Approval for any credit card will depend on your status. The APR shown represents the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.
118 118 Money Credit Card review November 2019
Looking for a card with no nasty surprises? Pay a flat monthly fee but nothing else with 118 118 Money's Mastercard.
Best known for the moustachioed chaps in short shorts at the centre of relentless TV advertising campaigns, 118 118 Money is now a fully fledged financial services provider. It’s started to make a name for itself serving the non-standard (bad credit) market with personal loans this innovative credit card.
Finder rating: ★★★★★
Doing its job: 3.5/5
In a nutshell:
Balance transfer fee
Foreign transaction charge
|Issuer||118 118 Money|
|Annual/monthly fees||£14 per month. Customer with a card credit limit of £1200: £14 per month. Customer with a card credit limit of £225: £8 per month. Customer with a card credit limit of £250: £3 per month|
|Balance transfer fee||0%|
|Min. credit limit||£225|
|Max credit limit||Subject to status: £1,200|
|Additional cards available||3|
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
For many people, credit card rates and fees are a bit of a minefield. 118 118 Money’s answer is a card with an innovative, simplified pricing model. This card has a monthly fee, but you don’t pay interest on your outstanding balance. What’s more, you won’t pay many of the other fees that other card issuers typically hit you with.
It’s certainly a revolutionary idea, but who comes out on top: borrowers or 118 118 Money? Well that actually depends on the credit limit you’re given (these are tailored to the individual) and how much of it you use. It’s tricky to compare this card against others, because just about every other card on the market charges interest rather than a flat fee.
If you carry a significant balance from month to month, then your effective rate could be fairly competitive, but if you always clear your balance each month then you should look at cards with no account fee. Similarly, if you don’t actually use the card that much, you’ll be paying that monthly fee and not getting anything in return.
How does this card compare with other credit builders?
118 118 Money’s card
Other credit builder credit cards
There aren’t many cards out there quite like this one, but for those with a less-than-perfect credit history, “credit builder” cards are designed as a stepping stone to cards with better rates.
When it comes to repayments, you can make manual repayments online or over the phone, or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee or losing any promotional rates as a result. You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
|Minimum amount||Fixed amount||Fixed percentage||Full amount|
How to apply for the 118 118 Money Card Mastercard
It’s quick and easy to apply for the 118 118 Money Card Mastercard online at the 118 118 Money site. You’ll need to provide certain personal information and financial details as part of your application, and also meet all eligibility requirements.
Frequently asked questions
How come the 118 118 Money Credit Card doesn’t charge interest?
Do I still need to make a minimum monthly repayment if I’m not paying interest?
What will my credit limit be?
What is a “credit builder” card?