Not everyone is easily offered a credit card to use for their daily needs and whatever emergencies come their way. Most of the time, these card products are offered to individuals with a good credit standing, making it challenging for people with little to no credit rating to get their own credit card.
The Chrome Visa Credit Card aims to change all of that and more. As a credit builder card, this product allows cardholders to boost their credit rating and obtain more credit limit increases, in the long run, an offering that could greatly benefit them.
For those who have credit ratings who err on the lower end of the spectrum, the Chrome Visa Credit Card is a worthy product to consider applying for. This article will focus on what it offers, how to apply for this card, and if this card is truly worth it.
- Get To Know The Chrome Visa Credit Card
- Privileges Provided By The Chrome Visa Credit Card
- Applying For The Chrome Visa Credit Card
- Fees And Charges Of The Chrome Visa Credit Card
- Learning To Manage The Chrome Visa Credit Card
Get To Know The Chrome Visa Credit Card
The Chrome Visa Credit Card is a credit builder card that gives cardholders and prospective applicants the chance to build and improve upon their credit rating. When this happens, individuals holding this credit card can enjoy higher credit limits and provide lending entities with a stronger credit history.
This credit card product is offered by Vanquis Bank, a company based in the United Kingdom. This financial institution is part of the Provident Financial Group, which has been founded and has been in the industry for more than 130 years.
The bank is geared towards providing individuals who have been rejected or declined for credit card products or have difficulty obtaining these offerings. The company has been awarded the Credit Builder Card Provider of the Year from 2015 to 2018.
In keeping with their achievements, Vanquis Bank ensures that individuals access the Chrome Visa Credit Card. This is considered as a credit card that has one of the lowest APR and one of the lowest Credit Builder cards in the market today.
Who This Credit Card Is For
The Chrome Visa Credit Card is best for people with little to no credit rating or even people with bad credit. After all, it is designed to help improve people’s financial circumstances with limited or no credit and change this for them to have a more positive credit profile.
Apart from the aforementioned, this credit product is also ideal for beginners who are looking for their first credit card, especially when they are still building their credit.
Privileges Provided By The Chrome Visa Credit Card
One of the highlights provided by the Chrome Visa Credit Card to its users is giving a starting credit limit of up to £1,500 depending on the circumstances, even if they have limited credit under their name. The minimum credit limit that Vanquis Bank gives for this credit card is £250.
After successfully obtaining this card, cardholders will have the chance to increase their credit limit up to £4,000 after receiving their fifth statement. The great thing about this card is that cardholders have the opportunity to be qualified for credit limit increases every five months until they reach the £4,000 limit.
Owning a credit card is a lot of responsibility. Vanquis Bank makes it easier for cardholders to keep tabs on their transactions and payments may it be through their online banking platform on their website or through their mobile app.
What’s more, people who have the Chrome Visa Credit Card can say goodbye to fraudulent transactions. The Vanquis Bank fraud team keeps their eyes peeled 24 hours a day, seven days a week, to ensure that users’ Chrome accounts are safe at all times.
Other Credit Card Offers
As part of its offering, the Chrome Visa Credit Card provides individuals access to a variable representative APR of 29.5% depending on individual circumstances. This is provided in conjunction with up to 56 days of interest-free purchases.
Individuals who manage to pay off their statement balance in full every month can enjoy 0% interest in their purchases for the 56-day interest-free period. There is also no annual fee attached to this card, allowing cardholders to allocate their resources for other needs and transactions.
Applying For The Chrome Visa Credit Card
Applying for a Chrome Visa Credit Card can be done online. However, to do so, applicants need to check their eligibility online before filling out the online application form. The eligibility checker takes only a few minutes to fill out, and applicants will get a decision in just 60 seconds.
The eligibility checker will require individuals to provide their personal information such as their name, date of birth, address, residential status, contact details, employment status, income, and other monthly expenses.
Those who are eligible and who want to proceed with their application will be given prompts on how to finish answering the online application form. The application form usually requires disclosing personal, employment, and income details, such as those mentioned above.
The application process can take up to two weeks, depending on the background and credit checks conducted by the bank. After individuals receive their credit card, they are urged to contact Vanquis Bank to activate their credit card or do so via the Vanquis App, where they can register and activate the card right away.
Eligibility Requirements
The Chrome Visa Credit Card is only available to residents of the United Kingdom who are at least 18 years of age or older. These individuals should also be free from bankruptcy and other financial restrictions that may hinder them from getting credit.
The bank will look into the telephone or contact details provided, the status of the applicant, as well as the address and personal information of the person.
To get a higher chance of being approved, applicants should have the necessary paperwork and documents, such as their proof of identification, billing address, bank statements, payslips, and the like, on hand.
Fees And Charges Of The Chrome Visa Credit Card
The Chrome Visa Credit Card is an ideal product for those looking for a credit card that caters to those with low credit and beginners and those looking for an easily accessible credit product.
To keep credit ratings and offers from being affected, paying on time and the minimum amount required is a must. However, in getting this credit card, individuals are urged to consider and go through the fees and charges that come with this card.
Doing so prevents unwanted surprises from popping up and makes individuals aware of what they could expect. Listed below are these rates.
- Annual Fee – £0
- APR – Representative 29.5% APR (variable); rates range from 29.5% to 59.94% variable APR depending on individual circumstances.
- Cash Advance Fee – 3% or £3 (whichever is higher)
- Foreign Purchase Transaction Fee – 2.99% of the sterling value of the transaction.
- Foreign Cash Transaction Fee – 2.99% of the sterling value of the transaction.
- Cash Transaction Fee – 3% of the sterling value of the cash transaction or £3 (whichever is higher).
- Late Payment Fee – £12
- Over Limit Fee – £12
- Tracing Charge – £25
- Statement Copy Fee – £5 each
Learning To Manage The Chrome Visa Credit Card
Managing the Chrome Visa Credit Card can be done in two ways: through the Vanquis Bank app or online banking. The mobile app is available for download on the Google Play Store for Android users and the App Store for Android users.
These channels and platforms make it more accessible for cardholders and Vanquis Bank account holders to manage their finances and transactions even while they are on the go. Here, users can view their statement balance and the available amount remaining.
These platforms also allow individuals to make payments, view monthly statements, make balance transfers, request credit limit increases, and many others.
Bank Address And Contact Information
People who wish to know more about the Chrome Visa Credit Card may call Vanquis Bank’s Customer Service hotline at 0330 099 3001.
They can also write to the bank or send over the necessary documents at Vanquis Visa Card Customer Services, PO Box 399, Chatham ME4 4WQ.
Alternatively, they can also contact Vanquis Bank at their registered office located at No. 1 Godwin Street, Bradford, West Yorkshire BD1 2SU.
Conclusion
The Chrome Visa Credit Card by Vanquis Bank is a basic credit builder card that is best for people who are keen on improving their credit score and establishing their creditworthiness. This is a worthy option that helps individuals start from the ground up without other credit cards frills.
Disclaimer: There are risks involved when applying for and using credit products. Ensure you consult the bank’s terms and conditions page before agreeing to anything.