Your pricing changes
We’ve made some changes to how we price credit card products. Here we answer common questions about what’s changed, why we’ve made the change and what it means for you.
Frequently Asked Questions
What if I don't want to accept the recent interest rate increase for cash and money transfer transactions?
If you’re not happy with this change and want to cancel your card, call us on 0330 099 3169* by the date given in the email or letter we sent you.
This means you won’t be able to use your card for any more purchases or transactions. Your current interest rate will stay the same until your outstanding balance is paid. It’s important to make at least your minimum monthly payments until you’ve paid the full balance.
We’ll send you a letter confirming your request to reject the rate change and to cancel your card.
If you say no to the rate change after it begins but before the opt-out date, we’ll send you another letter. This letter will confirm that your rates will go back to what they were before we told you about the increase.
If you end up paying interest at the higher rate after your increase date, we’ll refund those charges within eight days of the confirmation letter. You’ll see this on your next statement or the one after that.
How will the interest rate increase affect me?
We provided an illustration in your letter or email. This shows the amount of interest you’ll pay for every £100 you may have outstanding on your account. It assumes you don’t have any default charges or promotional/introductory offers on your account.
My interest rate has increased. What should I do if I think I might have difficulties making the new minimum payment?
If you think this increase will affect your ability to make your new minimum payments, please contact us right away on 0330 0993 169*. One of our team will be happy to help.
My interest rate is increasing and I want to keep my card. What do I need to do?
The change will happen automatically on your account from the date highlighted in your letter or email. If you accept these changes, you don’t need to do anything.
My interest rate is increasing. What will my new minimum payment be?
Your credit card statement shows your minimum payment. You’ll find the minimum payment based on the new interest rate on your next statement after the date given in your email or letter. You can check how we work out your minimum payment in your credit card terms and conditions.
I've been advised that you're increasing my interest rate. Why is this?
When we make changes to interest rates, we consider many factors. Things we look at include but aren’t limited to how you manage your account and what it costs us to provide and manage it.
Why are you increasing my interest rate again?
We carry out regular reviews of our customer accounts. We look at a number of things, including how you manage your account and what it costs us to provide and manage it. After our assessment, we’ve decided to increase your interest rate for purchases, balance transfers, cash and money transfer transactions.
You've told me you’re increasing the rate on my credit card. I have other credit cards and they haven't increased their rates. Why is this?
Every lender has their own way of assessing their customers. We can only provide you with info about your Vanquis Credit Card. If you have questions about other credit card providers it’s better for you to speak to them directly.
How much should I pay back each month?
You must pay back at least the minimum payment each month to avoid late fees and charges. If the minimum payment amount is all you pay each month, it’ll take much longer to clear your balance. If affordable, try to pay more than the minimum payment.
When the interest rate increases, what about payments on my account?
Most of our customers pay by Direct Debit or a variable Continuous Payment Authority (CPA) linked to their debit card account. If you have this in place, it will adjust to your new minimum payment. If you have a fixed amount Direct Debit set up, you may want to change this to be higher than the new minimum payment.
If you pay a fixed amount through a CPA or standing order, please make sure it’s not less than the new payment amount as you may need to increase it.
How does a balance transfer offer work?
The balance transfer offer lets you move your debt from one or more credit cards to our card with a low or 0% interest period. If you don’t miss a payment, it could help you clear your debt faster and result in lower interest overall. Once our offer period ends, the interest rate will increase. If it’s affordable, try to pay off your balance before that happens.
How does a money transfer offer work?
The money transfer offer lets you transfer money from your credit card to your current account with a low or 0% interest period. If you don’t miss a payment, it could help you clear your debt faster and result in lower interest overall. Once our offer period ends, the interest rate will rise. If it’s affordable, try to pay off your balance before that happens.
What happens at the end of my offer period?
When your offer period ends, any outstanding balance will be charged at your standard variable interest rate. The more of your balance you repay before the end of your offer period, the less interest you’ll need to pay at the end.
*Call charge information
Network charges may apply. Calls to 01 and 03 numbers from UK landlines and mobiles are normally included in free plan minutes if available; otherwise calls to 03 numbers cost the same as calls to 01/02 prefix numbers. Calls to 0800 or 0808 numbers are free from mobiles and landlines. Find our opening hours here.