The Vanquis credit card

Struggling to get credit isn’t a joke, it can be hard to know where to turn if you want to try and improve your current credit score. But worry no more, because help is at hand in the guise of credit building credit cards (try saying that after a few lemonades). Some of these types of card, include Vanquis credit cards – and if you’ve never heard of them keep reading because we’ll tell you more right here.

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Vanquis who?

Vanquis credit cards are designed for people with no credit or a bad credit history, and providing you make your minimum payments and keep within your credit limit, it’ll also help towards building up your credit rating.

You might not have heard of Vanquis credit cards before and yes – they do sound a bit like a Viking hoard. But there’s no need for concern, the cards are issued by Vanquis Bank – part of the Provident Financial Group, which has over 130 years’ experience in financial products.

Build it up slowly

Vanquis cards are designed to be easy to manage, building your credit limit slowly. Credit limits on offer range between £150 and £1,000 depending on your circumstances. Vanquis then reviews this limit after five months and then every five months after that, until you get to the maximum of £4,000. Of course to be considered for a credit increase, you need to ensure you stay within your credit limit and pay your monthly bills on time. Use it sensibly and you could see your credit limit increase dramatically in a couple of years.

Manage on the go

A helpful feature of Vanquis cards is that you can keep up to date with your account 24 hours a day. It offers online and mobile banking with SMS alerts to keep you updated.

To make sure you build your credit rating successfully you’ll need to keep up with your payments. Some Vanquis cards have high APRs (59.9% on the Black Diamond card), so you should aim to clear your balance each month, so that you don't end up with a growing total.

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No promotions

Vanquis cards are no frills in comparison to other cards, so you won’t get any fancy rewards. The APRs are high and range from 24.7% to 59.9% but there’s no annual fees. The cards are designed to help you build credit and keep things simple.

A credit builder card might not be very exciting when you compare them to the reward and low APR credit cards, but they do serve a purpose – which is to help you get back on track.

Like with any credit card, you should always aim to pay off your monthly balance in full and if you can’t then you should pay off at least the minimum – and always make sure your payments are on time. The last thing you need is to be hit with a late payment fee (which could worsen your credit score further). So if a credit builder card is what you need then we can help you compare them – use our credit building credit card comparison service today. 

All Vanquis credit card details are based on information provided to comparethemarket.com on 27 October 2016.

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