Asda Money expands its range in partnership with Jaja Finance by introducing a rewards card for customers who need to build their credit score.
Asda Money Select Credit Card review
- Representative example:
- When you spend £1,200 at a purchase rate of 34.9% (variable) p.a., your representative rate is 34.9% APR (variable).
- Minimum credit limit
- £250
- Interest-free each billing period
- Up to 56 days
- Account fee
- £0
Our verdict
Asda Money launches a credit building reward card that offers money-saving rewards if used responsibly.If you’re a regular Asda shopper with a bad or limited credit history, the Asda Money Select card could help you earn money off your shopping while you build up your score.
Following the introduction of the Asda Money reward card in early 2022, the supermarket has launched the Asda Money Select card as a credit builder option.
If you pay off the card in full every month, you should see your credit score steadily increase, while a good-sized bonus builds up in the form of money off your Asda groceries, fuel and more..
Bad news if you were hoping to spend them more widely: the rewards are only available in the form of Asda Pounds. What’s more, the relatively high interest rate means this isn’t a card to rely on if you need to borrow. However, if a credit builder card is what you’re looking for, this isn’t a bad option, and the rewards make for a nice little extra.
Pros
- Earn points on day-to-day spending
- Up to 20 points introductory bonus
- No annual fee
Cons
- You may be offered an opening credit limit as low as £250
Details
Product details
| Annual/monthly fees | £0 |
| Balance transfer fee | 0% |
| Foreign usage charge (EU) | 2.99% |
| Foreign usage charge (rest of world) | 2.99% |
| Cash advance fee | 3% (min. £3) |
| Late payment fee | £12 |
| Duplicate statement fee | £5 |
| Exceeding limit fee | £12 |
| Additional card fee | £0 |
| Replacement card fee | £0 |
| Dormancy fee | £0 |
The Asda Money Select Credit Card is issued on the Visa network (used by a whopping 4.2 billion cards), so you'll be able to use it at more than 100 million merchant locations across more than 200 countries and territories.
Who is Asda Money?
You know Asda – it’s the third largest supermarket chain in the UK – but you might not be aware of its financial services arm, Asda Money. As well as credit cards it offers foreign currency for travel, insurance and loans.
How does the Asda Select Credit Card work?
It’s like cashback, except that instead of cash, you get Asda vouchers.
Every time you make an eligible purchase with the Asda Select Credit Card, you’ll earn Asda Rewards, which will be paid in Asda Pounds. To access these, you’ll need to download the free Asda Rewards app and link it to your credit card.
As soon as you earn Asda Pounds, you can transfer them to your “Cashpot”, which you can then redeem as vouchers at the till.
This means you can only spend your rewards at Asda: ideal if you’re looking to cut the cost of your big shop.
Benefits and features of the Asda Select card
- A mobile app. Download the Asda Money Credit Card app to manage your account, set up your direct debit and monitor your spending.
- Rewards in Asda Pounds. 1% back on everything you spend in Asda, and 0.3% on all your spending everywhere else.
- No annual fee.
Applying for an Asda credit card
Once you’ve compared your options, if you decide the Asda Money Select card is right for you, you can apply online: it takes about 15 minutes. There’s an eligibility checker on the Asda Money website so you can find out whether you’re likely to be approved before you apply, which means less risk to your credit score.
Asda Money credit card customer reviews
Asda Money is rated “Excellent” on Trustpilot, with 4.6 stars across over 3,900 customer reviews (updated January 2024). More than half of their reviews are positive: appreciating the cashback credit card and praising the ease of using the app.
9% of Asda Money customers rate the brand 1 star (updated January 2024). Bad reviews are from people unhappy that they applied for an Asda Money credit card and were turned down, but a common theme among existing customers is that Asda Money and Jaja Finance are slow to handle complaints and disputes.
The app has 4.8 stars in the App Store and 4.7 stars in the Google Play Store (updated January 2024). Around the time Asda Money launched their first card with Jaja Finance there were some negative reviews complaining that the app crashed frequently, but this isn’t reflected in more recent reviews.
Bottom line
How does the Asda Money Select stack up against other credit builder cards? The APR is on the high side, so if that’s a concern you may be able to find better cards elsewhere. However, if you’re planning to pay the balance in full each month – which is the best way to use a credit card to build your credit score – then the rate won’t matter.
There are more impressive reward and cashback credit cards out there, but credit builder cards that offer rewards at all are few and far between. If you’re an Asda shopper, your rewards will add up to money off your next shop: and in the words of a rival supermarket chain, every little helps.
How does it compare?
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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. Most of the data in Finder's comparison tables is provided by Moneyfacts.
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