Comparing balance transfer credit cards online since 2002Can you make a Vanquis balance transfer? Is a balance transfer from Vanquis possible in the UK? Can I transfer my Vanquis balance to another credit card?
All of the above, are some of the common questions that we have seen, most recently about Vanquis. Many UK credit card customers are looking for answers about making Vanquis balance transfers.
The Vanquis credit card is primarily a credit builder credit card. Vanquis cards are designed for customers who have either no previous credit history, or who have had previous credit problems. This can include County Court Judgements or CCJ’s, in the past.
Many UK credit card customers use the Vanquis credit card to improve their overall credit rating. You can do this, by staying within your given credit limit and by making at least the minimum payment on time, every month.
Over time, with these regular monthly payments, the card company may increase your credit limit. As a result, and with no new debt problems, your overall credit rating can also improve.
This will then allow Vanquis customers to then apply for a new credit card, that has a lower annual interest rate. Many Vanquis cards have an APR interest rate of 29.5%, or even 39.9%. This is a lot higher than many of the main UK credit cards, when tend to be around 23.9% APR.
The new credit card may also come with a higher credit limit. This could be a £2000 credit card limit, or a credit card with a £4000 limit, for example.
Balance Transfer Vanquis
Are you a Vanquis credit card customer confused about your options for balance transfers? This confusion often arises, because Vanquis have different rules depending on the direction of the transfer.
Currently, Vanquis do not allow a balance transfer from any other credit card, to a Vanquis credit card. Due to the high interest rates charged on Vanquis credit cards, this type of transfer is very unlikely to be popular, anyway.
Can I transfer my Vanquis balance to another credit card? Yes, a transfer from a Vanquis credit card to another credit card is allowed. This can allow you to transfer your outstanding debts on a Vanquis card, to a new 0% credit card.
Paying no interest during an introductory 0% offer period can repay your outstanding debt faster. No interest payments mean that all of your monthly repayments, pay off the balance.
So, lets clarify. Which Vanquis balance transfers are allowed?
- You can make balance transfers from your Vanquis credit card to another credit card
- However, you cannot make balance transfers from another credit card to your Vanquis card
Balance Transfer From Vanquis?
As a credit builder credit card, the Vanquis credit card has a high interest rate. This is currently a representative 39.9% APR variable. With such a high interest rate, many customers will look to make a balance transfer from Vanquis to another credit card, to save money.
A Vanquis balance transfer to another credit card, does offer a customer an opportunity to save money, by paying a lot less in interest. 0% balance transfer credit cards like the M and S Balance transfer credit card, for example, charge no interest during the introductory offer period.
Many other UK credit cards will accept a Vanquis balance transfer. However, you will need to have an improved credit rating, before you can successfully apply for any new 0% balance transfer credit card.
This especially applies as a result of the recent Coronavirus pandemic. Many of the UK credit card companies are now more strict with their credit card application approvals.
Vanquis Credit Card Balance Transfer
Are you a current Vanquis credit card customer? If so, then you are much more likely to be accepted for a new 0% balance transfer credit card, if you can meet the following criteria:-
- Have had a Vanquis credit card for at least 1 year or more
- Have made at least the minimum payment on time every month
- No recent late payments on any other debt
- No recent CCJ’s
- Low level of overall debt in relation to your annual income
Given all of the above, the following featured cards are most likely to be suitable for a Vanquis balance transfer:-
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Card Offers
Card Details
- 0% for 15 months on balance transfers made within 90 days of account opening
- 2.99% balance transfer fee, minimum £5
- 0% on purchases for 18 months from account opening
- Collect M&S points every time you shop anywhere in the world with your card
- One point for every £1 you spend in M&S and one point for every £5 you spend elsewhere
- Manage account online
- Annual Fee: None
Application Criteria
- You are a UK resident
- You have an annual income or pension of at least £6,800
- You are aged 18 or over
- You have not held a credit card with M&S Bank within the previous 12 months
Card Offers
Card Details
- 0% interest for up to 16 months on balance transfers made within first 60 days of account opening
- 3.49% balance transfer fee applies (minimum £5)
- 0% interest on purchases for up to 18 months from account opening
- At end of promotional period, balance transfers and purchases will revert to standard variable rate
- Worldwide offers and discounts with HSBC home&Away
- Manage your card online
- Annual Fee: None
Application Criteria
- You have an annual income or pension before tax of £6,800 or more
- You are a UK resident
- You are aged 18 or over
- You do not hold an HSBC Basic bank account
Card Offers
Card Details
- 0% on balance transfers for up to 12 months
- 2.9% balance transfer fee
- 0% on purchases for up to 12 months
- Credit limit up to £8,000
- Online account management
- Annual Fee: None
Application Criteria
- You are a UK resident
- You have a bank or building society account
- You are aged 18 or over
Card Offers
Card Details
- 0% for 28 months on balance transfers made within 90 days of account opening
- 2.99% balance transfer fee, minimum £5
- 0% on purchases for 3 months from account opening
- Collect M&S points every time you shop anywhere in the world with your card
- One point for every £1 you spend in M&S and one point for every £5 you spend elsewhere
- Manage account online
- Annual Fee: None
Application Criteria
- You are a UK resident
- You have an annual income or pension of at least £6,800
- You are aged 18 or over
- You have not held a credit card with M&S Bank within the previous 12 months
Card Offers
Card Details
- 0% interest for 6 months on balance transfers made within 60 days of account opening
- 2.99% balance transfer fee (minimum £5)
- 0% interest on purchases for 6 months from account opening
- Get reward points as you use your card
- Get 2,500 welcome points worth £25 when you make your first transaction on your card
- Online account management
- Annual Fee: None
Application Criteria
- You have an HSBC Advance Account, or an HSBC Bank Account or HSBC Premier Account
- You have paid a total of £1750 a month into your account over last 6 months
- You have an annual income or pension before tax of £6,800 or more
- You are a UK resident
- You are aged 18 or over
In the UK, Vanquis credit cards are issued using the Visa worldwide payment network. All Visa credit and debit cards are accepted at millions of locations, all around the world. You can make a Vanquis balance transfer to either another Visa credit card, or to a MasterCard credit card.
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