Credit cards
Established in 2003, Vanquis Bank brings the benefits of credit cards to people who can find themselves excluded by mainstream card issuers.
A credit card with a difference
Vanquis Bank is different to other lenders – credit card limits are significantly lower than those of mainstream lenders and we maintain a high level of customer contact throughout the life of the account. We also have higher minimum repayments compared with most other credit card providers, which helps our customers pay off their balance more quickly.
How Vanquis Bank works
Following the application process, we make sure all of our customers speak to one of our customer support staff at our call centre in Chatham. They are also contacted before their first payment is due, before their credit limit is increased and at any time they appear to be finding it difficult to make payments. Our customers also choose to contact us more frequently, which helps them stay in control of their account.
The amount of credit available to a customer is based on past performance on their account. We limit our exposure to risk at the beginning of the relationship by setting a much lower credit limit than the mainstream card issuers – typically £250. We then monitor the payment performance on the account and can then offer controlled increases in credit limit when appropriate. The maximum limit is £2,000.
Experience and expertise
While Vanquis Bank is a relatively new venture we are comfortable in this market because of Provident Financial’s long history of success in the home credit industry as well as the experience and skills of the Vanquis Bank staff, many of whom have a background in serving non-standard customers.