Balance Transfer Credit Card features summary
Please see the below summary of our Balance Transfer Credit Card features.
Product name
Vanquis - Balance Transfer Credit Card
This information outlined in this table summarises key product features and is not intended to replace any terms and conditions.
APR
Representative 36.9% APR (variable)
Rates from 32.9% APR (variable) to 47.9% APR (variable) – depending on individual circumstances.
Interest rates
Purchases
Monthly rate: 2.65%
Effective annual rate: 36.9%
Introductory rate: N/A
Money Transfers
Monthly rate: 2.65%
Effective annual rate: 36.9%
Introductory rate: N/A
Balance Transfers
Monthly rate: 2.65%
Effective annual rate: 36.9%
Introductory rate: 0% on balance transfers made within 60 days of account opening for up to 18 months from the date of transfer (offer can be withdrawn at any time).
The effective annual rate takes into account interest you will pay on interest if you do not pay the whole of your main balance shown on your statement each month so gives a truer picture of the cost of the credit.
Interest-free period
Up to 56 days’ interest free on purchase transactions only, when you have paid off two or more consecutive current statement balances in full and on time.
Additional interest free periods may be available from time to time, subject to a promotional offer.
Interest Charging Information
We calculate interest from the date:
- of each transaction that you or any additional cardholder make on your account, and
- we add any fee we charge to your account, until you repay the amount.
We work out interest on your account balance at the end of each day and add it to your account balance on your monthly statement date.
If you pay at least the minimum payment shown on your statement each month, we will not charge interest on interest.
We won’t charge interest on any purchase balance or balance transfer transaction shown in a monthly statement if you repay the total outstanding balance shown on your statement in full by the payment due date. By total balance, we mean the total amount of all balances for all three types of transaction: purchases, cash and balance transfers.
Allocation of payments
We’ll apply a payment to your account when we receive it and it will reduce the balance you owe on your account straightaway. But if you pay by cheque, we’ll need to wait until the cheque has cleared before applying the payment to your account. You should allow 7 working days for it to clear.
We apply your payments in a certain order if the amount you pay in a month is less than the full amount you owe. Your payments will be applied in the following order; (i) to any overdue amounts (late or missing payments) you haven’t paid us from previous statements; (ii) to your main statement balance (the balance shown on your last statement), which includes your purchase balance, cash balance, and balance transfers, including interest and any fees or charges applied; (iii) to any recent transactions, fees and charges that are not yet included on your statement.
In each case, we apply payments first to the part of your balance that we charge the highest interest rate on, then to parts of your balance with lower rates in reducing-interest-rate order. If parts of your balance are charged at the same interest rate, we’ll apply the payment to the oldest amount first. We’ll always pay off interest and charges first.
Minimum repayments
We’ll give you a statement each month showing the minimum payment you’ll need to pay for that month unless there’s no money owing on your account. It’s the minimum amount you must pay each month to keep to the terms of this agreement. You can always pay more than the minimum payment at any time – and we recommend you do, as it will reduce the amount of interest you pay.
You must pay the minimum payment amount by the date we show in your statement. This is known as your payment due date.
We work out your minimum payment each month. It will be the highest of the options in A-C as shown:
A. The total amount of:
- interest we have charged since the date of your last statement
- any default fees we have charged, and
- 1% of the rest of the balance you owe us on the statement date.
B. £10, if the total amount in A above is less than £10.
C. The full balance shown on your statement if the amount shown is less than £10.
If you only make the minimum payment, it will take longer and cost more to clear your balance.
Credit limit
Minimum credit limit: £250
Maximum credit limit: £7,000 (subject to affordability)
Fees
There is no annual fee.
Charges
Introductory Balance Transfers
applicable to the introductory 0% promotional offer available within 60 days of account opening.
2.9% of the balance transferred
Future Balance Transfers
if applicable for future promotional offers.
A fixed amount or percentage of the amount to be transferred, depending on the promotional offer
Money Transfer Fee: 3.00% of the amount transferred or £3 (whichever is greater)
Cash Transaction Fee: 3.00% of the amount transferred or £3 (whichever is greater)
Foreign usage
Payment scheme exchange rate
The exchange rate is set by the card scheme operator, Visa on the date the transaction is processed and may be different from the date of the actual transaction.
Rates can be found at https://www.visaeurope.com/making-payments/exchange-rates.
One or more of the following may apply
Foreign purchase transaction fee: 2.99% of the value of the transaction in pounds sterling (£)
Foreign cash transaction fee: 2.99% of the value of the transaction in pounds sterling (£)
Default charges
Late payment fees: £12
Over limit fees: £12
Cost of Borrowing Explained
This example is based on a £250 purchase, with a 36.9% APR and a 1% minimum payment due.
To reduce interest, it’s recommended you pay more than the minimum whenever possible.
Paying only the Minimum Payment each month
- Monthly payment: Minimum amount
- Interest charged in year 1: £73
- Interest charged in year 2: £55
- Time to clear the balance: 3 years and 6 months
Paying £50 each month
- Monthly payment: £50
- Interest charged in year 1: £25
- Interest charged in year 2: £0
- Time to clear the balance: 7 months
The above example assumes the following: The transaction takes place on 1st January and you make no further transactions. Your statement is produced on the 1st each month and you always make the payment each month on the 15th. Your statement is produced 31 days after you make the purchase.
For further details, please refer to your credit card terms and conditions.