Credit Builder Credit Card features summary

 

Please see the below summary of our Credit Builder Credit Card features.

 

VANQUIS VISA CARD SUMMARY BOX

 

Summary box: The information outlined in this table summarises key product features and is not intended to replace any terms and conditions.
APR

Representative 37.9% APR (variable)

Rates of 29.9% APR (variable), 30.9% APR (variable), 31.9% APR (variable), 37.9% APR (variable), 43.9% APR (variable) or 59.9% APR (variable), depending on individual circumstances.
Interest rates Type of transaction Standard rates
Introductory rates Monthly rate Effective annual rate
Purchases N/A 2.71% 37.90%
Money transfer N/A 2.71% 37.90%
Balance transfer N/A 2.71% 37.90%
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, where you have paid the whole of your outstanding balance on two or more consecutive current statements 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 repayment 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 £3,000 (Subject to affordability)
Fees There is no annual fee
Charges Balance Transfers (if applicable for future promotional offers) A fixed amount or a 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 higher)
Cash Transaction Fee 3.00% of the amount transferred or £3 (whichever is higher)
For further details, please refer to your credit card terms and conditions.
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
Interest Explained – based on 37.9% APR for a purchase of £250 and a 1% Minimum Payment Due.
To reduce the interest charged we recommend you pay as much as you can when you can and not just the minimum repayment. See the example below.
Illustrative example For a purchase of £250 on your credit card
Monthly Payment Minimum Payment each month £50 each month
Without taking into account any introductory rates, how much interest will you be charged in the first year? £75 £25
How much interest will you be charged in the second year? £58 £0
How long would it take to clear the balance? 3 years 7 months 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.