VANQUIS VISA CARD SUMMARY BOX
Summary box: The information outlined in this table summarises key product features and is not intended to replace any terms and conditions.
Representative 39.9% APR (variable)
Rates from 39.9% APR (variable) to 69.9% APR (variable) depending on individual circumstances.
|Interest rates||Type of transaction||Standard rates|
|Introductory rates||Monthly rate||Effective annual rate|
|Cash (includes money transfers and gambling transactions)||N/A||2.84%||39.94%|
|The effective annual rate takes into account interest you will pay on interest if you do not pay the whole of your main balance shown on your statement each month so gives a truer picture of the cost of the credit.
|Interest-free period||Up to 56 days interest-free on purchase transactions only, where you have paid the whole of your main balance on two or more consecutive current statements 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:|
|All transactions||date debited to your account||paid in full|
|Allocation of payments||Where your payment is not sufficient to pay off the whole of the full balance outstanding on your account, your payment will be applied in the following order to pay off: (i) any minimum payment or instalment plan payment not paid by its due date; (ii) any instalment plan payment due for the current month; (iii) your main balance starting with the part bearing the highest rate of interest and then in reducing interest rate order; (iv) any remaining instalment plan balance; and (v) any recent transactions not yet shown on your statement in reducing interest rate order.|
|Minimum repayment||Your minimum payment will be shown on your statement and will be the higher of:
1. the total of any interest we have charged since the date of your last statement; and any default fees we have charged; and depending on your APR, 3% of the remainder of the balance you owe on your account as at the statement date; or
In every case you must pay off the outstanding balance shown on your statement if it is less than £10.
For further details, please refer to your credit card terms and conditions.
We may increase your minimum payment. If we vary your minimum payment we will write to you to tell you.
|Credit limit||Minimum credit limit||£150|
|Maximum credit limit||£1,500 (Subject to status)|
|Fees||There is no annual fee|
|Charges||Balance Transfer (if available)||N/A|
|Cash advances||3% or £3, whichever is the higher|
|Copies of statements||£5 each|
|For further details, please refer to your credit card terms and conditions.|
|Foreign usage||Payment scheme exchange rate||The exchange rate is set by the card scheme operator, Visa on the date the transaction is processed and may be different from the date of the actual transaction.
Rates can be found at https://www.visaeurope.com/making-payments/exchange-rates.
|One or more of the following may apply:
|Default charges||Late payment fees.||£12|
|Over limit fees.||£12|
|Failed payment fee if a direct debit or 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 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 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?||£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 each month and you always make the payment each month on the 15th. Your statement is produced 31 days after you make the purchase.|