News: Vanquis Reforming Credit Agreements

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Vanquis have released an official email, detailing some changes being made in July to their credit card agreement. Some of these changes tend to favor the customer, which is nice to see.

1. The cash interest rate will be abolished. You will now be charged at the purchase interest rate instead. The purchase rate could be renamed to incorporate both together. The cash fee is not affected and the base rate (now purchases and cash) will not increase from this change.

2. The minimum payment will be higher each month, in an effort to reduce the amount of interest paid and clear outstanding balances faster. Payment arrangements will not be affected. 3% if the interest rates you pay are from tiers C to H (34.95% – 79.93%); or
2.5% if the interest rates you pay are from tiers A to B2 (19.94% – 29.95%).

3. A fee for an additional cardholder will be removed from the credit agreement, irrespective of whether the charge is currently 0.00 or higher.

4. Changes made to their rights, for disabling your credit card; refusing to authorizing a transaction or terminating your credit agreement. If over a 36 month period you have owed Vanquis more than £200 and over that period you have repaid less of the principal part of your account balance than you have paid in interest and fees and you are unable to increase your payments, they may stop you using your credit card.

5. GDPR incorporation and other legal additions, including the new address for the FCA. The SAR is now 0.00 but must be requested in writing – they reserve the right to request ID.

There are a few other little things I’ve not included, but Vanquis customers should have or will receive an email with this information soon.

What do you think of these changes?

Let’s not put any hatred comments here against Vanquis, we all know they are subprime and we all know the interest rates, but it’s important to remember that they can, when used correctly, be a lifeline for those who won’t be accepted by snooty mainstream providers offering 36 months 0% to their select clientele.

Last edited by T-G-C; Today at 7:56 PM.

All advice provided is intended for guidance purposes only. For specialized debt advice, please contact either National Debtline or StepChange.

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