Balance Transfer + Purchase Credit Card

 

The key info

Save money when you do a balance transfer from one or more credit cards.

• Enjoy 0% interest on balance transfers made within 60 days of account opening.
• Get either a 3, 6, 9 or 12 months interest-free term on your transfer - subject to eligibility.
• The minimum amount you can transfer is £100. The maximum is 90% of your credit card limit. For example, if your limit is £1,000, you can move up to £900.
• There’s a 2.9% transfer fee. So, if you transfer £900, a £26.10 fee will be added to your balance.
• Get a personalised credit limit between £250 and £3,000.

Paying high interest when you spend on other credit cards? Our Purchase offer could help save you money.

• Enjoy 0% interest starting from your first purchase.
• Get either 3, 6, 9 or 12 months of interest-free spending from your account opening date - subject to eligibility.
• You must spend within your offer term to qualify.
• Any new purchases made after your offer term will be charged interest at your standard variable interest rate.

 

Representative
41.9% APR (variable)

Your APR, credit limit and promotional offer may vary based on your circumstances. Balance transfers must be made within 60 days of account opening to benefit from the 0% offer.

 

 

Check your eligibility

 

 

 

 

 

 

 

Check your eligibility

How does a balance transfer credit card work?

A balance transfer lets you move your debt from one or more credit cards to another card, often with a low or 0% interest period.

 

As long as you don't miss a payment, it could help you clear your debt faster and pay less interest overall.

 

Once the offer period ends, the interest rate will rise. So if affordable, try to pay off your balance before that happens.

 

You can read more about how balance transfer cards work here.

 

Why use a credit card balance transfer

Reduce interest costs - You can save money by moving existing balances from interest charging credit cards to a new credit card with a low or 0% interest balance transfer offer.

 

Simplify your payments - You can consolidate multiple credit card balances into a single credit card with a balance transfer offer. This can make it easier for you to manage your debt and reduce the risk of missed payments.

 

Credit card debt consolidation - by taking advantage of a low or 0% interest period, you can focus on paying off your principal balance quicker. This focus could help you improve your overall financial health.

What's a balance transfer fee?

There's usually a one-off fee when you transfer a balance, which you can check before you apply.

 

It's a percentage of the total amount you're moving and it'll be added to your balance when you make the transfer.

 

For example, if you're moving £900 with a 2.9% transfer fee, you'll be charged an extra £26.10. That means the total you owe will be £926.10.

 

How does a Purchase offer work?

A credit card with a Purchase offer lets you buy now and pay later with no interest for a set time. It’s a smart way to spread the cost, especially for those big purchases.

 

Here's an example - if you bought a holiday for £500 during the interest-free period, the amount you own would start at £500 and go down as you make your payments (as long as you stick to the terms of the card and make the minimum monthly payments).

 

This could save you interest compared to paying for the same holiday using a standard credit card with no interest-free period.

 

Don’t forget, you’ll still need to make your minimum repayments during the promotional offer window. So, keep an eye out for your monthly statements to see how much you need to pay.

 

You can check your balance, make payments and get up-to-date account info in real time through the Vanquis app.

What happens at the end of my offer periods?

When your offer periods end, any outstanding balance will be charged at your standard variable interest rate.

 

The more of your balance you repay before the end of your offer periods, the less interest you’ll pay.

 

 

Check your eligibility

 

Who’s this card for?

The Vanquis Balance Transfer and Purchase Credit Card has two features to help you better manage your finances.

 

If you have a credit card with another provider, the Balance Transfer offer allows you to simplify and consolidate your finances. But this feature may not be for you if you’re applying for your first credit card, as you can only make the most of it if you have existing credit card debt.

 

Our 0% interest on purchases offer could be useful if you’re looking to make a big purchase and want to split payments over a longer period of time.

 

The Balance Transfer and Purchase offers are time limited, so it’s a good idea to check you can manage your finances effectively.

 

If you’re looking to build your credit score, you may want to look at our Credit Builder Credit Card instead.

 

Balance transfer FAQs

Q: Balance transfer cards – is there a catch?

With these cards, there are potential fees and considerations that some people may think are a ‘catch’. These include one-off transfer fees, a limited introductory 0% APR period and higher interest rates after the promotional period ends. Also, missed payments can lead to increased rates, so it's important to manage your payments carefully.

 

Q: Does a balance transfer affect my credit score?

It can do, yes. At first, a balance transfer may lower your score as you’ll be using more of your available credit. And remember, applying for a new card means there’ll be a hard credit search done on you – this can temporarily impact your score as well. 

 

Q: What happens to my old card after a balance transfer?

After a balance transfer, your old credit card stays active unless you choose to close it. But try to avoid closing it immediately, as this can negatively affect your credit utilisation ratio (the percentage of your available credit you're using) and credit history length. Both these things can influence your credit score.

 

Q: What happens when the 0% interest period on balance transfers ends?

When the 0% interest period ends, interest will start building on any remaining balance at the standard APR. Paying off the balance before the offer ends can help you stay in control of your debt and avoid interest charges.

 

Interest-free purchases FAQs

Q: Will a Purchase offer improve my credit score?

Using a credit card with this feature can improve your credit score, the same as with any other credit card. If you repay your debts on time and keep to your credit limit, you can build up a positive credit history.

 

Q: What’s the difference between a regular credit card and one with a Purchase offer?

The Vanquis Balance Transfer and Purchase Credit Card works like a regular credit card but with extra features. With the Purchase offer, you can make interest-free payments for a limited period (as long as you make the minimum monthly payments and stick to the other conditions).

 

Q: What’s a credit purchase?

A credit purchase is when you pay with a credit card and not through a different method - like cash, cheque or debit card. Don’t confuse this with the ‘Purchase offer’ which is a time-limited 0% interest period for this card specifically.

 

Q: Can I ask my credit card provider for 0% interest?

Terms and conditions vary between providers and products. But generally it’s up to a provider to approve special requests and it’s unlikely they’d have to agree to them. If you’re struggling to repay your debts, we’re here to help – check out our advice for existing customers here.

 

 

 

 

 

Check your eligibility