Balance Transfer From Vanquis

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

These are all some of the most recent questions that we have seen UK 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 Count 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 allocated credit limit.

Over time, a customer’s credit limit can increase and with no further debt problems, their 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.

A balance transfer from Vanquis to another credit card is however 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, 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, although a customer will need to have an improved credit rating to successfully apply for any new balance transfer credit card.

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

HSBC*

Balance Transfers:

0% for 28 Months

Balance Transfer Fee:

1.4%

Purchases:

0% for 3 Months

Representative APR:

21.9% APR (variable)

Card Details

HSBC*

• 0% interest on balance transfers for 28 months made within 60 days of account opening
• 1.4% balance transfer fee (minimum £5)
• 0% interest on purchases for 3 months from account opening
• At the end of 0% offer period, balance transfers and purchases will revert to standard variable rate
• home&Away rewards programme giving you instant discounts from well-known brands
• Online account management
• Annual Fee: None

Application Criteria

HSBC*

• You have an annual income or pension before tax of £8,500 or more
• You are a UK resident, including Isle of Man and Channel Islands
• You are aged 18 or over
• You do not hold an HSBC Basic bank account

Card Offers

Asda Cashback*

Balance Transfers:

0% for 12 Months

Balance Transfer Fee:

3%

Purchases:

No offer

Representative APR:

19.9% APR (variable)

Card Details

Asda Cashback*

• 0% on balance transfers for 12 months
• 3% balance transfer fee, minimum £3
• 0% for 6 months on purchases of £200 or more at George.com
• 1% cashback on your Asda shopping online and instore
• 1% cashback at Asda Living, Asda petrol stations and George.com
• 0.2% cashback everywhere else
• Annual Fee: None

Application Criteria

Asda Cashback*

• You are a permanent UK resident
• You have a UK bank or building society account
• You are able to provide at least one telephone number
• You have a regular source of income
• You are aged 18 or over

Card Offers

Nationwide Credit Card just for Nationwide members*

Balance Transfers:

0% for 12 Months

Balance Transfer Fee:

0%

Purchases:

0% for 12 Months

Representative APR:

17.9% APR (variable)

Card Details

Nationwide Credit Card just for Nationwide members*

• 0% on balance transfers for 12 months from account opening
• 0% balance transfer fee within first 3 months, 2.4% fee applies after, minimum £5
• 0% on purchases for 12 months from account opening
• Commission free allowance on purchases abroad (subject to terms)
• Manage account online
• Annual Fee: None

Application Criteria

Nationwide Credit Card just for Nationwide members*

• Nationwide credit cards are just for members. You are a member when you have a current account, mortgage or savings account with Nationwide
• You have been living in the UK for the last 12 months
• You have a gross income each year of more than £5000
• You have a good credit history
• You are aged 18 or over

Card Offers

HSBC Purchase Plus*

Balance Transfers:

0% for 18 Months

Balance Transfer Fee:

2.99%

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 60 days of account opening
• 2.99% balance transfer fee (minimum £5)
• 0% on purchases for 18 months from account opening
• At the end of 0% offer period, balance transfers and purchases will revert to standard variable rate
• home&Away rewards programme giving you instant discounts from well-known brands
• Online account management
• Annual Fee: None

Application Criteria

HSBC Purchase Plus*

• You have an annual income or pension before tax of £8,500 or more
• You are a UK resident, including Isle of Man and Channel Islands
• You are aged 18 or over
• You do not hold an HSBC Basic bank account

Card Offers

M&S Shopping Plus*

Balance Transfers:

0% for 20 Months

Balance Transfer Fee:

2.9%

Purchases:

0% for 20 Months

Representative APR:

19.9% 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
• Preferential rates when you use your card to order M&S Travel Money
• Manage account online
• Annual Fee: None

Application Criteria

M&S Shopping Plus*

• You are a UK resident
• You have a UK bank or building society account
• You are aged 18 or over
• You have not held a credit card with M&S Bank within previous 12 months

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, such as the above Marks and Spencer balance transfer cards.

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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