Your Vanquis Credit Card limit
Here’s what you need to know, including how credit limit increases work and how to request a lower limit.
Our handy guide explains how the credit limit on your Vanquis Credit Card can be changed. Keep in mind:
- You can't ask for a credit limit increase
- We review your account every month to check if you're eligible for an increase
Managing your credit limit
As a responsible lender, we want to be sure you can comfortably manage your repayments. Increasing your limit gives you more flexibility to spend. But a higher balance means a bigger minimum payment and possibly more interest charged. So, always make sure this is affordable.
Can I request a credit limit increase?
You can’t ask for a Credit Limit Increase, but we’ll automatically review your account every month and let you know if you’re eligible. It’s a good idea to check your credit limit preferences in case you opted out of offers in the past.
You can set and control your preferences in the Vanquis app:
- Tap the ‘More‘ tab
- Tap ‘My Preferences‘ and tap ‘Your credit limit increase preferences‘ follow the on-screen instructions
How to improve your chances of a credit limit increase
We’ll set your credit limit based on your needs and ability to manage your account. To boost your chances of a limit increase, you should:
- Make good use of the credit available to you. Low usage could indicate your current limit already meets your needs.
- Keep your other credit accounts in good order (credit cards, loans or catalogues).
- Avoid going over your credit limit.
- Remember to make your payments on time.
If you do these things, it’ll show you can manage your credit accounts.
What to do if you're offered a credit limit increase
Credit limit offers will be sent through the Vanquis app, email or SMS. You can then accept or decline – your offer will explain how to do this.
If you’d like to accept the offer, you’ll need to complete an income and expenditure form. Just follow the steps in your offer to do this. Keep in mind, if you miss a payment or go over your limit, we may not be able to increase your limit.
If your offer is successful, we’ll send you an SMS to confirm your increase and the date it starts.
What does income and expenditure mean?
Income and expenditure forms help us understand your financial situation. We ask you to complete them to make sure you don’t take on debt you can’t manage.
Here are some of the things you could be asked when completing yours:
- your income (usually any salary you earn but also any benefits or pensions)
- your main bills (rent, mortgage, council tax and energy)
- other living costs (food, petrol and travel)
- other spending (broadband, phone and insurances)
How to ask for a lower credit limit
We know personal circumstances can change. If your income shifts or your expenses increase, you may want to lower your credit limit. You can request a credit limit reduction at any time, as long as:
- Your account is up to date and not over its limit
- there are no pending transactions
- your requested limit is above your current balance + any upcoming interest
- The minimum limit is £100
To request a reduction, text LOWERLIMIT to 0786 009 4990 from your registered mobile or call us 0330 099 3000*.
You might also experience financial abuse, where someone controls or limits your access to money as a form of domestic abuse. For info, help and support on financial abuse, please head to the Money Helper website.
If you’re looking to reduce your risk of financial difficulties, it could be a good idea to decrease your credit limit. To ask for this or some more support, please get in touch.
*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.