- Student Deals
- Discount Vouchers
- Money Off Vouchers
| Vanquis providing a good student credit card deal? | |
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Vanquis have a credit card with an interest rate of 39.9%. It’s pretty easy to just see this figure and nothing else – it seems ridiculously high. A lot of other credit card providers have rates of 14.9% to 19.9%, which means that your cost of borrowing is much lower. So what have Vanquis got? Can anything make you see past this figure? Well – Vanquis advertise themselves as a credit card provider that help people repair bad credit, and which is also ideal for people on low income, or who only have part time jobs. All of a sudden, as a student, this sounds quite familiar. Interest rates can be kept low by other credit card providers becuase they do “safer lending” – in other words, they’ll only lend to people who they know will be able to pay back the balance. Vanquis are different, cost of borrowing is higher, but it allows them to lend to more people. a) Right, first benefit, as a student you’re more likely to get accepted for a Vanquis credit card than many of the other credit cards. This makes is a pretty good credit card deal in itself. The point about building your credit score is also an interesting one. If you graduate and then want to get a loan or a mortgage or anything similar your credit score needs to be quite good. The more things you have on your credit report, effectively the better it can be. Getting a Vanquis credit card can really then help with this (of course you have to make all the payments otherwise it’ll have the opposite effect!) b) Second benefit, if you make all the payments having a Vanquis credit card as a student can build up your credit score If you can’t get any other credit card deals because you’re a student, then it means you’re not going to have a credit card to fall back on in emergencies. You may never need it, but having it just in case you, for example, lose your debit card and can’t access any money, is something that may be useful. c) Having a credit card for emergencies can be useful Those are a few of the benefits of the Vanquis credit card – but does it help you look past the 39.9%? Well, one other thing which you should know. Interest is only charged on purchases after a set time. Basically, if you make a purchase, and then pay it all off the next month then you should NOT get charged any interest at all. This comes from the “Up to 56 days interest free on purchases”. So, if you stick to this, then you can actually avoid paying any interest, which of course means that whatever the rate is, is totally irrelevant. So – if you use it sensibly the rate is not important, and there are a few decent benefits to it. You can either find out more on the credit card comparison page, or if you want to apply for a Vanquis credit card and get a decision within 1 minute (pretty fast) then go directly to Vanquis |
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