Pact with the devil !!! (Vanquis Credit Card)

Member Name: califema

Product:	Vanquis Credit Card
Date:	05/09/09 (522 review reads)
Rating:

Advantages: Are there any?

Disadvantages: Poor CS & bad manners

I had a low credit rating (around 550) not through my own fault simply because i am new to credit. I have two student current accounts with free-overdraft facility ( currently 2500) ,i work part-time and have no debt history/ CCJ's/ series of bills being paid late etc.
I have been refused a loan ( car purchase) , i applied for a Tesco Credit card and they could not help me again therefore i tried to rebuild ( or improve) my credit score. I applied for Vanquis Credit card which is aimed at people with bad credit .

How to apply:
Simply apply online : www.vanquis.co.uk. It takes appr. 10 minutes to complete and is very easy.
Don't forget to read Summary Box, TC's and Privacy Statement before application. I received my card after 9 days and normally they will be in touch with you within 10 days. Then you'll need to call them to activate your card.

Restrictions:
Generally you can apply if you haven't applied for a their card in the last 6 months and you have proof of address - any recent bank statement, utility bill etc. You cannot apply if you are declaring bakruptcy or when you are not on the electoral roll. Card is aimed at adults only ( 18+).

Card:
Credit limit is usually small, i have 750 pounds on my card to spend. Vanquis Bank reserves right to decrease or increase your credit limit (they will notify you ) when your circumstances have changed. I do not make any payments into my credit card account as i never use it. I you wish to make a payment allow at least 2-10 working days to reach your Vanquis account . You can pay:
Using your bank -
telephone service ( one off payment)
set up standing order
over the counter with pre-printed giro
By debit card-
Simply phone Vanquis on 0871 770 5555 to make one off payment or set up direct debit
By a cheque - takes normally 10 days.

Problems:
I have tried to cancel the agreement and it takes weeks to get any response. Generally, your rights to cancel are restricted and chance is very little they will help you and instruct you how to do it. I've read stories of people notoriously harrassed and called by Vanquis - no surpise! They are nice and friendly, but only when you want to apply and do not miss any payments /do not go over your limit or wish to quit like me. I can't manage my account online and bank advisors are never polite.

Costs:
No annual fee.
Purchase Transaction 19.9% APR - 59.9% APR (variable), usually 39.9%.
Cheque Transaction - add 10 % to your APR
Cash Transaction fee 3%/£3
Late payment / Over limit- £12.00
Tracing charge ( when you move and do not give them new address)
AND:
'any other reasonable expenses we incur as a direct result of your breach of this agreement' ( source : my pact with the devil)


Summary:
Be patient - do not forget about Vanquis / Capital One alternatives. You can similarly rebuild your credit score by purchasing reasonably priced goods via credit / hire purchase agreement, apply for a contract phone or buy some clothes from Littlewoods. Try to spend less ( or borrow from friends / local crisis authority etc.) and remember to pay your bills on time. It really works and is risk-free compared to signing Vanquis credit card agreement.

Summary: If you need credit but have been refused don't apply for this card - you do not have to!