Onmo Credit Card review: Features & costs scored
- Representative example:
- Assumed credit limit £1,200. Interest rate 39.9% p.a. (variable). Representative 39.9% APR (variable).
- Minimum credit limit
- £200
- Account fee
- £0
Our verdict
Onmo can help build your credit score, but downsides include higher rates and lower limits - starting at £200. Here’s what you need to know.If you don't have a long and flawless credit history, you might find yourself being offered an Onmo card after using a credit card eligibility checker.
Onmo hopes to offer credit cards where other card issuers might simply say "no". It falls into the credit builder category of cards, and its APR and minimum credit limit are consistent with competitor credit builders (i.e., the rates are higher than the top deals on the market, and the credit limits are lower). But, this is offset by a chance of being accepted despite not-perfect credit. Like any credit card, using it responsibly can help you improve your credit score, and the Onmo app is all geared up to helping you on your journey to better credit too.
Onmo plans to roll out new bells and whistles in the future, but for now the card's features are fairly limited and realistically the card isn't making waves. Crucially, Onmo states that provided you’re keeping on top of your repayments, your APR may be reduced over time, but it doesn't commit to a time schedule on this, which is disappointing.
Pros
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Easy control through the app.
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Potential for your APR to reduce over time.
Cons
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No commitments as to when rate reductions might take place.
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Not available to self-employed applicants.
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Limited card features and no perks as yet (other credit builders may offer benefits like fee-free spending overseas or rewards points).
Details
Product Overview
| Issuer | Transact Payments |
| Network | Visa |
| Representative APR | 39.9% |
| Annual/monthly fees | £0 |
| Purchases | 39.9% |
| Minimum credit limit | £200 |
| Maximum credit limit | Subject to status |
| Incentive | |
| Potential costs | 2.8 ★★★★★ |
| Doing its job | 3.8 ★★★★★ |
| Extras | 4.0 ★★★★★ |
| Overall Finder Score | 3.3 ★★★★★ |
What are the application requirements for the Onmo Credit Card?
| Minimum Age | 23 |
| Min income | Not specified |
| Residency | UK resident |
| Additional Criteria | Employed |
What are the fees and charges for the Onmo Credit Card?
| Annual/monthly fees | £0 |
| Foreign usage charge (EU) | 2.99% |
| Foreign usage charge (rest of world) | 2.99% |
| Cash advance fee | 3% or £3 |
| Late payment fee | £12 |
| Exceeding limit fee | £12 |
| Replacement card fee | £5 |
The Onmo 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.
What is the Onmo Credit Card?
Issued by Transact Payments, the Onmo Card is new but fairly standard Visa credit card, which aims to be accessible to a wider audience than more mainstream-bank-issued cards. What else does it do differently? It uses open banking (read-only visibility of your current account, subject to your giving permission) as well as credit reference agencies when assessing applicants and its accompanying app is a step more ambitious than most too.
Because the Onmo card targets a wider pools of borrowers, the interest rate is higher than the top deals on the card market. But you can set up a direct debit to pay off the balance in full each month to avoid incurring interest at all, while still building your credit.
As with pretty much any credit card, you can spend up to your credit limit. Credit limits are tailored to the indidual (in other words, Onmo looks at your circumstances and credit record, and the safer a bet it thinks you are, the higher the limit it’ll offer). Since launching in 2023, Onmo has reduced the card’s minimum credit limit from £250 to £200. That could signify that it’s seeking to reach an even wider pool of customors, or, that it’s reining in its lending.
As the Onmo Credit Card has only recently launched, some information on its features and rates is a bit limited. But then it’s features do seem to be rather… limited! Onmo has big plans, apparently, but as yet it’s card isn’t exactly turning the world of credit upside down. That said, it’s first wave of customers have predominantly good things to say about it.
Who is Onmo?
Founded in 2020, Onmo is a credit card provider based in London. Its stated aim is to help people make “smarter decisions with money”, designing a card that’s fair and an app that clearly shows the different interests and fees. It aims to do this by having everything you need within a couple of taps on the app. Onmo is serious about diving into the finance industry – it also offers a debit account, with plans to release a business account in the near future.
What benefits/features can you get?
The Onmo Credit Card comes with a couple of features that set it apart from other credit builders:
- Onmo app. Control all aspects of your card, allowing you to put your mind at ease.
- Reducing APR (and charges) over time. Onmo may offer you a reduced APR and higher credit limit over time if you manage your card responsibly, helping you improve your credit rating and repay less in interest. BUT, Onmo’s a little hazy on the detail here, and doesn’t appear to make any promises about when or how often it might seek to reduce your rate. A common criticism of this type of card is that it’s in the issuer’s interests to keep you on a higher rate as long as possible, so we would have liked to have seen a bit more commitment on Onmo’s part!
Onmo app
As well as great spending great insights, the Onmo app can also help you on your journey to better credit by alerting you to activity that may be negatively impacting your credit score or highlighting areas where you may incur extra charges (like late or missed repayments or exceeding your credit limit). It also gives you control over your spending and payments and the ability to freeze your card.
- Access card details. You can see your card PIN or CVV. This could, however, present a security risk if someone gets access to your phone and logs in to your account.
- See your direct debit. Monitor your direct debit payments.
- Freeze card. Freeze your card to prevent unauthorised transactions.
- View credit balances. Monitor your credit account balance.
- Track transactions. Monitor money going out to keep your card secure.
- Change your personal details. Make changes to your personal details.
- View and download statements. Access and download your credit card statements.
- Order a new card. Order a new card to replace yours if it’s lost or stolen.
- In-app chat. Contact Onmo through the in-app chat feature.
How do I apply for the Onmo Card?
At the point of launch, you could only apply for the Onmo Credit Card via ClearScore. That’s still how most people come across it. But now you can also go direct to Onmo’s site and check your eligibility without affecting your credit score.
When we tried this out, we found numerous glitches in Onmo’s online form, which could perhaps be put down to teething troubles (if you have an underscore in your email address for example, that’s a problem…. it gets in a bit of a muddle with addresses too – especially if you live in a numbered house or flat – and you have to know the exact date you moved in).
We have outlined some broad eligibility criteria below, but note that approval will be subject to Onmo’s assessment of your unique circumstances.
Eligibility criteria
To apply for the Onmo Credit Card, you must meet the following eligibility criteria:
- 23 years old or above
- Employed
- UK resident
- Not a freelancer or self-employed
Customer support information
You can give Onmo customer service a ring on 0330 333 6000 or drop them an email at help@onmo.app if you have any queries.
Onmo customer reviews
Onmo has a “Great” rating of 4.1 out of 5 on review platform Trustpilot (updated April 2024). Some customers mentioned the quick and efficient process as well as the positive experience throughout the application process.
The Onmo app has a score of 4.6 out of 5 on the App Store (updated April 2024). Customers praised the simplicity and user-friendliness of the app.
How does it compare?
Onmo's card
Other popular credit builders
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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