Metro Bank Credit Card review 2023
- Representative example:
- When you spend £1,200 at a purchase rate of 14.9% (variable) p.a., your representative rate is 14.9% APR (variable).
- Account fee
- £0
- Interest-free each billing period
- Up to 56 days
- Minimum credit limit
- £500
Our verdict
Metro Bank's straightforward credit card comes with a single ongoing low rate, but in-store application..Available in-branch only, Metro Bank's card is a no-frills option – you won't find headline-grabbing 0% offers, just a competitively low (albeit variable) ongoing rate.
This might particularly appeal to those who are new to credit cards – which can be complicated to say the least, and more usually come with different rates for purchases, balance transfers and cash withdrawals.
There are no fees when you use this card overseas within Europe, and there's also no annual/monthly fee to worry about.
Pros
- A low ongoing interest rate (variable)
- No annual fee
Cons
- Applicants with low credit scores are unlikely to be eligible
Details
Product Overview
| Issuer | Metro Bank |
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Purchases | 14.9% |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 14.9% |
| Minimum credit limit | £500 |
| Maximum credit limit | Subject to status |
| Additional cards available | 1 |
| Potential costs | ★★★★★ |
| Doing its job | ★★★★★ |
| Extras | ★★★★★ |
| Overall Finder rating | ★★★★★ |
| Overall customer rating | Not yet rated |
Fees and charges
| Minimum monthly payment | 5% or £20 (whichever is greater) or the total of any interest, default fees and charges plus 5% of the outstanding balance. |
| Annual/monthly fees | £0 |
| Foreign usage charge (EU) | 0% |
| Foreign usage charge (rest of world) | 2.99% |
| Cash advance fee | 0% |
| Late payment fee | £0 |
| Duplicate statement fee | £0 |
| Exceeding limit fee | £0 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application Requirements
| Minimum Age | 18 |
| Availability | Available to new customers |
The Metro Bank Personal Credit 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.
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Key features of the Metro Bank card
The Metro Bank card is an “all-rounder”, designed for versatility and to cover a variety of needs.
- Low rate on balance transfers and purchases.
Rather than a 0% offer for a few months followed by a much higher rate, this card comes with one low rate for purchases and balance transfers, indefinitely. The rate is variable, not fixed, so it is subject to change however.
Learn more about low rate cards - Fee-free transactions in most European countries.
Going abroad? You’ll be able to withdraw cash and make purchases on your card without incurring a fee.
Learn more about cards for overseas spending - No annual fee.
There’s not much in the way of fees with this card, which makes it easier to weigh up if it makes financial sense for you. Transactions outside of Europe, and late payments will incur a charge however.
Learn more about cards with no annual fee
Repayment options
You can make manual repayments through Metro Bank's app by logging in to your online banking or over the phone (0345 08 08 500). Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and either damaging your credit score, or losing any promotional rates as a result (although there's no penalty fee for late payments to worry about, there are still plenty of other good reasons not to miss a payment).
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 to apply
Here's the kicker: you have to go to a "store". The good news is that Metro Bank can then print the card for you in-store while you wait. Before you head to a store, check the eligibility requirements and docs you'll need below.
Eligibility
- Aged 18 or over
- Resident in the UK.
- You should ensure that you can meet the monthly repayments, as missed payments incur a charge and afect your ability to obtain future credit.
What you'll need
- Proof of income (latest 3 months' payslips or latest 3 months' bank statements showing receipt of salary)
- Proof of ID (passport, driving licence, EU member state National ID Photocard, council tax or utility bill, bank statement)
If you're self-employed, you'll need either your P60 from the most recent tax year, your latest HMRC Tax Return (SA302), a formal letter from your employer verifying income and contract length, or your latest 3 months' statements where a regular and specific income can be identified.
Why might your application not be approved?
If you meet the broad criteria outlined above, but have a history of bad debt or no credit history, you could be rejected. If you have been made the subject of a CCJ you may not be accepted. You’re also unlikely to be offered a card if you have declared bankruptcy.
Frequently asked questions
What credit limit will I get with the Metro Bank Personal Credit Card?
If Metro Bank is able to offer you this deal, the offer will specify a personalised credit limit based on Metro Bank's assessment of your situation. The minimum limit offered on this card is £500 and Metro Bank does not specify a maximum. Once you've had the card for a while and shown Metro Bank that you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the Metro Bank Personal Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
There's no cash advance fee on the Metro Bank Personal Credit Card.
The interest rate on this part of your balance will be 14.9% (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
What is the minimum payment on the Metro Bank Personal Credit Card?
Each month you must pay at least 5% of your balance at that point or £20.00 – whichever of the 2 figures is greater. So if you had, say, £390.00 outstanding, you'd pay £20.00, and if you had £1,600.00 outstanding, you'd pay £80.00.
Paying only the minimum required amount each month is generally not advisable as it tends to be a very expensive way to borrow money which can lead to persistent debt.
Finder credit card ratings
Our experts score low rate credit cards to determine their value against similar products on the market. We look at a number of important factors, like exactly how low the low rate is, any perks/benefits, plus the potential costs involved with running the card both in the short and longer term.
You can read more about our scoring criteria on our credit card methodology page.
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