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: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 0% (variable) p.a. with a fee of £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, your representative rate is 28.9% APR (variable).

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Balance transfer fee

28.9%

Representative APR

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Foreign transaction charge

Details

Issuer118 118 Money
NetworkMastercard
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 transfers0%
Balance transfer fee0%
Purchases0%
Money transfers0%
Cash advances0%
Min. credit limit£225
Max credit limitSubject to status: £1,200
Additional cards available3

Expert review

Chris Lilly

Review by


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.

Expert review

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

Updated November 16th, 2019
Name Product Annual/monthly fees Min. credit limit Max credit limit Min income Rep. APR Incentive Representative example
£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
£225
Subject to status: £1,200
£8,400
28.9%
Representative example: When you spend £1,200 at a purchase rate of 0% (variable) p.a. with a fee of £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, your representative rate is 28.9% APR (variable).

Compare up to 4 providers

Other credit builder credit cards

Table: sorted by representative APR, promoted deals first

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.

Updated November 16th, 2019
Name Product Annual/monthly fees Min. credit limit Max credit limit Min income Rep. APR Incentive Representative example
£0
£250
Subject to status: £1,000
Not specified
24.7%
Stay in control of your account with online servicing, a mobile app, SMS and email alerts.
Representative example: When you spend £1,000 at a purchase rate of 24.7% (variable) p.a., your representative rate is 24.7% APR (variable).
£0
£500
Subject to status: £1,500
£15,000
24.9%
No fees for making purchases or withdrawing cash abroad – currencies are converted at the standard Mastercard exchange rate.
Representative example: When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
£0
£250
Subject to status: £1,000
Not specified
29.3%
Representative example: When you spend £1,000 at a purchase rate of 29.3% (variable) p.a., your representative rate is 29.3% APR (variable).
£0
£250
Subject to status: £1,000
Not specified
29.8%
You could get a credit limit increase after your 5th statement and further increases every 5 months, up to £4,000.
Representative example: When you spend £1,000 at a purchase rate of 29.84% (variable) p.a., your representative rate is 29.8% APR (variable).
£0
£150
Subject to status: £1,000
Not specified
39.9%
Representative example: When you spend £1,000 at a purchase rate of 39.94% (variable) p.a., your representative rate is 39.9% APR (variable).
£0
£500
Not specified
Not specified
26.9%
Representative example: When you spend £1,200 at a purchase rate of 26.95% (variable) p.a., your representative rate is 26.9% APR (variable).

Compare up to 4 providers

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.

Repayment options

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?
Unlike most credit cards, the 118 118 Money card comes with a straightforward monthly fee. You can then spend up to your credit limit without paying interest. If you don’t use the card at all in a month, you still have to pay the fee. The card does still have an APR however, because card issuers must take into account both interest and account fees when calculating this figure.
Do I still need to make a minimum monthly repayment if I’m not paying interest?
Yes, you will still need to meet your minimum monthly payment, you just won’t be charged interest on your outstanding balance. Don’t forget you can set up a direct debit for your card repayments, to protect you credit score. The minimum monthly payment for this card is 1% or £7 (whichever is greater) plus monthly subscription fee and any arrears..
What will my credit limit be?
This will depend on your credit history and financial situation. The minimum credit limit on the 118 118 Money Credit Card is £225, and the maximum is £1,200.
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.

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Our team evaluates credit cards to determine their value against similar products on the market.

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4 Comments

  1. Default Gravatar
    Kelly
    October 6, 2019

    Can the card be cancelled at any time, as there is a constant monthly fee even if the cards not being used

    • AvatarStaff
      Tom
      October 8, 2019

      Hi Kelly,

      Thanks for your question. You should be free to cancel the card at any time, but will first need to pay off any outstanding balance you have on the account. I hope this helps.

      Thanks,

      Tom

  2. Default Gravatar
    Lee
    February 28, 2019

    Dose The 118-118 Credit card Charge You The £8 Even If The Accounts Up To Date With The £225 And Not Spent Nothing Yet ?

    • AvatarStaff
      johnbasanes
      March 1, 2019

      Hi Lee,

      Thank you for reaching out to Finder.

      Yes, the account would still charge you with £8 each month the card is active as this represents the monthly fee that the banks gets. Hope this helps!

      Cheers,
      Reggie

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