In this guide

  • Our verdict
  • Details
    • Product overview
    • Fees and charges
    • Application requirements
  • Frequently asked questions
  • Your reviews

The Credit Thing card review

  • Avatar
The Credit Thing card
3.5
★★★★★
Finder score
Representative example:
When you spend £1,200 at a purchase rate of 27.9% (variable) p.a., your representative rate is 27.9% APR (variable).
Minimum credit limit
£200
Account fee
£0

Our verdict

This card is no longer available, but you can use our review to find alternatives.

There are tonnes of credit card options available in the UK, so when a new challenger bank enters the market, it has to have the infrastructure in place to survive. In respect to this, The Credit Thing looks like a promising option for digital natives who might not have the cleanest credit history or any history at all.

With the aim to offer credit to virtually everyone, as long as you pass the credit checks (check your credit score and report here), you could use your The Credit Thing card almost instantly.

It’s an interesting touch that The Credit Thing will allow people access to an account and its features without being eligible for credit, especially when digital bank giants like Monzo or Starling run the scene.

But ultimately, unless you are ready to fully commit yourself to a purely virtual credit card, will you really want to shell out a fee to get yourself a physical card? After all, what happens if your phone dies? Realistically, this is likely to be the way the card industry goes now (free virtual cards, and a fee for physical cards). But many will be reluctant to abandon physical cards just yet.

Pros

  • No account fee
  • Instant credit available
  • No foreign transaction fee
  • Can improve credit rating with sensible use

Cons

  • Fee for a physical card
  • Applicants with low credit scores are unlikely to be eligible

In this guide

  • Our verdict
  • Details
    • Product overview
    • Fees and charges
    • Application requirements
  • Frequently asked questions
  • Your reviews

The Credit Thing card has been discontinued and is no longer available. However, this information has been kept for historical purposes. You can use this page to compare similar cards from other issuers.

Details

Product overview

Network Mastercard
Representative APR 27.9%
Annual/monthly fees £0
Balance transfers The provider will tell you the rate if you ask to make a balance transfer.
Balance transfer fee The provider will tell you the fee if you ask to make a balance transfer.
Purchases 2.33% to 4.99% monthly interest rate
Money transfers 2.33% to 4.99% monthly interest rate
Minimum credit limit £200
Maximum credit limit Subject to status: £1,500
Incentive
Potential costs 3.0 ★★★★★
Doing its job 4.5 ★★★★★
Extras 4.0 ★★★★★
Overall Finder Score 3.5 ★★★★★

Fees and charges

Minimum monthly payment 1% of the balance, plus any fees due and the interest calculated. If you ask to set up an instalment plan, the provider will tell you the rate.
Annual/monthly fees £0
Balance transfer fee The provider will tell you the fee if you ask to make a balance transfer.
Money transfer fee 3% of the amount transferred from your account using the Faster Payments service.
Cash advance fee 3% of the cash transaction amount in sterling on credit transactions only.
Additional card fee £5
Additional card fee note The Credit Thing credit card is a virtual card, however, if you need a plastic card, you can request one in the app for £5.

Application requirements

Minimum Age 18
Residency UK resident

The Credit Thing card is issued on the Mastercard network, so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.

Who is The Credit Thing?

The Credit Thing is a UK-based firm offering instant credit via a virtual card to anyone who “values innovation, convenience and transparency” or might be “bored of the same big banks”.

Founded in 2021 by Misha Rogalskiy, The Credit Thing was previously known as Ukrainian fintech monobank, Koto Card.

What is The Credit Thing credit card?

Well, The Credit Thing credit card is not actually a credit card. The Credit Thing card is a virtual Mastercard debit card that works very similar to a credit card and can be used anywhere you see the Mastercard logo.

Like a credit card, The Credit Thing will give you a suitable credit limit alongside a credit agreement. However, here’s the catch, if you are not eligible for credit yet, you could still open an account with The Credit Thing but instead of using credit to pay, you use your own money.

How does The Credit Thing card work?

You can use your card like any other credit card, anywhere you see a Mastercard logo (even abroad). You can use your card in-store via Apple Pay or Google Pay, or you can request a physical plastic card for a fee of £5.

Is The Credit Thing Card still available?

