In many ways Vanquis Bank looks and operates like any other credit card provider:
- We are Visa-branded;
- Our cards are accepted at over 15 million locations;
- We use internet sales and servicing;
- We accept standard payment methods and issue customer statements; and
- We have contact centres to support our customers
Our customers spend at many of the major merchants used by prime credit card providers, such as Tesco, Asda, Sainsbury’s, Argos, Amazon and PayPal. However, our target customers have a very different profile to prime credit card users. Whilst they are typically employed, their incomes of between £15,000 and £30,000 are lower than a prime customer, they typically live in rented accommodation (approximately 75%) compared with prime customers who are predominantly home owners, and their use of debt and other credit cards is very low compared with prime customers who have a greater access to, and use of, other forms of debt.
Our customers value a Vanquis Bank credit card for a variety of reasons:
- It provides them with access to credit for the first time if they have a 'thin' credit history and no previous experience of taking out credit;
- They are seeking to rebuild their credit history after problems in the past;
- They value the inherent utility of a credit card, particularly accessing discounts and lower prices on the internet;
- Our customers often have a lack of trust in high street banking, having been declined or experienced financial difficulty in the past with high street banks; and
- They value our high personal contact model.
We have over 10 years of experience in lending responsibly to our chosen target market. Our success is based on a clearly defined strategy and our tailored approach to serving customers in the non-standard credit market.