Zopa credit card review September 2020

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Zopa is launching an easy-to-manage variable rate credit card that aims to “put customers in control of their borrowing”.

The peer-to-peer lender is broadening its product range with a new credit card and savings account.

Representative example: When you spend £1,200 at a purchase rate of 34.9% (variable) p.a., your representative rate is 34.9% APR (variable).

34.9%

Representative APR

0%

Foreign transaction charge

£0

Account fee

Details

NetworkVisa
Annual/monthly fees£0
Purchases34.9%
Max credit limitNot specified

Expert review

Tom Stelzer

Review by


Tom Stelzer is a writer for Finder specialising in personal finance, including loans and credit, as well as small business and business loans. He has previously worked as a freelance writer covering entertainment, culture and football for publications like FourFourTwo and Man of Many. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney.

Expert review

Zopa is a peer-to-peer lender that has also held a full UK banking licence since June 2020. It is now branching out into providing fixed-term savings accounts and credit cards.

While information is currently limited, the Zopa credit card will be offered with variable rates from 9.99%, with a representative APR of 34.9%.

But where it’s likely to come into its own is in how you manage your card and account. The Zopa credit card can be managed via an easy-to-use app, which offers instant payment notifications, real-time balance updates and the ability to freeze your card at any time.

Customers looking for a credit card with all the quality-of-life features offered by the digital banks may want to keep an eye on the Zopa credit card.

Zopa credit card features

  • Easy-to-use app
  • Instant payment notifications and balance updates
  • No fees on overseas transactions
  • Instant freeze option

How does it compare with other credit cards?

Table: sorted by length of 0% balance transfer offer, promoted deals first
Data indicated here is updated daily
Name Product Balance transfers Balance transfer fee Purchases Annual/monthly fees Rep. APR Incentive Link
M&S Bank Transfer Plus Mastercard
0% for 28 months reverting to 19.9%
2.85% (min. £5)
0% for 6 months reverting to 19.9%
£0
19.9% (variable)
Earn 1 point for every £1 spent at Marks and Spencer's and 1 point for every £5 spent elsewhere. 100 points = £1 reward voucher. Points will be converted into reward vouchers 4 times a year.
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
Check eligibility
More Info
HSBC Balance Transfer Credit Card
0% for 25 months reverting to 21.9%
1.5% (min. £5)
0% for 3 months reverting to 21.9%
£0
21.9% (variable)
Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.
Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).
Check eligibility
More Info
M&S Bank Shopping Plus Mastercard
0% for 20 months reverting to 19.9%
2.9% (min. £5)
0% for 20 months reverting to 19.9%
£0
19.9% (variable)
Earn 1 point for every £1 spent at Marks and Spencer's and 1 point for every £5 spent elsewhere. 100 points = £1 reward voucher. Points will be converted into reward vouchers 4 times a year.
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
Check eligibility
More Info
HSBC Purchase Plus Credit Card Visa
0% for 18 months reverting to 22.9%
2.9% (min. £5) for transfers in first 60 days
0% for 18 months reverting to 22.9%
£0
22.9% (variable)
Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a., your representative rate is 22.9% APR (variable).
Check eligibility
More Info
TSB Platinum Balance Transfer Card
0% for 29 months reverting to 19.95%
2.95% for 3 months reverting to 3%
0% for 3 months reverting to 19.95%
£0
19.9% (variable)
Representative example: When you spend £1,200 at a rate of 19.95% (variable) per annum, your representative APR is 19.9% APR (variable).
More Info
first direct Credit Card Visa
0% for 27 months reverting to 18.9%
2.29% (min. £5) for 3 months reverting to 2.9% (min. £5)
18.9%
£0
18.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a., your representative rate is 18.9% APR (variable).
More Info
Sainsbury's Bank Balance Transfer Credit Card Mastercard
0% for 27 months reverting to 21.95%
3% (min. £3)
0% for 3 months reverting to 21.95%
£0
21.9% (variable)
Earn 750 bonus Nectar points each time £35 or more spent on Sainsbury's shopping, up to ten times in your first 2 months, up to a total of 7,500 points, offer available for new customers. Earn 2 Nectar points per £1 spent on Sainsbury's shopping and fuel. Earn 1 Nectar point for every £5 spent elsewhere.
Representative example: When you spend £1,200 at a purchase rate of 21.95% (variable) p.a., your representative rate is 21.9% APR (variable).
More Info
Santander All in One Credit Card Mastercard
0% for 26 months reverting to 15.9%
0% for 26 months reverting to 3% (min. £5)
0% for 26 months reverting to 15.9%
£3 per month
21.7% (variable)
0.5% after £1 of monthly spend. Cashback paid Monthly into Card Account. Maximum spend for cashback purposes is limited to credit limit.
Representative example: When you spend £1,200 at a purchase rate of 15.9% (variable) p.a. with a fee of £3 per month, your representative rate is 21.7% 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.

How to apply

The Zopa credit card is yet to launch, which means you can’t currently apply. If you’re interested in getting a Zopa credit card, you can sign up for the email mailing list to find out when you can apply.

Pros and cons

Pros

  • Easy to manage online.

Cons

  • Rates may be quite high.

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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