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?

All of the above, are 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.

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, 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.

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:-


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Card Offers

Balance Transfers:
0% for 18 months
Balance Transfer Fee:
2.9%
Purchases:
0% for 18 months
Representative APR:
22.9% APR (variable)
More Information

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
More Information

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
More Information
Representative Example: 22.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 22.9% p.a. (variable)
Credit is subject to status, affordability and applicable terms and conditions
No balance transfers allowed to this card from first direct, HSBC, M&S or Partnership credit cards

Card Offers

Balance Transfers:
0% for 24 months
Balance Transfer Fee:
3%
Purchases:
0% for 4 months
Representative APR:
20.6% APR (variable)
More Information

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
More Information

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
More Information
Only available to Co-operative Bank customers
Representative Example: 20.6% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 20.6% p.a. (variable)
No balance transfers allowed to this card from Co-operative credit cards

Card Offers

Balance Transfers:
0% for 25 months
Balance Transfer Fee:
2.85%
Purchases:
0% for 3 months
Representative APR:
21.9% APR (variable)
More Information

Card Details

HSBC Balance Transfer*
  • 0% interest for 25 months on balance transfers made within first 60 days of account opening
  • 2.85% 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
More Information

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
More Information
Representative Example: 21.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 21.9% p.a. (variable)
Credit is subject to status, affordability and applicable terms and conditions
No balance transfers allowed to this card from first direct, HSBC, M&S or Partnership credit cards

Card Offers

Balance Transfers:
0% for up to 24 months
Balance Transfer Fee:
3%
Purchases:
0% for 3 months
Representative APR:
34.9% APR (variable)
More Information

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
More Information

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
More Information
Representative Example: 34.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 34.94% p.a. (variable)
No balance transfers allowed to this card from Capital One or Post Ofice credit cards

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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