opus card review 2020
A money transfer credit card for those trying to rebuild a positive credit history.
Finder rating: ★★★★★
Potential costs: 2/5
Doing its job: 2.5/5
In a nutshell:
Up to 48 days
Interest-free each billing period
|Balance transfer fee||3% (min. £3)|
|Purchases interest-free period||Up to 48 days|
|Min credit limit||£250|
|Max credit limit||Subject to status: £1,200|
|Additional cards available||1|
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
Using your credit card to withdraw cash is normally a bad idea – with most card issuers charging a fee and a higher rate of interest for the privilege.
The opus card aims to provide a way around this, by offering the facility to transfer money from your credit card to your bank account, giving you greater control over how you use your credit.
For example, say you’re getting married and you need to pay various people in cash. You can use the opus card app to quickly and easily transfer funds from your card to your current account as and when you need to, and that could work out cheaper and easier than a cash advance (it certainly would on this card).
There are several catches, however.
There’s a money transfer fee of 3% (min. £3) to consider. It’s also worth noting that while, like most cards, the opus card won’t charge you any interest at all on your purchases if you clear your balance in full each month, money transfers and cash advances (withdrawing cash from your card) are exempt from this. That means any funds you transfer out will start to accrue interest straightaway.
Finally, since it’s designed to be accessible to those with less-than-perfect credit histories, the opus card also comes with relatively high rates of interest. What’s more, rates are tailored to the applicant, meaning that you might be offered a different (higher) rate than those advertised. Credit limits are also tailored to the applicant.
As this card is on the Mastercard network, it’s accepted at more than 40 million locations worldwide. You’ll also be able to enjoy access to Priceless Cities experiences.
How does this card compare with other credit builders?
When it comes to repayments, you can make manual repayments online or over the phone (0333 414 1077), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee or losing any promotional rates 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 to apply for the opus card
When you submit an application for a credit card, the card issuer will run a full credit check, which has a slight (and usually short-lived) negative effect on your credit score.
Since that’s particularly unhelpful for those trying to rebuild their credit ratings, the opus site offers a “FastCheck” facility – essentially a soft credit search which won’t affect your credit score, but which can tell you your likelihood of approval before you apply. To run the FastCheck, you need to give some basic details about yourself, including where you’ve lived over the last three years.
After using the FastCheck service, if you’re happy to proceed, the simple online application form takes around 10-15 minutes to complete. You won’t usually have to wait more than a couple of minutes to find out if your application has been successful. Don’t forget to take a close look at what you’re offered, since rates and credit limits will be based on your specific circumstances, taking into account factors like credit score, income and level of debt.