Balance Transfer From Vanquis

Can you make a Vanquis balance transfer? Is a balance transfer from Vanquis possible in the UK? Which Vanquis balance transfers are allowed?

These are all some of the most recent questions that we have seen credit card customers looking for answers on, around the topic of making a balance transfer from Vanquis.

The Vanquis credit card is primarily a credit builder credit card. The card is designed for people with either no previous credit history, or for people who who have had credit problems, such as County Court Judgements or CCJ’s, in the past.

Many UK credit card customers use the Vanquis credit card to improve their credit rating. Customers can do this by making at least the minimum payment on time every month and staying within their given credit limit.

Over time, with these regular monthly payments, a customer’s credit limit can increase. As a result with no further debt problems, the customer’s 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.

Vanquis Balance Transfer

Are Vanquis balance transfers allowed? Well, yes and no.

• Yes, you can make balance transfers from your Vanquis credit card to another credit card
• No, you cannot make balance transfers from another credit card to your Vanquis card

We have seen that quite often Vanquis credit card customers get confused as to whether they can make a Vanquis balance transfer, or a balance transfer from Vanquis to another credit card.

This confusion often arises because Vanquis do not currently allow a balance transfer to be made from any other credit card to a Vanquis credit card.

However, a balance transfer from Vanquis to another credit card is allowed. This balance transfer is treated as a payment from the customer to Vanquis, even though the payment is actually made by the new credit card company.

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 for a balance transfer from Vanquis to another credit card.

A balance transfer from a Vanquis credit card does offer a customer an opportunity to save money, by paying a lot less in interest.

Many other UK credit cards will accept a balance transfer from Vanquis. However, a customer will need to have an improved credit rating to successfully apply for any new balance transfer credit card.

This especially applies during the current Coronavirus pandemic. All of the UK credit card companies are now more strict with credit card application approvals.

Existing Vanquis credit card customers are much more likely to be accepted for a new 0% balance transfer credit card if they can meet the following criteria:-

• Have had a Vanquis credit card for at least 1 year or more
• 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 annual income

Given all of the above, the following featured balance transfer cards are most likely to be suitable for a balance transfer from Vanquis:-

Card Offers

TSB Platinum Purchase

Balance Transfers:

0% for up to 20 months

Balance Transfer Fee:

2.95%

Purchases:

0% for up to 20 months

Representative APR:

19.9% APR (variable)

Card Details

TSB Platinum Purchase

• 0% interest for up to the first 20 months on balances transferred within first 90 days
• 2.95% balance transfer fee during first 90 days, 3% fee applies afer 90 days
• 0% interest on purchases for up to the first 20 months
• Internet fraud protection and Clicksafe
• Online card servicing
• Annual Fee: None

Application Criteria

TSB Platinum Purchase

• You are an existing TSB customer
• You are not currently declared bankrupt, have CCJs or subject to IVA
• You have a good credit rating and regular income
• You are a UK resident
• You are aged 18 or over

Card Offers

Santander All in One

Balance Transfers:

0% for 26 Month

Balance Transfer Fee:

0%

Purchases:

0% for 26 months

Representative APR:

21.7% APR (variable)

Card Details

Santander All in One

• 0% interest on balance transfers for 26 month from date account opened
• 0% balance transfer fee
• 0% interest on purchases for 26 month from date account opened
• 0.5% cashback on all of your purchases
• No foreign transaction fee on purchases made abroad in local currency
• Cashback through Retailer Offers
• Monthly Fee: £3

Application Criteria

Santander All in One

• You are a permanent UK resident
• You have a good credit history with no history of bad credit
• You have an income of £7,500 per year or more
• You are at least 18 years of age

Card Offers

Sainsbury’s Dual Offer

Balance Transfers:

0% for up to 19 months

Balance Transfer Fee:

3%

Purchases:

0% for up to 19 months

Representative APR:

21.9% APR (variable)

Card Details

Sainsbury’s Dual Offer

• 0% interest on balance transfers for up to 19 months
• 3% balance transfer fee, minimum £3 on transfers made at application
• 0% interest on purchases for up to 19 months
• Collect 2 Nectar points per £1 spent on Sainsbury's shopping and fuel
• Collect 1 Nectar point for every £5 spent on your card elsewhere
• Online account management
• Annual Fee: None

Application Criteria

Sainsbury’s Dual Offer

• You have a permanent UK address
• You have not been declined for credit in the last month
• You do not have a history of bad credit
• You are aged 18 or over

Card Offers

NatWest Balance Transfer

Balance Transfers:

0% for 18 months

Balance Transfer Fee:

0.49%

Purchases:

0% for 3 months

Representative APR:

19.9% APR (variable)

Card Details

NatWest Balance Transfer

• 0% on balance transfers for 18 months from account opening
• 0.49% balance transfer fee
• 0% on purchases for first 3 months from account opening
• Lock and unlock your credit card in app
• Manage your card 24/7 online and by telephone banking
• Annual Fee: None

Application Criteria

NatWest Balance Transfer

• You are a NatWest customer
• You are a UK resident
• You are earning at least £10,000 per year
• You are aged 18 or over

Vanquis credit cards are issued as a credit card using the Visa worldwide payment network. You can make a Vanquis balance transfer to either another Visa credit card or to a MasterCard credit card.

So in summary, is a Vanquis balance transfer allowed?

• Yes, if you are making a Vanquis credit card balance transfer to another credit card
• No, if you are looking to make a balance transfer from another credit card to Vanquis

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