A brand new Credit Card has landed in the UK and it boasts 0% interest and zero other fees as followed
0% Balance Transfer Fee
0% Cash Withdrawal Fee
0% Money Transfer Fee
0% Overlimit Fee
0% Emergency Card Replacement Fee
0% Non sterling Cash Transaction Fee
0% Non-sterling Transaction Fee
0% Purchase Fee
0% Returned Payment Fee
0% Statement Reprint Fee
0% Tracing Fee
The Sting in the tale is a monthly charge of at least £8 per month
Credit limits on the new 118118 Credit Card start from £250, despite this, even if you repay in full each month you will be charged £8 per month for holding the credit card.
For those looking to rebuild their credit and those that are willing to repay their owed balance in full each month really should consider applying with Capital One, Vanquis or Aqua (where monthly charges don't apply).
It will be a Credit Card to watch that's for sure, although personally monthly fee's don't really appeal to me! The Current Charges were £8 for a credit limit of £250, £14 per month for a Credit limit of £500 and a whooping £17 per month for a credit limit of £1200.
Fancy paying a monthly fee just to hold a credit card in your purse/wallet? No neither do we, however, 118118 money have just launched just that. Now don't get me wrong, if you hold a large balance on this credit card and pay back in small instalments you may actually be better off holding a credit card with a fixed monthly fee. However, if you clear your balance each month in full, or maybe, don't even spend on your credit card in a Calendar month or for that matter end up with a small credit limit, the £8 per month charge could actually appear pretty expensive.
- Looks like another Credit Building Credit Card for the UK market
- If you hold a large balance and wish to make small monthly repayments it could work out cheaper
- Quick checker so you know if you could be accepted before submitting a full application.
- You know what your Credit Card will cost each month, despite the outstanding balance
- £8 per month fee (which looks likely to be charged if you don't even use the Credit Card)
- Could be expensive if you wish to clear your balance in full each month
- Low initial credit limits (starting at £250)