Provident Financial Services, a door to door money lender, owns and controls Vanquish. Vanquish and Provident specialize in issuing cards to people who have bad credit or no credit, including people with recent bankruptcies. Vanquish allows its cardholders to set their spending limit at about $150, however making the minimum payment each month will cost you and extra $75. This is because of the $10 a month service fee. With an annual percentage rate of 40.14% and a $10 fee every month, card holders will see there bill actually increase each month if they pay the minimum payment.

Now to be fair, the lower you monthly limit is the higher the interest rate and vice versa. Vanquish states that the comparison with other lenders is unfair because other lenders base their interest on balances of a thousand dollars or more and the cost for providing a card is over $50 per customer. Vanquish also says that there are no penalties for late payments, or for going over the limit.

There would seem to be a better way to improve your credit without having to pay exorbitant interest rates and in fact, rates like these are more likely to increase your financial problems rather than help them.

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