You could build or improve your credit rating over time if you manage your card responsibly.
Vanquis Bank Balance Transfer Credit Card review
- Representative example:
- When you spend £1,000 at a purchase rate of 33.5% (variable) p.a., your representative rate is 33.5% APR (variable).
- Balance transfer fee
- 0%
- Account fee
- £0
- 0% interest on balance transfers
- 6 months
Our verdict
The Vanquis Balance Transfer Offer Card lets you transfer existing debt from your current credit card and save money on the interest for up to 6 months.The Vanquis Balance Transfer Offer credit card could be a good option if you’re looking to save money and clear debt from your current credit card in a short period of time. It’s unusual for credit building cards to provide balance transfers. However, Vanquis does just that. With 6 months interest-free on balance transfers, it could give you the breathing space to pay off your existing balance without having to pay off additional interest as well. But keep in mind that you’ll have to pay a transfer fee of 0%.
It’s also worth noting that if you’re looking to clear an existing balance or build a positive credit history, you should try to avoid additional spending on the card. Once the initial 0% offer period ends, monthly interest will start to kick in, so aim to clear the balance in full before it ends.
For most people looking to balance transfer, 6 months isn’t long enough. There are plenty of cards on the market offering a longer 0% interest period, some of which that also don’t have a balance transfer fee. So it’s always worth comparing your options. Typically these longer offers require a good borrowing history and a higher-than-average credit score. If you’re unsure what your credit score is, you can check yours for free with Finder.
You can download the Vanquis app to help you control all aspects of your card, from checking your balance to making payments. The icing on the cake is that for added security, you can report your card lost or stolen through the app to prevent unauthorised transactions.
Pros
-
0% interest on balance transfers for up to 6 months
-
Up to 56 days interest-free on purchases, where you’ve paid off the balance in full and on time
Cons
-
Higher interest rate after the initial offer period
-
Balance transfer fee of 0%
-
Foreign transaction fees
Details
Product details
| Annual/monthly fees | £0 |
| Balance transfer fee | 0% |
| Money transfer fee | 3% (min. £3) |
| Foreign usage charge (EU) | 2.99% |
| Foreign usage charge (rest of world) | 2.99% |
| Cash advance fee | 3% (min. £3) |
| Late payment fee | £12 |
| Duplicate statement fee | £5 |
| Exceeding limit fee | £12 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
The Vanquis Bank Balance Transfer Credit Card is issued on the Visa network (used by a whopping 4.2 billion cards), so you'll be able to use it at more than 100 million merchant locations across more than 200 countries and territories.
What is a balance transfer credit card?
A balance transfer card allows you to move the balance (debt) from one credit card to another, often with a low or 0% interest rate period. Transferring debt from a card with a higher APR to one with a lower APR can save you money on the interest you’ll pay over time. Balance transfer cards let you do this whilst not charging interest on the balance for an introductory period. However, there is sometimes a one-off fee for transferring a balance which is worth watching out for.
How does the Vanquis Balance Transfer Offer Card work?
The Vanquis Balance Transfer Offer credit card lets you transfer your debt from one or more credit cards onto the Vanquis card. You can transfer up to 90% of your credit limit. For example, say you have a limit of £1,000, you’ll be able to move up to £900.
You’ll then have 6 months at 0% interest to pay off the balance. A couple of things to keep in mind, the card has a one-time balance transfer fee of 0% and the card will return to its normal APR once the introductory interest-free period ends.
What benefits/features can you get?
The Vanquis Balance Transfer Offer Card comes with a few benefits and features that differ from other credit cards. These features include:
- 0% interest on balance transfers for up to 6 months
- Credit limit between £500 and £3,000
- No annual fee
It’s worth noting that whilst using the card responsibly can help you build up and maintain a good credit score over time, using it irresponsibly can negatively impact your credit score. If your goal is to clear existing debt, try to avoid additional spending on the card.
Applying for a Vanquis Balance Transfer Offer credit card
To apply for the Vanquis Balance Transfer Offer Card, fill out the online eligibility form on its website. Vanquis will then let you know the next steps.
To apply, you’ll need to meet the following eligibility criteria:
- Be over 18
- Do not already own an Aquis, Chrome, Origin, Vanquis, thimbl or Granite credit card
- Are not currently bankrupt or have an active individual voluntary arrangement (IVA)
When applying, you’ll need to provide these details:
- Address details for the last 3 years
- Contact details
- Job details
- Details of your monthly income
- An idea of your monthly expenditure
- Your bank account and debit card details
Vanquis app
App features:
- Verify online purchases. Verify online purchases made with your card to prevent fraud.
- View your transactions. Monitor your credit card transaction history.
- See up to 12 months of statements. View and download your credit card statements.
- Make payments. Pay off your credit card bill and get an instant update on your available credit.
- Set up automatic payments. Use the Payit service through the app to make payments to your credit card.
- Report your credit card lost or stolen. Prevent unauthorised purchases by informing Vanquis that your credit card is lost or stolen.
Vanquis customer reviews
Vanquis has an “excellent” rating of 4.5 out of 5 on review platform Trustpilot, based on more than 31,000 reviews (updated July 2023). Many customers praised the excellent customer service and easy application process.
The Vanquis app has a score of 4.8 out of 5 on the App Store and 4.6 out of 5 on the Google Play Store (updated July 2023). Customers commended the Vanquis app for its simplicity and usefulness.
Customer support information
You can give Vanquis customer services a ring on 0330 099 3000 with any queries.
Bottom line
As far as balance transfer credit cards go, the Vanquis Balance Transfer Offer Card doesn’t have a long initial interest-free period. You also have to pay a 0% fee on any balance transferred onto the card. However, if your credit history is not particularly good, then you may have a higher chance of getting accepted for this card than with others that have a lower APR and longer interest-free period. The easy-to-use Vanquis app can also give you peace of mind, with the ability to manage your card, from making payments to providing added security.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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