For this submission we have handpicked Vanquis Bank who are an established provider of subprime credit cards in the UK. This thriving Bradford-based business will be compared against 4 other big hitters competing in this in demand niche where solutions are put forward to the many turned away from mainstream lenders. This featured firm will be compared against Aqua, Barclaycard, Capital One and Tesco Bank. We’ll firstly introduce each.
Our featured specialist provider issued their very first card back in May 2003. They have progressed well as time has passed, taking the approach of supplementing their core brand with other competing trading names and various partners who are brought in on an affinity scheme (the most high profile partner of course being Argos). Many people will be familiar with the owner Provident Financial Plc who can boast a rich history dating way back to the year 1880. Current active brands include Provident who are the market leading doorstep loan service. The online alternative to this is Satsuma Loans and they also provide car finance through Moneybarn.
They had also ventured into the guarantor loan sector through Glo, but this project has ceased trading. The Group has 2.5 million customers overall. Of which, the largest share of 1.6 million customers belong with Vanquis. Over their history they have accepted more than 3 million people, with around half of these being active. There are as noted other trading names where they operate from that includes Aquis, Chrome, NEO and Origin. Original was another project that has now been closed. Partners who they issue cards for include Argos, Black Diamond, Granite and XYLO. There are few differences across either option. In general, you’ll see price matching at 39.9% APR.
Sometimes the rates go higher and occasionally they drop lower. Chrome currently boasts the cheapest starting rate of 29.5%, Aquis follows at 29.8% and the partner Granite sees 34.9%. It is important to highlight that the rates are always variable and so you could see a rate hike no matter where you apply. The standard Vanquis credit card (aka Visa) has a starting limit of £150 to £1000 with this potentially rising to £4000. Its purchase range is 39.94% to 69.94%. Things have always been a little confusing on the login front. On the main site they link out to www.evanquis.co.uk and www.payvanquis.co.uk. The EVanquis site then links out to www.evanquis.com that is the main portal.
PayVanquis is differentiated through payments only without the need to register. People are targeted with poor credit such as CCJs and those discharged from bankruptcy. There are also pages for low wages, new to the UK etc. They are however pretty vague with specifics on their Visa offering, but have always been known for high acceptances rates. You will of course pay a high price and will likely start on a modest starting limit. This is however a good opportunity to get back on track enabling you to rebuild your rating. Support runs Mon/Fri (8am-8pm), Sat (9am-5.30pm). Before jumping into the comparisons, we’ll firstly investigate the best Vanquis alternatives (alphabetically sorted).