The 118 118 Money Guaranteed Rate Card is issued on the Mastercard network so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
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Approval for any credit card depends on your status. The representative APRs shown represent 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.
“Credit builder” cards are designed as a stepping stone to cards with better rates. With no fees, the 118 118 Money card could suit those with a less-than-perfect credit history looking to rebuild their credit score.
You can make manual repayments through 118 118 Money's app by logging in to your online banking or over the phone. Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and damaging your credit score – making it harder and more expensive to borrow money in the future – and getting hit with a penalty fee (£12) 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:
The bottom line
Is the 118 118 Credit Card any good?
118 118 Money scrapped this card’s predecessor back in 2019, presumably because (and there’s no nice way of putting this) it was awful. Thankfully, the card issuer’s latest effort is much, much better. In fact it’s a great card… just with a high interest rate. Pay off your balance in full each month and you’ll enjoy all its good bits without it costing you a penny.
How to apply
It's quick and easy to apply at 118 118 Money site. Firstly you'll be prompted to check your eligibility – this is a smart way to find out if it's worth applying without affecting your credit score. If you get the green light and decide to apply, 118 118 Money will then run a credit check which has a small (and usually short-lived) negative effect on your credit score – this is standard stuff.
At this point the vast majority of credit cards will offer you a personalised interest rate and a personalised credit limit. But the 118 card is all about simplicity and transparency: you either don't get approved, or you get approved and offered a rate of 34% and a limit of £500.
Once your application has been approved, your PIN and card arrive separately in the post within 9-10 days. The first time you use your card at a merchant you'll need to enter your PIN, and from then on you can go contactless for transactions of up to £45.
Frequently asked questions
What will my credit limit be on the 118 118 Money credit card?
The guaranteed minimum credit limit on the 118 118 Money card is £500. Provided you use the card responsibly (stay within your limit and make all payments on time) this could increase over time. 118 118 Money doesn't specify a maximum credit limit.
What is a "credit builder" card?
A credit builder credit card is aimed at customers with limited or poor credit histories, but who are looking to improve their credit score in order to be eligible for other financial products. By showing the provider that you can responsibly handle a credit card account, you'll make yourself more likely to be approved for other credit products in future.
What is my interest-free period on the 118 118 Money credit card?
Your interest-free period is the amount of time you have to pay off your purchases and cash advances before you are charged interest. With the 118 118 Money card, you'll have up to 51 days interest-free on pretty much any transaction. This means that if you make a purchase on the first day of the billing period, it'll be included in your bill at the end of the billing period, which you'll have around three weeks to pay – giving you a maximum of 51 days of 0% interest credit. It doesn't mean that every transaction will get 51 days interest-free – transactions towards the end of the billing period will get fewer interest-free days.
How does "guaranteed zero fees" on the 118 118 Money credit card work?
118 118 Money promises to not charge any fees based on how you use your card. This includes cash withdrawals, foreign transactions, balance transfers, late payments and overlimits (going over your agreed credit limit). However, you may still be charged third party fees, such as ATM usage fees, and will naturally need to pay interest on any purchases or transactions you make that you don't pay off before your payment due date.
So can I make all the late repayments I like with the 118 118 Money card?
No. A small fee is just one of the consequences of being late with a credit card repayment. Firstly, a late repayment basically means you're borrowing for longer, so 118 118 Money will charge you additional interest. Secondly, any late repayments will be reported back to credit reference agencies, so the next time you apply to borrow money (perhaps car finance, a personal loan, a mortgage etc.) you'll be very likely to be offered a higher rate because of your tarnished track record.
Does the 118 118 Money card have a monthly account fee?
No. 118 118 Money relaunched its credit card in 2019, ditching the monthly account fee for new customers.
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. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.