thinkmoney credit card review
- 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).
- Minimum credit limit
- £200
- Interest-free each billing period
- Up to 56 days
- Account fee
- £0
Our verdict
A straightforward card issued by Capital One for people whose credit rating is less than perfect.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.
Pros
- Applicants with low credit scores may be eligible
- No annual fee
Cons
- As with most credit builders, this card packs a fairly steep interest rate on purchases
- You may be offered an opening credit limit as low as £200
Details
Product Overview
| Issuer | Capital One |
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Balance transfers | 39.94% |
| Balance transfer fee | 3% |
| Purchases | 39.94% |
| Purchases interest-free period | Up to 56 days |
| Money transfers | 39.94% |
| Cash advances | 39.94% |
| Minimum credit limit | £200 |
| Maximum credit limit | Subject to status: £1,500 |
| Additional cards available | 3 |
| Potential costs | 3.5 ★★★★★ |
| Doing its job | 4.5 ★★★★★ |
| Extras | 4.0 ★★★★★ |
| Overall Finder score | 3.5 ★★★★★ |
Fees and charges
| Minimum monthly payment | 3% or £5 (whichever is greater) or the total of any interest, default fees and charges, 1/12th of annual fee plus 1% of the outstanding balance. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 3% |
| Money transfer fee | 3% (min. £3) |
| Foreign usage charge (EU) | 2.75% |
| Foreign usage charge (rest of world) | 2.75% |
| Cash advance fee | 3% (min. £3) |
| Late payment fee | £12 |
| Duplicate statement fee | £0 |
| Exceeding limit fee | £12 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application Requirements
| Minimum Age | 18 |
| Availability | Available to new customers |
The thinkmoney 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.
How does it compare?
Think Money Limited's card
Other popular credit builders
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.
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.
Customer reviews
thinkmoney has a score of 3.5 out of 5 on review site Trustpilot, an “average” rating based on over 6,400 reviews (updated April 2024). Users had some positive comments about the app and application process, but some have had issues with customer services. The app is rated 2 stars on both Google Play and the App Store (updated April 2024).
Frequently asked questions
What credit limit will I get with the thinkmoney credit card?
If Think Money Limited offers you this deal, it 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 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" (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.
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 purchase 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 (£170.93), it'll cost you around £4.70 in fees.
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% (min. £3).
Finder credit card scores
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.
