Approval for any credit card will depend 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.
Wave Credit Card review 2022
Wave has launched in the UK with an instant digital credit card and a feature-rich mobile app.
Challenger Chetwood Financial has launched a digital credit card that's worth considering if you're looking to build your credit.
- 3 day grace period for late payments
- A relatively high interest rate on purchases
£100
Minimum credit limit
Up to 56 days
Interest-free each billing period
33.9%
Representative APR
£0
Account fee
Details
Issuer | Chetwood Financial Limited |
---|---|
Network | Mastercard |
Annual/monthly fees | £0 |
Purchases | 33.9% |
Purchases interest-free period | Up to 56 days |
Cash advances | 33.9% |
Min credit limit | (£250 initial credit limit) £100 |
Maximum credit limit | Not specified |

Review by
Emily Herring
emily.herring@finder.comEmily Herring is a Publishing Executive at Finder specialising in credit-based products including credit cards and business and personal loans. Emily has a Masters in Creative Writing & Publishing and a Bachelor of Arts in Communication & Media.
Expert review
If you’re looking for an easy and instant everyday credit card with no annual fees, Wave is offering just that. Adding a new ripple into the challenger credit card market, Chetwood Financial has released its first credit card with digital native customers in mind.
The Wave credit card is a good option to help you build your credit score, with no annual account fees and a 3-day grace period for late payments, the Wave card allows you the ability to take control of your finances and tweak payments in the app.
You don’t have to have a perfect credit score to be able to apply for the Wave credit card, but the downside is the relatively high interest rate on purchases. If you’re someone who doesn’t think they will be able to keep on top of payments, you might be better suited to another card. However, if you’re a tech savvy shopper, this slick new credit card might be a great option for you.
Pros and cons
Pros
- Check your eligibility and quickly receive an offer without impacting your credit score
- A fair credit limit with the option to increase it to £10,000
- You don’t need a perfect credit score to get approved
- Three day grace period for late payments
- A feature-rich mobile app that has secure access via biometric login. Available on both iOS and Android.
- Easily link your card to Apple Pay or Google Pay
- No annual fees
Cons
- A relatively high interest rate on purchases (33.9%). Higher than most credit cards
- 3% fee on both non-sterling transactions and cash withdrawals. Flat fee of £5 on cash withdrawals.
- Unable to add additional card holders to your account
- No introductory offer for new customers
- Minimum annual income requirement of £12000
What is Wave and how does it work?
Wave is a new digital credit card from digital bank Chetwood Financial. Wave is a credit card with a mobile app that allows you to control transactions, repayments and security on your phone.
In recent years, challenger credit cards like Wave have been popping up more frequently.
Wave uses a mobile app that you can download onto your IOS or Android smartphone.
App features:
- Real-time spending alerts: Track your spending with real-time spending alerts or take control of your money with opting in or out of increasing your credit limit.
- Repayment calculator: To help you understand how repayments affect the interest on your account.
- Repayment notifications: Simply adapt your plan through the app when you need to make use of that three day grace period.
- App security: You can set up a secure fingerprint or face ID login so that only you have access to your Wave credit card. The Wave app also has instant card freezing and unfreezing capabilities in case of loss or theft.
- Support: You can speak to Wave’s UK-based support team with their Live Chat and email feature.
What benefits can I get with a Wave credit card?
Here are some more benefits you can get with a Wave credit card:
- A Mastercard. Wave credit cards are issued on the Mastercard network. As one of the largest payment networks in the world, you can use Mastercard almost everywhere, both in the UK and overseas. View more benefits of Mastercards here.
- A mobile app. Wave offer a feature-rich mobile app with the ability to make payments, update personal details, send spend alerts for purchases and instantly freeze/unfreeze the card in an emergency. Within the app, you can also benefit from the repayment calculator, that in just a few interactive steps, shows how repayments affect the interest on your account
How much does Wave cost?
Wave doesn’t have an annual account charge, however, you may be charged a fee depending on how you use your Wave credit card.
- There is a £5 cash withdrawal fee (this also includes other cash transaction types such as cryptocurrency).
- If you make a late repayment, after the three day grace period, you will be charged £12.
Foreign transaction fees
- Using your card abroad (or making an online purchase with an overseas retailer) also entails a fee
- Foreign transaction fee: 3% of the sterling value of the transaction.
- Cash transaction fee (if you withdraw cash from an ATM abroad): £5
Other key features will include an up-to 56-days-long interest-free period if you pay off your bill on time every month and an 33.9% APR (Average Percentage Rate). Depending on your personal situation, you can get between £100 (or an initial minimum credit limit of £250) – £0 (subject to status).
Applying for a Wave credit card
According to the Wave website, applying for a Wave credit card takes a matter of minutes and you will know if you have been accepted instantly.
If you are a UK resident over the age of 21, employed (incl. self-employed) with a minimum income of 12000 or retired with a pension, you are eligible to apply for a Wave credit card. You must have an existing credit history with good credit and be able to afford the card and monthly repayments.
Like with most credit cards, when you apply Wave will be running a credit check, however you can check your eligibility through their website before you apply. Once you have received an offer for the card, Wave will ask for your mobile number to send you a link to download or you can apply directly through the Wave app (available on IOS and Android).
Wave customer reviews
Wave has received mixed reviews from customers, according to customer review sites like TrustPilot and the Apple App Store.
It currently has a TrustPilot rating of 3.2 out of 5, based on 37 reviews (updated 21 January 2022). Although still a new credit card, those Wave customers who rated the card 1 out of 5 have complained that the Wave app glitches frequently and they have received poor customer service. On the flip side to this, 43% of reviewers who rated the card the full 5 stars, stated that the process is quick and easy to set up and maintain.
On the Apple App Store, the Wave credit card app currently has a rating of 4.2 out of 5, based on 119 ratings (updated 25 January 2022). Like the TrustPilot reviewers, those who rated the Wave app with low scores said that they experienced connection problems with the app. However, those who rated the app highly, gave praise to the quick and simplistic nature of the app and credit card. One customer commented: “Really good app, very intuitive and user friendly.”
The verdict
If you’re looking for a digital credit card with the quick and easy ability of managing your finances at the tip of your fingertips, the Wave credit card could be the card for you. However, if you’re someone who knows you won’t be able to repay the card back in full every month, with a relatively high interest rate on purchases, you might want to consider alternative credit cards with no annual fees and a lower APR.