Currently, The Credit Thing Card is unavailable. In May 2023, the FCA restricted the activity of Koto Card Limited (trading as The Credit Thing). Under this restriction, Koto cannot enter into new credit agreements as a lender, which includes both onboarding new customers and extending credit agreements.

Features

  • Virtual card. The virtual card is available on The Credit Thing app or can be added to your Google or Apple wallet.
    Using the card through the app? If you want to use your card to pay for something online, your virtual card will show your long card number, expiry date and security code. If you want to find out your account number and sort code, you just simply tap on the card to flip it and voila!
  • Shake to pay. Opted to take part in The Credit Thing’s referral scheme? Another interesting feature of this credit card is that you can enjoy the innovative payment option of shaking your phone to pay someone who also has The Credit Thing credit card. But, like all fun new tech, there is a caveat, you will have to be standing next to each other or within close proximity.
  • App. With The Credit Thing app, you can schedule your payments and set up reminders, use your instant virtual card and track your spend.
  • Human customer service. Although The Credit Thing thrives on technology and virtual tools, it has taken the industry back to offering a human-led customer service experience. The Credit Thing customer service team is available from 7am to 10pm Monday to Friday via WhatsApp, iMessage and email.
  • Foreign spending. You can use your card abroad with no extra fees from The Credit Thing, but you still will have to pay the Mastercard exchange rate.

How to apply for The Credit Thing credit card?

You can apply for The Credit Thing on its website or by downloading the app (available on Android and iOS). Once you have applied, The Credit Thing will run a soft credit check to see if you are eligible for credit. This will not impact your credit score.

If you are approved, you will be given a credit limit. If you are not eligible for credit, you may still have the option to use The Credit Thing by paying for purchases with your own money.

How to make repayments?

You can make repayments through the app or by setting up an automatic direct debit.

The Credit Thing app has a feature to automatically send you reminders when your repayments are due. You can also track your spending using The Credit Thing’s charts.

Bottom line

As far as challenger cards go, The Credit Thing could be an interesting option for those people who have physical cards collecting dust in their wallets. Offering the opportunity to build or rebuild a positive credit report and the option of monitoring your spending, if used correctly, this card could be an asset to your spending. Oh and not to mention the intriguing “shake to pay” feature. But if you’re not someone who enjoys paying for everything with your phone, do you really want to shell out a fiver for a physical card?

Other credit builders

Table: sorted by representative APR, promoted deals first
1 - 5 of 28
Name Product Finder Score Annual/monthly fees Initial credit limits Minimum income Representative APR Incentive Link
Barclaycard Forward Credit Card
3.8
★★★★★
£0
Min. limit £50, max. limit £1,200.
£3000
33.9%
Rate discounts: 3% interest rate reduction if you make all your repayments on time for the first year, and a further drop of up to 2% more if you continue to do so in the second year.
Representative example: When you spend £1,200 at a purchase rate of 33.9% (variable) p.a., your representative rate is 33.9% APR (variable).
Go to site
Zable credit card
3.4
★★★★★
£0
Min. limit £200, max. limit £1,500.
£9,600
48.9%
Representative example: Representative 48.9% APR (variable). Based on assumed borrowing of £1200. Rate of interest 48.9% (variable) annual.
Check eligibility
118 118 Money Guaranteed Rate Card
3.6
★★★★★
£0
Min. limit £500, max. limit not specified.
£8400
49%
Representative example: When you spend £1,200 at a purchase rate of 49% (variable) p.a., your representative rate is 49% APR (variable).
Check eligibility
Additional account needed
AIB Student Credit Card
4.0
★★★★★
£0
Min. limit £300, max. limit not specified.
Not specified
12.9%
Representative example: When you spend £1,200 at a purchase rate of 12.2% (variable) p.a., your representative rate is 12.9% APR (variable).
Additional account needed
HSBC Student Credit Card Visa
3.5
★★★★★
£0
Min. limit £250, max. limit £500.
Not specified
18.9%
Available alongside an HSBC Student Account (receive £100 and a 1-year subscription to Headspace when you open a new student account).
Representative example: When you spend £500 at a purchase rate of 18.9% (variable) p.a., your representative rate is 18.9% APR (variable).
loading

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.

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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

Frequently asked questions

Your reviews

No reviews yet. Write a review
Go to site