Cashplus Credit Card

TheBigBad

Just had an email from Cashplus telling me I have been pre approved for their new credit card (I have a prepaid card from them which I use for my daughters itunes account).

It says that they dont charge interest as such but rather they charge 50p per day for every day your balance owing is greater than £5.

If I am reading this correctly, if I owed £2000 on it, they would only charge me a maximum of £15.50 per month. That seems a good deal to me. Or am I totally wrong?

Tixy

You might find the limit is a lot less than £2k. If the limit was say £400, and fully used that would be an APR of something like 45%.

charleem_2

Did you decide to go for this? Was it any good?

NiftyDigits

I'm sure the '50p per day' refers to any overdraft that they setup. The overdraft maybe be as little as £100 and perhaps up to £250. I think that there is also a £20 set up charge for the overdraft facility.