Balance Transfer From Vanquis

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

All of the above, are a few of the most recent questions that we have seen. 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 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 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, the card company may increase the customer’s credit limit. 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. The new credit card may also come with a higher credit limit, a credit card with a £4000 limit, for example.

Vanquis Balance Transfer

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, this type of balance transfer is unlikely to be popular, anyway.

However, a transfer from a Vanquis credit card to another credit card is allowed. This can allow customers to transfer their 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 for a balance transfer from Vanquis to another credit card.

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, a customer will need to have an improved credit rating, before 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 their credit card application approvals.

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:-

Card Offers

M&S Shopping Plus*

Balance Transfers:

0% for 20 months

Balance Transfer Fee:

2.9%

Purchases:

0% for 20 months

Representative APR:

21.9% APR (variable)

Card Details

M&S Shopping Plus*

• 0% for 20 months on balance transfers made within 90 days of account opening
• 2.9% balance transfer fee, minimum £5
• 0% on purchases for 20 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

M&S Shopping Plus*

• 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

HSBC Purchase Plus*

Balance Transfers:

0% for 18 months

Balance Transfer Fee:

2.9%

Purchases:

0% for 18 months

Representative APR:

22.9% APR (variable)

Card Details

HSBC Purchase Plus*

• 0% interest for 18 months on balance transfers made within first 60 days of account opening
• 2.9% balance transfer fee applies (minimum £5)
• 0% interest on purchases for 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

HSBC Purchase Plus*

• 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

Co-operative Bank Balance Transfer

Balance Transfers:

0% for 24 months

Balance Transfer Fee:

3%

Purchases:

0% for 4 months

Representative APR:

20.6% APR (variable)

Card Details

Co-operative Bank Balance Transfer

• 0% interest for 24 months for balance transfers made within 60 days
• 3% balance transfer fee, minimum £5
• 0% interest on purchases for 4 months from account opening
• All successful applicants will receive this exact rate and offer
• Online account management
• Annual Fee: None

Application Criteria

Co-operative Bank Balance Transfer

• Only available to customers who have held a Co-operative Bank or smile current account for 1 month or more
• You are a UK resident
• You have annual income of £10,000 or more
• You are aged 18 or over

Card Offers

HSBC Balance Transfer*

Balance Transfers:

0% for 29 months

Balance Transfer Fee:

2.75%

Purchases:

0% for 3 months

Representative APR:

21.9% APR (variable)

Card Details

HSBC Balance Transfer*

• 0% interest for 29 months on balance transfers made within first 60 days of account opening
• 2.75% balance transfer fee applies (minimum £5)
• 0% interest on purchases for 3 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

HSBC Balance Transfer*

• 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

Capital One Balance Transfer

Balance Transfers:

0% for up to 24 months

Balance Transfer Fee:

3%

Purchases:

0% for 3 months

Representative APR:

34.9% APR (variable)

Card Details

Capital One Balance Transfer

• 0% on balance transfers for up to 18 months
• 3% balance transfer fee
• 0% on purchases for 3 months
• Credit limit up to £86000
• Online account management
• Annual Fee: None

Application Criteria

Capital One Balance Transfer

• You are a UK resident
• You have had credit cards in the past
• You are a home owner
• You have an income of more than £20,000 per year
• 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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