Vanquis Visa Card summary

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Vanquis Visa Card summary box

Summary box: The information contained in this table summarises key product features and is not intended to replace any terms and conditions

Vanquis Visa Card summary box
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-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.