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Jaja credit card review October 2020
Fintech startup Jaja is about to launch in the UK with its digital credit card.
With new digital banking companies launching almost every month, managing your current account from an app is somewhat of a given by now. However, digital-only credit card companies are still comparatively rare. We take a look at what Jaja is planning to offer and whether it’s worth keeping an eye on it.
Up to 56 days
Interest-free each billing period
Minimum credit limit
Valentina Cipriani is a writer at Finder UK. She writes news, features and guides about banking and credit cards, helping people to improve their financial lives. She holds an MA in International Journalism and loves taking complicated topics apart and giving them back to the readers in a clear and easy fashion.
With few fees, a decent interest rate on purchases and a longer than average interest-free period, all in all it looks like Jaja will make a valid credit card.
Perks and rewards are probably its weakest spot – cashback offers were only dedicated to the first 5,000 people who signed up, and are now gone. This is somehow compensated by the techie mobile app that can help you manage your spendings, but if you like to treat yourself with the extras that many cards offer nowadays, Jaja probably won’t cut it for you.
It also remains to be seen whether Jaja will actually deliver, and how it will look in six months from now. Like with most new fintech companies, the initial offer will probably evolve and change quite a lot.
What is Jaja?
Founded by three Norwegian entrepreneurs, Jaja is a credit card “built for the digital world”. You do get a physical card, but it’s all about quickly applying online and then managing the card directly from the app.
Jaja is currently invite-only, but some customers have received early access. In 2019, Jaja announced a partnership with Bank of Ireland, and acquired its existing credit card portfolio. This means that all Bank of Ireland, the AA, and Post Office-branded credit cards will also be moved over to the Jaja system later in 2020.
At the end of 2018 it launched a crowdfunding on platform Seedrs, through which it raised almost £5 million.
What benefits can I get with a Jaja credit card?
Once Jaja is up and running, customers should get the following:
- A credit card. This will be issued on the Visa network, which means it will be accepted pretty much anywhere with 20 million locations worldwide.
- A mobile app. You’ll be able to manage your card from it, get instant notifications when you use it and tag your spendings to make budgeting easier and smarter.
- Fee-free spending abroad. Jaja won’t charge any fees if you use the card outside the UK.
- A credit sharing option. You’ll be able to share your credit limit with chosen friends or family members.
How much does Jaja cost?
Jaja is advertised as a fee-free credit card, and looking at its specs, it looks like it’s (almost) true:
- There is no annual fee.
- You won’t be charged for using the card abroad, nor for withdrawing cash. But do keep in mind that the interest-free period doesn’t apply to cash withdrawals, so it’s still a bad idea to use the card at ATMs.
- There’s a £12 late payment fee.
Other key features will include an up-to-56-days-long interest-free period if you pay off your bill on time every month and an 18.9% APR (Average Percentage Rate). Depending on your personal situation, you can get between £250 and £20,000 of credit.
Applying for a Jaja credit card
Until Jaja officially launches, all you can do if you’re interested in this credit card is subscribe to the waiting list on the website. Jaja is testing its card with a limited number of investors and staff members, and it shouldn’t be long before it becomes available to the public.
Once that happens, Jaja says the online application process should only take a few minutes – you’ll only need to scan your passport or driving licence, and it will let you know instantly whether you’ve been accepted.
However, as with most credit cards, when you apply Jaja will be running a credit check and a refusal could impact your credit score.
How does it compare with other credit cards?
On first impressions, Jaja looks set to help modernise the humble credit card by adding the type of digital-focused features we’ve all come to expect from our bank accounts. However, the proof will be in the pudding, and while Jaja talks a big game, it remains to be seen if they’ll deliver a viable, user-friendly service. Time will tell.
Frequently asked questions