In this guide

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

Zopa Credit Card review

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Zopa Credit Card Visa
3.8
★★★★★
Finder score
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
£200
Interest-free each billing period
Up to 56 days
Foreign transaction charge
0%

Our verdict

Zopa has launched an easy-to-manage variable rate credit card that aims to “put customers in control of their borrowing".

Zopa is a lender that has held a full UK banking licence since June 2020. Having started out offering personal loans, it's now aiming to shake-up the world of fixed-term savings accounts and credit cards.

The Zopa credit card is offered with variable rates that are tailored to the individual applicant, starting as low as 9.9%. That means that the better your credit score, the lower the rate you're likely to be offered. The representative APR (i.e. the rate that most cardholders will actually get) is 34.9%. That's higher than most credit cards, so Zopa may be primarily targeting the "sub-prime" market – that's applicants with limited or damaged credit histories.

Whatever rate you get offered, it'll be pegged to the Bank of England base rate – so if interest rates generally start to rise, the rate on the Zopa card will too.

One of the main benefits of this card is the exchange rates. Use it abroad, and you'll enjoy Visa's standard currency conversion rates – most credit cards add hefty fees on top of this.

But where it comes into its own is in how you manage your card and account. The Zopa credit card can be managed via an easy-to-use app, which offers instant payment notifications, real-time balance updates and the ability to freeze your card at any time.

Customers looking for a credit card with all the quality-of-life features offered by the digital banks may want to keep an eye on the Zopa credit card.

Pros

  • No foreign transaction fee on purchases
  • No annual fee
  • Cash Cushion feature lets you set aside some of your available credit balance for when you really need it

Cons

  • Fee applies to cash withdrawals
  • Interest will be charged on cash withdrawals from the date of the transaction, even if you pay off your balance in full
  • Interest will apply to purchases if you don’t clear your balance each month

In this guide

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

Zopa is broadening its product range with a credit card and savings account.

Details

Product overview

Issuer Zopa
Network Visa
Representative APR 34.9%
Annual/monthly fees £0
Purchases 34.9%
Purchases interest-free period Up to 56 days
Cash advances 34.9%
Minimum credit limit £200
Maximum credit limit Subject to status: £1,500
Incentive
Potential costs 3.7 ★★★★★
Doing its job 3.8 ★★★★★
Extras 4.0 ★★★★★
Overall Finder Score 3.8 ★★★★★

Fees and charges

Minimum monthly payment 1% or £5 (whichever is greater) or the total of any interest, default fees and charges, your monthly simple interest rate plus 0.1%.
Annual/monthly fees £0
Foreign usage charge (EU) 0%
Foreign usage charge (rest of world) 0%
Cash advance fee 0%
Late payment fee £12
Duplicate statement fee £0
Exceeding limit fee £0
Additional card fee £0
Dormancy fee £0

Application requirements

Minimum Age 18
Minimum income £10,000
Availability Available to new customers

The Zopa 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.

Repayment options

You can make manual repayments through Zopa's app by logging in to your online banking or over the phone (0207 580 6060). Alternatively, you may wish to set up a direct debit.

A direct debit protects you from forgetting to make a repayment and damaging your credit score – making it harder and more expensive to borrow money in the future – and getting hit with a penalty fee (£12) 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 does it compare?

Zopa's card

1 - 1 of 1
Name Product Finder score Foreign transaction fee Foreign cash transaction fee Interest-free days on foreign transactions Interest-free days on foreign cash transactions Incentive Representative example Link
Zopa Credit Card Visa
3.8
★★★★★
0%
0%
Up to 56 days
0 days
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).
View details
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Other popular cards for overseas spending

Table: sorted by representative APR, promoted deals first
1 - 4 of 24
Name Product Finder score Foreign transaction fee Foreign cash transaction fee Interest-free days on foreign transactions Interest-free days on foreign cash transactions Incentive Representative example Link
Santander All in One Credit Card
4.5
★★★★★
0%
3% (min. £3)
Up to 56 days
0 days
0.5% after £1 of monthly spend. Maximum of £10 cashback paid per month. Cashback paid monthly into Card Account. Maximum spend for cashback purposes is limited to credit limit.
Representative example: When you spend £1,200 at a purchase rate of 23.9% (variable) p.a. with a fee of £3 per month, your representative rate is 29.8% APR (variable).
Check eligibility
View details
The Royal Bank Credit Card
4.7
★★★★★
0%
3%
Up to 56 days
0 days
Representative example: When you spend £1,200 at a purchase rate of 12.9% (variable) p.a., your representative rate is 12.9% APR (variable).
View details
NatWest Credit Card
4.7
★★★★★
0%
3%
Up to 56 days
0 days
Representative example: When you spend £1,200 at a purchase rate of 12.9% (variable) p.a., your representative rate is 12.9% APR (variable).
View details
Royal Bank of Scotland Reward Black Credit Card
4.0
★★★★★
0%
3%
Up to 56 days
0 days
Earn 1% back at supermarkets and 0.5% back everywhere else, including supermarket petrol stations. At selected retailers, you could earn 1-15% back.
Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a. with a fee of £84 per annum. Reward Black Current Account holders: £0 per annum, your representative rate is 40.7% APR (variable).
View details
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.

Credit Cushion

This feature lets you set aside some of your availble credit which you can then use for a ‘rainy day’ instead of using your available balance or savings. You can control how much goes into the ‘Credit Cushion’ and access it at any point.

Zopa customer reviews

Zopa has received positive reviews from customers, according to customer review platforms like Trustpilot and Reviews.io. It currently has an “excellent” rating at Trustpilot, with an overall customers review score of 4.3 out of 5, based on more than 19,000 reviews (updated March 2023). Many customers praised Zopa’s customer service and simple application process, though some investors on the Zopa platform reported poor returns.

The Zopa app has also received good customer reviews (updated March 2023), with a rating of 4.8 out of 5 on the Apple App Store (based on 7,500 reviews), and a rating of 4.4 out of 5 on the Google Play store (based on more than 3,300 reviews).

The bottom line

Zopa’s all about slick digital experiences and looking after everybody through a broad range of rates that are tailored to the individual. So if you’ve struggled to get approved for credit elsewhere, Zopa will still consider your application and may be able to help.

The currency conversion fee – or rather the lack of one – is one of the cards best features. Plus, unlike some cards offering this benefit, those transactions will still enjoy the same interest-free grace period that sterling transactions enjoy (up to 56 days) provided you clear your balance in full each month.

Ultimately this is a perfectly decent card so long as you clear your balance in full each month. If you don’t, that relatively high representative APR means that it could get expensive.

Zopa says more features are on the way, so watch this space.

How to apply

If you're interested in getting a Zopa credit card, you apply online at the Zopa site. You'll first be prompted to check your eligibility by handing over a few basic details about yourself. This step won't impact your credit score.

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

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