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In a nutshell:
Minimum credit limit
Up to 56 days
Interest-free each billing period
|Balance transfer fee||3%|
|Purchases interest-free period||Up to 56 days|
|Min credit limit||£200|
|Max credit limit||Subject to status: £1,500|
|Additional cards available||3|
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.
If your credit score isn’t high, if you’ve missed repayments in the past or if you’ve had CCJs, getting a credit card can be particularly tricky. Specialist cards, such as the thinkmoney credit card, offer more lenient criteria for approval in return for higher rates and lower credit limits.
thinkmoney is perhaps better known for its current account and loan products. Those who are not existing thinkmoney customers looking to keep their finances under one roof may struggle to see the appeal of this simple yet potentially expensive card.
The good news is that if you don’t carry a balance from month to month, you’ll be able to take advantage of up to 56 interest-free days on your spending, meaning that despite that high rate, the card could cost you nothing.
thinkmoney’s credit card is issued on the Mastercard network, so it’s accepted at more than 35 million merchants and ATMs worldwide.
The thinkmoney credit card is issued on the Mastercard network so it's accepted at nearly 53 million merchants across more than 210 countries and territories.
Approval for any credit card will depend on your status. The APR shown represents 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.
You can make manual repayments through Think Money Limited's app, by logging in to your online banking or over the phone (0344 481 2812). 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.
|Minimum amount||Fixed amount||Fixed percentage||Full amount|
If you've compared cards and want to apply, completing the secure online application form takes about 15 minutes. Before you apply, you can use thinkmoney's "QuickCheck" service to find out if you're likely to get approved. You'll need to provide your address details for the last three years, and you'll generally receive a response within one minute.
If Think Money Limited is able to offer you this deal, the offer will specify a personalised credit limit based on Think Money Limited's assessment of your situation. The minimum limit offered on the card is £200, while the maximum is £1,500. Once you've had the card for a while and shown Think Money Limited that you're reliable, you may wish to apply for a credit limit increase.
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) often incur steep fees and/or higher rates of interest.
The cash advance fee on the thinkmoney credit card is 3% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250, and you'll incur a fee of £7.50.
The interest rate on this part of your balance will be 39.94%, which is the same as the standard purchases rate (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
Non-sterling transactions are subject to a 2.75% charge. For example, if you spend 200 euros (£172.31), it'll cost you around £4.74.
Yes. That's what's known as a "money transfer" (rather than a "balance transfer") in credit card jargon. You can arrange this from your online banking or using Think Money Limited's app. This part of your card balance will incur interest of 39.94%. The fee for a money transfer is 3%.
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