The Sub Prime Credit Thread - Part V

big_Daddy_Dave

i havent been here in a while

but has anyone heard of these people?

https://www.risecreditcard.co.uk/

Kyresa

big_Daddy_Dave wrote: »

i havent been here in a while

but has anyone heard of these people?

https://www.risecreditcard.co.uk/

No, and having looked at that site I wouldn't touch them with a bargepole. Vanquis is a better bet than them!

"If you spend £300 on a purchase transaction at the start of your agreement, incurred monthly charges over 12 months of £330 and made repayments by 12 equal instalments, your APR would be 303% representative (variable)."

You've paid back over double what you initially spent in only 12 months!


Edit: not forgetting the £3.50 fee for every month you don't use the card, and the £20 activation fee ... it just gets worse!

loony2012

Kyresa wrote: »

No, and having looked at that site I wouldn't touch them with a bargepole. Vanquis is a better bet than them!

"If you spend £300 on a purchase transaction at the start of your agreement, incurred monthly charges over 12 months of £330 and made repayments by 12 equal instalments, your APR would be 303% representative (variable)."

You've paid back over double what you initially spent in only 12 months!


Edit: not forgetting the £3.50 fee for every month you don't use the card, and the £20 activation fee ... it just gets worse!

£20 activation fee is ONLY if you don't set up DD

TraderDJ

titmus wrote: »

Stuff about my address and information. Said it was to prevent ID fraud.

They asked me multiple choice questions about other people registered at my address.

Ah I had a rather amusing one with Halifax similar to that, after I'd opened the account... tell us which of these 5 people you know, where have you never lived from the following 3 addresses etc.

Should be fine then, hope you get it!

Just had a look at Rise, I'd avoid them like the plaque! It says the limit will be £300, and there is no mention of a maximum but the charging structure etc only gives examples to £300 so I'd assume they won't give more. Penalises you for not using the card every month - fair enough at a push, but they don't give interest free periods like other lenders - so you can't even spend nothing to avoid a charge or say 20p a month and get the DD to collect it to avoid the charge, as you'd be charged £10 for spending 1p! Even if you got to £99.99, that's still 10% for one month

Road_Hog

TraderDJ wrote: »

but they don't give interest free periods like other lenders -

If that's true, they're not a credit card in the normal sense of the meaning.

Kyresa

loony2012 wrote: »

£20 activation fee is ONLY if you don't set up DD

Oh.. well in that case, erm.. still no!


Spend £10 and have to pay that £10 back PLUS £10 "charge instead of interest" :rotfl: I just cannot see the benefits here.!

loony2012

Kyresa wrote: »

Oh.. well in that case, erm.. still no!


Spend £10 and have to pay that £10 back PLUS £10 "charge instead of interest" :rotfl: I just cannot see the benefits here.!

It's not to benefit you. It's to benefit them people who are denied payday loans/aqua/capone/vanquis

If there is no option then it is their only option...

Kyresa

loony2012 wrote: »

It's not to benefit you. It's to benefit them people who are denied payday loans/aqua/capone/vanquis

If there is no option then it is their only option...

Really? Someone who can't find £10 to pay this month, then has £20 to pay next month thanks to putting it on this awful card?

It just seems to be digging a deeper hole!

TraderDJ

I think loony means in terms of building a credit profile rather than getting the cash (/credit) asap, but again I'd still rather go without than pay those ridiculous fees.

Even assuming you avoid the £20 setup fee, you have to pay at least £3.50 a month to use it (well, not... at least £10 if you do). To build a decent rating and move on to something like Aqua you'd need to keep it for at least a year. It's 'only' £42 (assuming no usage) but if you don't use it they can mark it as unused on credit files, so you may actually need to spend on it every now and then (every single month with Santander)

Given that Capital One now offer secured cards, surely very few people would be rejected for them? Even if say you've just had bankruptcy discharged... if you're on the electoral roll and pay the deposit/security fee they'd be more than likely to take you (assuming said bankruptcy wasn't with them).

Sam2009

Wow this thread was completely buried!

Is anyone still around or has everyone else moved on to prime now ?

I posted in the main forum the other day but no reply, if anyone wants to have a peak

https://forums.moneysavingexpert.com/discussion/4172435

Hope everyone is doing well