In this brief guide, we will cover the Origin credit card provided by Vanquis bank for those looking to build credit.
What is the Origin credit card?
The origin card is a credit builder credit card by VANQUIS bank designed specifically for those with low credit scores to improve their credit scores by showing a good repayment history every month on their origin credit card.
With the Origin credit card, you get a starting credit limit which is up to £1000( from £150) and you can then go on to increase this credit limit by up to £3500 as your credit limit is reviewed every 5 months.
With the Origin credit card, you can manage your account through the Origin credit card app.
The APR on the origin credit card app is Representative 59.9% APR (variable) which is somewhat high. This means if you don’t repay your origin credit card every month you could find yourself owing the credit card company and potentially falling into serious debt as the interest on credit cards is compounded.
This means interest is charged on any arrears and interest from the previous month rather than just on the outstanding balance.
If you imagine a savings account where you got paid interest on your capital plus previous interest payments you received then this is the opposite for credit cards.
You can see if you are eligible for an origin credit card here.
Origin credit cards are not the only way to build credit there are other credit builder credit cards and even credit builder loans which may be of interest to you.
When comparing credit cards you may want to consider comparing them through a comparison website rather than going directly to the credit card company. In this case the origin credit card.
This means you will see all potential credit cards you are eligible for and may be able to find better credit card deals with cheaper interest rates.
The minimum payment on the origin credit card will be as per the below extract from the summary box of the origin credit card.
“ Your minimum payment will be shown on your statement and will be the higher of:
the total of any interest we have charged since the date of your last statement; and any default fees we have charged; and depending on your APR, 3% or 2.5% of the remainder of the balance you owe on your account as at the statement date; or
In every case you must pay off the outstanding balance shown on your statement if it is less than £10.
For further details, please refer to your credit card terms and conditions.
We may increase your minimum payment. If we vary your minimum payment we will write to you to tell you. “
You can find further information on the origin credit card from its summary box.