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Cashplus Credit Card review 2020
Last updated:
Available by invitation only, the Cashplus credit card is designed for customers who are looking to improve their credit score. The credit card can be easily managed online or via mobile app.
Digital banking company Cashplus offers a solid credit builder credit card to people whose credit score makes it difficult to be accepted for other kinds of credit – whether they have bad credit or because it’s the first time they’re borrowing money. For now, it’s an invitation-only credit card and you can only apply if you receive a letter or an email from Cashplus.
Finder rating: ★★★★★
Representative example: When you spend £1,200 at a purchase rate of 39.94% (variable) p.a., your representative rate is 39.9% APR (variable).
49.9%
Representative APR
£0
Account fee
Up to 56 days
Interest-free each billing period
£100
Minimum credit limit
Details
| Issuer | APS Financial Ltd |
|---|---|
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Min credit limit | £100 |
| Max credit limit | Subject to status: £3,000 |
| Credit limit note | Subject to status |
| Purchases | 49.94% |
| Purchases interest-free period (days) | 56 |
| Additional cards available | 4 |
Expert review
Review by
Chris Lilly
chris.lilly@finder.comChris 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
As with most credit builder cards, the Cashplus Credit Card’s 49.9% rate on purchases means you absolutely want to use this card responsibly and avoid carrying a balance from month to month. However, provided you do pay your bill in full and on time, you’ll get a decent level of flexibility – up to 56 days of 0% interest on your purchases each billing cycle.
Other appealing features of this card include the lack of an annual fee and the smart mobile app (which you’d expect to be pretty decent given that Cashplus is a digital-only credit card start-up).
As this card is on the Mastercard network, it’s accepted in more than 40 million locations worldwide. You’ll also be able to enjoy access to Priceless Cities experiences.
Pros and cons
Pros
- Applicants with low credit scores may be eligible
- No annual fee
Cons
- A steep interest rate on purchases
- A punishing rate of 49.94% on cash withdrawals
- You may be offered an opening credit limit as low as £100
How does this card compare with other credit builders?
Table: sorted by representative APR, promoted deals first
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 Cashplus Credit Card
If you’re a Cashplus customer and have received an email or a letter inviting you to apply for its credit card, then you can do it. As of February 2019, the Cashplus credit card is not open to spontaneous applications.
Once you’ve got the invitation code, looked around and decided this credit card has got what you’re looking for, you can apply online. Cashplus says it shouldn’t take more than a few minutes, and it’ll let you know instantly whether your application has been successful.
Finder credit card ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our team evaluates credit cards to determine their value against similar products on the market.
We look at the how good the card is for its designated purpose – spending abroad, clearing debt, earning air miles etc. – how costly it is to use day-to-day and whether it offers much in the way of extras.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. 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.