Founded in 2003, Vanquis Bank is a subsidiary of the Provident Financial Group. It works primarily in service of UK customers with poor, limited or uneven credit histories.
Vanquis also offers a fixed rate bond service, introduced in 2011.
Vanquis was started by Provident Financial and licensed for consumer credit in 2002. Originally intended as a pilot scheme, it expanded in 2004 and opened its first London head office in 2005. Extensive expansion in customer volume meant moving to larger premises in 2008, followed by a rebrand and new credit cards the following year. Vanquis received a licence to operate in Poland in 2012.
It has been suggested that Vanquis’ success is due to the economic recession and the increasing difficulty some people have in obtaining credit from traditional banks. Vanquis refutes this claim, stating that despite an increase in the number of applications they receive, their rate of acceptance remains the same.
Vanquis Bank Products and Services
Vanquis Bank is focused on providing credit cards to customers who have poor or limited credit history, to allow them to build their credit score back up. It has two credit card products, both licensed by VISA.
The first credit card is the Vanquis card, with APR ranging from 39.9% to 59.9%. APR is dependent on the credit status of the applicant. The card offers manageable credit limits between £150 and £1000, with a potential increase after the fifth statement if repayments have been met. Customers can check if they might be accepted before applying with no risk to their credit score.
The second card is the Aquis card, with a typical APR of 29.8%.
Credit cards issued by Vanquis are not intended for long-term borrowing or for financing existing debt. Missing payments can have severe consequences for the borrower and could make obtaining future credit even more difficult.
Vanquis Bank Security
Vanquis is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority.