What is a credit card?
A credit card lets you borrow money to buy things now, and pay for them later. You can spend up to a certain amount, which is known as your credit limit.
Whenever you spend on your card, you'll need to make at least the minimum payment each month.
What's an APR?
APR stands for Annual Percentage Rate. It represents the cost of borrowing money over a year on a credit card or loan, considering interest and any other charges like an annual fee.
You might see the APR advertised as 'representative APR'. This is because credit card providers often offer different rates depending on how you use the card and your credit score.
The representative APR gives you an idea of the interest rate you're likely to pay, but the rate you finally get might be different.
How could Vanquis help improve my credit score?
Improving your credit score depends on how well you manage your card. This means:
- staying within your credit limit. To help you control your spending and payments, our credit card offers come with a tailored credit limit. Our app also makes it easy to track your spending to help you stay within your limit
- paying on time. You can easily set up a Direct Debit on our app and choose a payment date that suits you
- paying off at least the minimum amount each month. This helps to avoid late fees. But, to help clear your debt and improve your credit score sooner, you can pay more than the minimum amount as a fixed payment each month, or the full balance