The Vanquis Credit Builder Credit Card is a credit-builder card that can help people with bad credit to rebuild their credit rating. By paying on time and staying under the credit limit, a cardholder's credit rating may improve over time. As a credit-builder card, Vanquis Credit Builder interest rates are higher-than-average, but interest charges can be avoided by paying your full balance each month.

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Vanquis Credit Builder Credit Card Review

The Vanquis Credit Builder is a credit-builder card for no credit history, poor credit history or are unemployed; it can be used for improving your credit rating by giving you the chance to demonstrate good account management. How do you do this? By paying on time each month and staying within your credit limit, which may result in your credit history improving over time.

New customers start with an easy-to-manage credit limit from £250 (which can go as high as £2,500) as you can see here. Vanquis reviews your account regularly for a credit limit increase — there's no fixed schedule, but you may be offered one if you're consistently making your monthly repayments on time.

(They used to say with good financial management you could get a credit limit increase after your 5th statement and every 5 months after that, but they seem to have gotten rid of that language with the higher initial credit limit range.)

Applying for the Vanquis Credit Builder is pretty quick and easy - you apply via mobile, tablet or PC. Potential applicants can use Vanquis's eligibility check to see their likelihood of being accepted before submitting an application. This feature is particularly useful for those worried about their credit rating, avoiding an unnecessary hard credit check and a rejected application which could make it even harder to get credit in the future. Depending on your application details, Vanquis may be able to give you an answer within 60 seconds.

Vanquis Credit Builder Benefits & Features

Representative example: Representative 37.9% APR variable. Based on an assumed credit limit of £1,200 at a purchase rate of 37.9% p.a. (variable) with no annual fee.

At least 51% of applicants will receive this APR rate or better; the other 49% may receive a higher rate, up to 45.9% (rates run from 28.9% to 45.9% depending on individual circumstances).

Cash withdrawals are charged at a notably higher rate of 57.9% variable APR — a much steeper cash-vs-purchase gap than on some other cards, so cash withdrawals on this card can be especially expensive compared to using the purchase rate.

Disclaimer: Examples and figures in this article are illustrative only and do not represent guaranteed outcomes. Individual results will vary.

Vanquis Credit Builder Credit Limits and Credit Increase: Vanquis Credit Builder credit limits fall between £250 and £2,500, depending on your financial situation and credit history. While some cardholders find a higher credit limit can be useful for purchasing power and a possible improvement to their credit score, a higher credit limit may not be in your best interest, depending on your individual financial situation. For instance, if you're on a strict budget and would rather not have the temptation of a higher limit you can reject the increase or request that Vanquis lower your limit. Remember that if you exceed your credit limit, then your credit score would likely be harmed and you'd incur default fees.

Vanquis Cash Limits: Withdrawing cash using a credit card is expensive and we don't generally recommend it for three reasons:

• Cash interest rates are higher than purchase rates — on this card, substantially so (57.9% vs 37.9%)

• Interest on cash withdrawals is charged immediately (there is no grace period)

• Each cash withdrawal incurs a fee of 3% of the transaction or £3, whichever is greater

Using Vanquis Abroad: The Vanquis Credit Builder can be used abroad. Each time you do so, you'll pay a 2.99% non-sterling fee on all foreign transactions such as taking foreign cash from an ATM or paying for a restaurant or hotel in a local currency. This fee is typical on all but special no-fee travel cards.

In addition to the non-sterling FX fee, any foreign cash withdrawals from an ATM abroad would incur an additional 3% (£3 minimum) cash withdrawal fee - this cash fee is charged in addition to the 2.99% non-sterling fee. Given the 57.9% cash APR applies from the moment of withdrawal with no grace period, using this card for cash abroad is an especially expensive way to get travel money.

What's the Minimum Monthly Payment on a Vanquis Credit Builder card?

The Minimum Repayment is calculated as the highest of:

A. Interest charged since your last statement, plus any default fees, plus 1% of the remaining balance you owe as at the statement date; or B. £10, if the amount in A is less than £10; or C. The full balance shown on your statement, if that balance is less than £10.

If you don't make additional purchases on your card, the minimum monthly payment will drop over time (as the balance falls) until it hits the £10 minimum payment floor. Paying only this floor can prove quite costly over the long term in terms of interest charges. In fact, on a £250 balance at 37.9% APR, a cardholder paying only the minimum each month would take around 4.2 years to clear the debt and pay roughly £248 in interest — compared to about 6 months and £27 in interest for a cardholder who pays £50 a month instead. That's an extra 3.7 years and about £221 in interest for paying only the floor.

Always make sure you can afford repayments.

Bottom Line: Even if you're unemployed, have a bad credit history or have no UK credit history, you may be able to get a credit card with Vanquis. Just remember to always pay on time and pay as much as possible each month!

FAQs

Can I request a credit limit increase with Vanquis?

No, you cannot request a credit limit increase on a Vanquis card. Vanquis reviews accounts regularly for credit limit increases based on how you manage your account — there's no fixed schedule. To be eligible, it's important to spend but always stay under your credit limit and pay on time.

How often does Vanquis increase your credit limit?

Vanquis doesn't publish a fixed review schedule for credit limit increases on this card — reviews happen regularly, and you may be offered an increase if you consistently make your repayments on time.

How do I cancel my Vanquis credit card?

To cancel your Vanquis credit card, you'll need to call their customer service lines at 0330 099 3000. Lines are open Monday to Friday: 8am - 8pm and Saturday: 9am - 5:30pm. At this point it's not possible to cancel your card online.

How do I make a payment to a Vanquis credit card?

To pay your Vanquis credit card you can set up a direct debit (to take either the minimum payment, a fixed £ amount, a fixed % amount, or the full balance). You can also use Online Banking to make a payment with your debit card (the full balance, the minimum payment or another amount).

Who owns Vanquis?

Vanquis was formed in 2003 and is part of the Provident Financial Group, which was founded over 130 years ago. Vanquis serves over 1.7 million borrowers and savers in the UK.