Why take a credit card from 118 118 Money?
A credit card from 118 118 Money may be a better option to fit your short-term cash flow needs than borrowing from payday lenders. If you take out a credit card with us and repay your full balance each month, by the payment due date, it will be interest-free. If on the other hand, you do need to stretch your payments, you’ll pay the interest rate set on your credit card. It should be noted that if you decide not to pay off your balance in full each month, and you want to repay over a few months or more, you will still need to make the minimum repayment due by the payment due date, every month. Don’t forget, if you are only making the minimum repayment then it will take you longer to repay your borrowing and it may cost you more to pay off your account balance.
If you do take a credit card, the APR on our credit card is lower than that on traditional payday loans. You’ll also benefit from the fact that there are no hidden fees or charges with a credit card from 118 118 Money; but you should be aware that third party vendors may have their own charges such as cash machine charges which charge you to use them.
Don’t just take our word for it. If you’re interested in an alternative to a payday loan, our Trustpilot score is a good indication of how our customers feel about us – currently 4.7 stars out of 5 based on real customer reviews. (May 2021)
What is a credit check and will 118 118 Money do one?
A check on your credit history is done to look at your repayment behaviour, to see how much credit you currently have, and if you usually make your payments on time. It gives lenders a view on whether or not you meet their lending criteria. Credit checks are not only carried out by lenders, but they are also carried out when you apply for a new utility supplier, a new mobile phone contract, or even a new letting agent or landlord.
You can sign up with a company which compiles credit reports to see what your own credit score looks like, before you apply for any new products. It is important to regularly check your credit file to make sure there are no inaccuracies. More information can be found on our loan tips ‘check my credit report’ page.
When you apply for a credit card from 118 118 Money a credit check will be done when you complete the full application. However, you can see if you’ll be accepted before you apply with our eligibility check for credit cards – this won’t affect your credit rating.
What if I need to check my credit card balance or have a question?
A benefit you’ll have when taking out a credit card from 118 118 Money as an alternative to a payday loan, is being able to log in to manage your account whenever you want to.
If you do need to speak to us about anything at all, our Customer Service team are available from 8am – 7pm Monday – Saturday, 9am – 5pm on Sundays and Bank Holidays. You can reach them on 08000 118 222