the new SHOUT credit building card

samsonprince

is it any good? anyone tried it yet?

Herbalus

samsonprince wrote: »

is it any good? anyone tried it yet?

No, and no.

See https://forums.moneysavingexpert.com/discussion/4487909

It's just about as bad as a payday loan.

See the guide for alternatives.
http://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards

spinningsheep

Well i disagree totally. I have a Shout Visa card (started out as a RISE visa) and it enabled me to get a credit builder card, Aqua, which has gone from a £250 limit to £1400 in 6 months of responsible use, and Shout have upped me to £300 from £200 also. The Shout card has strengthened my credit score and done the job intended. Yes its charges are high, but do I think it was money well spent? Absolutely. My finances are in a much stronger position thanks to that card, and on your credit report shows as a credit card, so far less damaging than a payday loan can be on your score. It most certainly is not a good everyday card, despite what the blurb may try and convince you, but used responsibly and purely as a credit rebuilder, couldn't give it higher marks.

Herbalus

spinningsheep wrote: »

Well i disagree totally. I have a Shout Visa card (started out as a RISE visa) and it enabled me to get a credit builder card, Aqua, which has gone from a £250 limit to £1400 in 6 months of responsible use, and Shout have upped me to £300 from £200 also. The Shout card has strengthened my credit score and done the job intended. Yes its charges are high, but do I think it was money well spent? Absolutely. My finances are in a much stronger position thanks to that card, and on your credit report shows as a credit card, so far less damaging than a payday loan can be on your score. It most certainly is not a good everyday card, despite what the blurb may try and convince you, but used responsibly and purely as a credit rebuilder, couldn't give it higher marks.

I am totally happy for you to have your opinion and say what you think about the card, don't get me wrong on that.

My opinion is that you £30 in charges for spending £100 of your own money is disgusting, and a horrendous deal. The card may work fantastically as a credit card and they could offer blinding customer service, but spending over £100/month would cost you £360 per year, and I don't think for one second that it's worth that much to build up your credit file.

Near the end of the guide that I linked to there is an option for £5 per month, which is 33% of the cost of this card as with shout you have to pay them £15/month if you use the card.

I'm glad that you have taken steps to rebuild your credit file and got an Aqua card. Given Shout's high charges, is there any reason why you are keeping the Shout card and paying fees every month?

fozmcfc

Only consider this card, if you are being turned down by the likes of Aqua and Vanquis.

Even if you are, consider whether this is still the best way to build/re-build a credit history. £15 for £100 spend in a month. It's one card where you are actually better off spending more on it each month, because you're being charged £15 if you spend £100 or £20 in a month.

jasonwatkins

thought this was familiar

https://forums.moneysavingexpert.com/discussion/4665599