Credit Card Help - FAQs

 

All your questions answered.

 

Vanquis credit card FAQ's - Vanquis


Paying your bills

How does the Vanquis Visa credit card help me build my credit rating?

To build your credit rating and be considered for credit limit increases, use your Vanquis Visa credit card sensibly, stay within your credit limit and pay your monthly minimum payment on time. Not doing so could harm your credit rating and ability to obtain credit. Please also keep your other accounts such as credit cards, loans, catalogues, mobile phone and mortgages in order and don't take on too much debt elsewhere. By using your credit limits and keeping your accounts in order, you demonstrate that you can manage your accounts well and can handle the monthly repayments. There are no guarantees, but if you follow these steps consistently every month, you should be on track to improving your credit history and building a strong credit rating.

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How can I make a payment to my account?

You can make as many individual payments before your ‘Payment to Reach Us By’ date, so long as the total payments are at least equal to the Minimum Payment Due printed on your monthly statement. You can always pay more than the minimum amount, and remember the more you pay, the quicker your balance reduces and you’ll pay less interest.

 

Debit Card Payments

 

You can make payments using your debit card, however you need to allow 2 working days for your payment to clear into your account.

 

Please see Vanquis Online Banking for details on how to log on and make a payment online. You can make a payment by selecting the 'Payments' tab or by clicking 'make a payment' on the account summary page.

 

Vanquis Bank App

 

Sign in to the Vanquis Bank App. Select the ‘Make a Payment’ and follow the instructions on screen.

 

Phone Vanquis on 0330 099 3000, you can make a one off payment with a Debit Card or set up a Direct Debit for regular payments or set up a Continuous Payment Authority (for more details see our response to ‘What is a Continuous Payment Authority and how do I set one up?’).Please click here for opening hours and call charge information.

 

Internet or Telephone Banking

 

Via your bank’s telephone or internet banking service, you can make a one off payment or set up a standing order. Simply quote the following details: (1) Our sort code: 60-95-94, (2) Our bank account number: 0000 0001 and (3) Your Vanquis 16 digit card account number.

 

Most banks offer the Faster Payments service. Payments made by this method and received by Vanquis before 5pm on a working day will be applied to your account on the same day. However you need to allow 2 working days for your payment to appear on your account. Payments received after 5pm will be applied to your account the next working day. Working days are Monday to Friday, excluding weekends and Bank Holidays

 

Over the Counter

 

Over the counter at your Bank or Post Office, using your pre-printed giro (found at the bottom of your monthly statement).

 

If you are paying by cheque or postal order make them payable to ‘Vanquis Bank’ followed by your 16 digit Vanquis Visa credit card number. On the back, write your name and Vanquis Visa credit card number.

 

Some banks or Post Offices charge a handling fee. Please check with the counter agent. Please allow 5 working days for your payment to reach your account via this method. Please note that payments made over the post office counter can, in some instances, take up to 20 working days to clear.

 

By Post

 

By posting a cheque or postal order, together with your pre-printed giro (found at the bottom of your monthly statement) in one of our pre-paid envelopes. Please make cheques payable to ‘Vanquis Bank’ followed by your 16 digit Vanquis Visa credit card number. Write your name and Vanquis Visa credit card account number on the back of the cheque or postal order. Please note, we normally recommend allowing 7 working days for your payment to reach your account via this method. PLEASE DO NOT SEND CASH OR POST-DATED CHEQUES AS THESE CANNOT BE ACCEPTED.

 

Please remember to always make your payments in good time to make sure they reach your account by the Due Date. We recommend you pay early to avoid possible late charges and maintain your credit record.

 

Direct Debit

 

You can set up a monthly Direct Debit for the minimum payment due, a fixed amount or the full outstanding balance. Call us on 0330 099 3000* to arrange. Direct Debit payments are claimed on your payment due date.

 

Important Information - DIRECT DEBIT PAYMENTS

 

As with all Direct Debit payments, we request your automatic payment 3 working days before it leaves your current account. Any additional payments you make in this period will have no effect on the amount we have already requested from your Bank.

 

Minimum or Fixed Payment amount Direct Debit

 

If you choose to make additional payments, your Direct Debit will still collect unless your statement balance is cleared in full.

 

Fixed amount Direct Debit

 

If you have a fixed amount Direct Debit it means you pay the same amount each month. However, if the fixed amount is not enough to cover your minimum payment we will take the outstanding minimum payment amount. If your statement balance is lower than your fixed amount we will only claim the balance on your statement to avoid your account going into credit.

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What is a Continuous Payment Authority and how do I set one up?

A continuous payment authority, a ‘CPA’, is a form of regular payment, where you provide us with your current account details and authorise us to request payments from that account.

 

As part of the application process for the Vanquis Bank Visa Card, we may ask you to set up CPA on a payment account of yours (such as your current account). Should your application be successful, we will use the CPA to request payments from that account in respect of the repayments due each month on your Vanquis Bank Visa Card Account. You will be able to specify the amounts to be collected from your payment account along with the date those payments are to be collected (which should be the date by which your repayments should reach your Vanquis Bank Visa Card Account in each month). You can also set up a CPA at any time after your Vanquis Bank Visa Card Account is opened.

 

We will collect repayments of the specified amount using your CPA until you tell us to stop which you can do by calling or writing to us. You can also cancel your CPA by telling your payment account provider. If you cancel your CPA, you will still have to pay at least your minimum payment due by the payment due date. For details of other ways you can make payments on your Account can be found below.

 

If you have insufficient funds in your payment account and we are unable to collect the repayment under the CPA we will try to take it once more, within the next seven days. If we are unable to collect a repayment under the CPA we will advise you of this.

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When I make a payment what gets paid off first?

Where your repayment is not sufficient to pay off the whole of the balance outstanding on your Account, your repayment will be allocated first to reduce that part of your balance bearing the highest interest rate and then on in descending interest rate order.

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What happens if I keep making the minimum payment and how long will it take me to pay off my debt?

Cost of Borrowing - Interest Explained - based on 39.9% APR for a purchase of £250.
To reduce the interest charged, we recommend you pay as much as you can, when you can and not just the minimum payment. 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? £74 £27
How much interest will you be charged in the second year? £50 £0
How long would it take to clear the balance? 3 years, 2 months 7 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.

 

If you can only make the minimum payment each month, it will take you longer and cost you more to clear your balance.

 

To reduce the amount of interest charged, we recommend you pay as much as you can, when you can and not just the minimum payment.

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How often do I have to make a payment and how will I know how much to pay?

We will send you a statement or notify you that your statement is available to view each month.

 

We will tell you on your statement the minimum amount you have to pay. You must pay at least the minimum amount each month by the due date on your statement.

 

If you can only make the minimum payment each month, it will take you longer and cost you more to clear your balance.

 

To reduce the amount of interest charged, we recommend you pay as much as you can, when you can and not just the minimum payment.

 

For ways to make additional payments through the month see our response to 'How can I make a payment to my account?'.

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What happens if I don't pay?

If you are late with your minimum payment or fail to make your minimum payment, we will charge you a late payment charge of £12.

 

We will contact you to talk to you about your account and any impact this may have on future minimum payments. 

 

Missing payments could have severe consequences, such as total cost of your debt growing, fees being charges and your credit rating being adversely affected, making it more difficult to get credit in the future.

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What should I do if I'm having trouble paying my bill?

We're always here to help you, and that includes any concerns you have about paying your bill. Call us on 0330 099 3002 and we''ll see what we can do to help. Please click here for opening hours and call charge information ›

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