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?

The Vanquis App

 

Download it today from the App Store or Google Play. Make payments on the move at your convenience whenever and wherever you are.

 

Payit™

We’ve partnered with Payit™ to bring you a brilliant way to make payments faster to your Vanquis credit card via our app. Payit™ has been safely and securely developed by NatWest, but the good news is you don’t need to be a NatWest customer to use it and its free. Simply start a payment as you currently do via our app and select Pay with Payit™. You then choose the bank you want to pay from and authenticate with your usual bank logins and that’s it. Your available credit will update immediately and your balance will update within 2 working days. Click here for more information

 

Please allow 2 working days** for payment to appear on your account.

 

Debit Card

Visit Vanquis online banking at Vanquis Online Banking or call 01623 23 23 23*.

 

Continuous Payments via Debit Card

You can also set up a Continuous Payment Authority (CPA) via your Debit Card by calling us on 01623 23 23 23*. A continuous payment is a reoccurring card payment and can be set up for an amount of your choice either, weekly, bi-weekly, 4 weekly or monthly.

 

Please allow 2 working days** for you payment to appear on your account.

 

Bank transfer

 

Sort code:60-95-94 Account number:0000 0001

Use your Vanquis credit card number starting with 4023 as the payment reference

 

Please allow 2 working days** for your payment to appear on your account.

 

Most banks use the faster payment service, which means your payment will usually arrive within 2 hours. However this payment could take up to 2 working days** to appear on your account.

 

Bank of Post Office

 

Fill in one of you payment slips and take it with your paymnet to any bank or Post Office.

 

Post Offices and some banks may charge you for making a payment to us.

 

For banks and Post Office payments, please allow up to 5 working days** for your payment to clear.

 

Payments may take up to 10 working days** to appear on your account

 

Direct Debit - the easy way to pay

 

You can make the minimum payment, the full balance, a fixed amount or a fixed percentage every month - tap the app to set up your Direct Debit or call us on 0330 099 3000*.

 

As with all Direct Debit payments, we request your automatic payment 3 working days** before it leaves your current account.

 

Additional payments

 

If you choose to make additional payments, this will have no effect on the amount we have already requested from your Bank.

 

Please note: You can make as many individual payments before your 'payment to reach us by' date, so long as the total payments are ay least equal to the minimum payment due printed on your monthly statement.

 

Fixed percentage or 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.

 

By Post

 

Make your cheque or postal order payable to ‘Vanquis Bank’ followed by your Vanquis Credit Card number (1234 1234 1234 1234).

 

Write your name and card number on the back and send it with your completed payment slip to Vanquis Bank, PO Box 112, Sheffield, S98 1GG. We can’t accept post-dated cheques or cash.

 

Please allow 7 working days** for your payment to appear on your account

 

* Calls to 01 and 03 numbers from UK landlines and mobiles are usually included in free plan minutes if available; otherwise calls to 03 numbers cost the same as calls to 01/02 prefix numbers.

**Working days are Monday to Friday, excluding weekends and Bank Holidays

 

 

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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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