thinkmoney credit card review 2020

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A straightforward card issued by Capital One for people whose credit rating is less than perfect.

Finder rating: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 39.94% (variable) p.a., your representative rate is 39.9% APR (variable).

£200

Minimum credit limit

Up to 56 days

Interest-free each billing period

39.9%

Representative APR

£0

Account fee

Details

IssuerCapital One
NetworkMastercard
Annual/monthly fees£0
Balance transfers39.94%
Balance transfer fee3%
Purchases39.94%
Purchases interest-free periodUp to 56 days
Money transfers39.94%
Cash advances39.94%
Min credit limit£200
Max credit limitSubject to status: £1,500
Additional cards available3

Expert review

Chris Lilly

Review by


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.

Expert review

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.

Pros and cons

Pros

  • Applicants with low credit scores may be eligible
  • No annual fee

Cons

  • A steep interest rate on purchases

How does it compare?

Think Money Limited's card

Data indicated here is updated daily
Name Product Annual/monthly fees Min credit limit Max credit limit Minimum income Rep. APR Incentive Link
thinkmoney Credit Card Mastercard
£0
£200
Subject to status: £1,500
Not specified
39.9%
Representative example: When you spend £1,200 at a purchase rate of 39.94% (variable) p.a., your representative rate is 39.9% APR (variable).
More Info
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Other popular credit builders

Table: sorted by representative APR, promoted deals first
Data indicated here is updated daily
Name Product Annual/monthly fees Min credit limit Max credit limit Minimum income Rep. APR Incentive Link
TSB Classic Credit Card Mastercard
£0
£500
Not specified
Not specified
26.9%
Representative example: When you spend £1,200 at a purchase rate of 26.95% (variable) p.a., your representative rate is 26.9% APR (variable).
More Info
Tesco Bank Foundation Card
£0
£100
Subject to status
£5000
27.5%
Collect 1 Tesco Clubcard point per £4 spent (£4 minimum) in Tesco and 1 Clubcard point per £8 spent (£8 minimum) outside Tesco in each purchase transaction.  Must have available credit to collect Clubcard points. Clubcard points are turned into Clubcard vouchers every 3 months or sooner using Faster Vouchers. Clubcard vouchers can be used in Tesco or with Clubcard Reward Partners to get even more value on dining out, hotel stays and travel.
Representative example: When you spend £1,200 at a purchase rate of 27.542% (variable) p.a., your representative rate is 27.5% APR (variable).
More Info
Vanquis Bank Chrome Credit Card
£0
£250
Subject to status: £1,500
Not specified
29.5%
Representative example: When you spend £250 at a purchase rate of 29.5% (variable) p.a., your representative rate is 29.5% APR (variable).
More Info
Vanquis Bank Aquis Visa
£0
£250
Subject to status: £1,000
Not specified
29.8%
You could get a credit limit increase after your 5th statement and further increases every 5 months, up to £4,000.
Representative example: When you spend £1,000 at a purchase rate of 29.84% (variable) p.a., your representative rate is 29.8% APR (variable).
More Info
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Compare up to 4 providers

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.

Repayment options

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.

Choose from the following direct debit options for your monthly repayments:

Minimum amount Fixed amount Fixed percentage Full amount

How to apply

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.

Frequently asked questions

What credit limit will I get with the thinkmoney Credit Card?

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.

Can I withdraw cash using the thinkmoney Credit Card?

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).

How much does it cost to use the thinkmoney Credit Card abroad?

Non-sterling transactions are subject to a 2.75% charge. For example, if you spend 200 euros (£180.82), it'll cost you around £4.97.

Can I transfer money from the thinkmoney Credit Card to a bank account?

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%.

Finder credit card ratings

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★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Our experts score credit builder credit cards to determine their value against similar products on the market. We look at a number of important factors, like interest rates, credit limits, features to help you track your credit, 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.

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.

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