Fees	No annual fee.
Charges	Cash advances				3% or £3, whichever is the greater
	Foreign currency transactions				2.99% of the amount of any non-sterling transaction made abroad.
	Copies of statements				£5 each
	For further details, please refer to your credit card terms and conditions
Default charges	Late payment and overlimit fees					£12
	Returned payment fee if a Direct Debit or cheque is not honoured					£12
	Returned credit card cheque fee if a credit card cheque is not honoured.					£12
	Tracing charge if we have to trace you.					£25
Cost of Borrowing Interest Explained – based on 39.9% APR for a £250 credit limit.
To reduce the interest charged, we recommend you pay as much as you can, when you can and not just the minimum repayment. See the example below.
Illustrative example		For a purchase of £250 on your credit card
Monthly Payment		Minimum Payment each month					£50 each month
Without taking into account any introductory rates, how much interest will you be charged in the first year?		£79					£27
How much interest will you be charged in the second year?		£66					£0
How long would it take to clear the balance?		7 years, 3 months					6 months
The above example assumes the following: The transaction takes place on 1st January and you make no further transactions. Your statement is produced on the 1st of each month and you always make the payment each month on the 15th. Your statement is produced 31 days after you make the purchase.

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