The 69.9% Credit Card
People with poorer credit ratings offered cards with sky high APR rates
15th February 2005
Provident Finance, a company specialising in providing credit to those with a poorer credit rating, are offering some customers credit cards with APRs of up to 69.9%.
The company, which markets the cards under the name of Vanquis, defended the staggeringly high rates by pointing out that many of its customers are 'high risk' and unable to get credit elsewhere, so the rates need to reflect this risk.
The credit limit on the cards would be low - around £200 or less - and the APR would be reviewed annually, with regular repayers possibly having the rate reduced.
Provident Financial is the UK's biggest door to door lender of small cash loans.
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