Build Credit Now

Vanquis credit builder card review

Vanquis is a company that provides credit cards specifically for people who have little to no credit history or who want to improve their credit score. Their credit builder cards are a good option for those just starting out with no credit, like young adults or those trying to fix a bad credit rating after a default or bankruptcy.

Here is our review of the Vanquis credit builder card's features, pros, and cons.

What are the pros of the Vanquis credit building card?

  • Low eligibility criteria. As long as you don't have an active bankruptcy or IVA, you should be able to get this card.
  • Eligibility check: Like any credit-building card, Vanquis has an eligibility check that does a soft credit search on your file so you can see your chances of approval without hurting your credit score.
  • No annual fee or foreign transaction fee.
  • And all the features you'd expect from a regular credit card: a mobile app, text alerts for payments, and purchase protection.

What are some of the cons of the Vanquis credit builder card?

The Vanquis credit card also has some downsides:

  • High-interest rate: The card has a high interest rate (APR), starting at 34.5% and going up to 39.9%. This is higher than many other credit-building cards.
  • Additional fees: The card charges fees for late payments, going over the credit limit, and cash withdrawals. These fees can add up quickly.
  • Low credit limit: The initial credit limit is capped at £1,200, typical for credit-building cards. Some other cards offer higher limits.
  • No rewards or perks: Unlike some other credit cards, the Vanquis card does not provide any rewards, cashback, or other benefits for using it. It's a basic credit-building card without extra features.

It's important to note that many credit-building cards in the UK have similarly high interest rates and low credit limits, and most don't offer rewards. However, there are some exceptions, like the Asda Money Select and Tesco Foundation cards, which provide rewards for supermarket purchases, or the Barclaycard Forward, which automatically reduces the interest rate for on-time payments.

What do customer reviews say about the Vanquis credit card?

More than 33,000 customers rated Vanquis 4.3 out of 5 on Trustpilot, one of the largest customer review websites.

Out of these, 82% gave it 5 stars. They loved things like the excellent customer service, the personal touch, and the high acceptance rate. Some customers were even surprised to see their application go through.

However, Vanquis has some 1-star reviews too. Funnily enough, most of these bad reviews also mention customer service. They also complain about unexpected interest rate increases and difficulty closing the account even with no outstanding balance.

Trustpilot isn't the only review website where Vanquis got mixed reviews, either. In a recent "Which?" credit card satisfaction survey, Vanquis got a 62% customer score, coming 26th out of 31 card providers.

Is the Vanquis credit builder card any good?

The Vanquis credit card could be an option if your credit history is bad. However, the very high-interest rate, low credit limit, lack of rewards, unexpected fees, and some of the customer reviews we've seen make us hesitant to recommend it as a credit-building card. There are better alternatives available.

Also, if you're looking for a safer and less expensive way to improve your credit score, you could consider using a credit-building app instead.

One example is the Wollit app. Unlike the Vanquis card, Wollit reports your monthly fixed-fee subscription as a loan repayment. This directly helps build your credit history and allows you to improve your credit score without the unexpected fees and high-interest charges that Vanquis customers have complained about. As your credit score gets better, you'll eventually be able to qualify for better credit cards and deals in the future.

Wollit, no stress, no hassle - just a clear path to better credit

Terms apply. Results may vary. Improvements to your credit score are not guaranteed. Wollit Credit Builder plans are unregulated.

You may also like...

Feel better about your credit score

Terms apply. Results may vary. Improvements to your credit score are not guaranteed. Wollit Credit Builder plans are unregulated.