Vanquis Visa Card summary

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 Representative 39.9% APR (variable)
Rates from 39.9% APR variable to 59.9% APR variable depending on individual circumstances.
Interest rates  

Monthly Rate

Annual Rate
Purchases

2.84%

39.94%
Cash and cheques

3.43%

49.94%
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 date debited to your account paid in full
Cash advance date debited to your account paid in full
Balance transfers date debited to your account paid in full
Allocation of payments Where your repayment is not sufficient to pay off the whole of the balance outstanding on your Account, your repayment will be applied first to reduce that part of your balance bearing the highest interest rate and then on in descending interest rate order.
Minimum repayment

Your Minimum Repayment will be shown on your statement and will be the highest of:

1. depending on your APR, one of 3.5%, 4.5% or 5% of (i) the balance owing on your Account as at the statement date and (ii) any amount by which your Account balance exceeds your Credit Limit; or
2. any interest/minimum finance charge, default charges and any account maintenance fees added to your Account since your last statement plus 1.5% of the remaining balance; or
3. £5.

For further details, please refer to your credit card terms and conditions.

We may increase your Minimum Repayment.  If we vary your Minimum Repayment we will write to you to tell you.
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?

£80

£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, 6 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.