CashPlus pre approved credit card

dettelibre

i received a letter from Cashplus today saying ive been pre-approved for their MasterCard (i thought they only did prepaid cards)

did a bit of research and it seemed genuine, so i applied and immediate response is accepted with a £1000 limit :-) card on its way, and apr is around 25%. a one of fee of £10 per year which i think is not to bad, especially considering its mainly to improve my credit rating

i was bankrupt in June 2013, discharged 2014, already have 2 new credit cards (plus one which remained open during BK- 4 in total with this new one) which i pay of in full each month to slowly improve my credit rating, i have also cleaned up my files which makes a MASSIVE difference,

so if you receive this letter go for it and good luck

SnowTiger

It seems pointless to pay a tenner a year for a card that offers no extras, especially as you already have four others.

And it's an extra £1,000 of credit available to you, which may be a negative.

Bosie

Hi, be careful with this card I did a posting over a year ago regarding Cashplus's credit card. I am a Carer to a gentleman who got the "invite" about this card.
He bought a book online for approx £17 and thought it worked like a normal credit card. It doesn't there was no interest free days and was charged 50p a day, unless the balance was under £5.

The interest that accrued on his account for the purchase of the book was almost £60:j

I had to intervene and they did refund about £40 of the interest charges. Now, they may have changed the way this card works, there was a £10 annual fee as you mention. Thankfully, the card is now cut up.

20aday

I've had the same mass mail shot today and it's been duly ripped up and disposed of (carefully).

Plenty of other sub-prime lenders out there who don't charge an annual fee and can help towards repairing your credit files when used responsibly.

grumbler

https://secure.membersaccounts.com/tc/cre-tc1/terms-and-conditions.pdf

a Daily Usage Fee of £0.50 will accrue and is payable by You for the duration of the term of the agreement whenever the Balance Outstanding exceeds £5.

:eek:

Indeed, £25 purchase at the start of the statement month and paid on the due day 45 days later will cost ~£20. This is ~118% APR.

dettelibre wrote: »

... apr is around 25%.

Without interest-free period on purchases this makes it's ~143% in total (although smaller for bigger purchases).

a one of fee of £10 per year which i think is not to bad,

Time to stop ignoring small print I think...

dettelibre

[FONT=&quot]Thanks for the replies

ok I have read and alway[FONT=&quot]s do read[/FONT] the small print, [FONT=&quot]they are different to the [FONT=&quot]link[/FONT] [FONT=&quot]above[/FONT][/FONT]

Here’s the card details as far as I know, and I have looked the t+c which they gave sent via email

APR 20.11 for purchases, 34.08 for cash.
Purchases: upto 56 days interest free
annual charge of £10, no other chargers mentioned on the letter or indeed in the small print, no 50p daily charge
[FONT=&quot]usual £12 fee for late [FONT=&quot]payment[/FONT] etc,[FONT=&quot] and usual 3% fee for cash [FONT=&quot]withdrawals, 2.99% for foreign transactions

[FONT=&quot][FONT=&quot][FONT=&quot]i paste the exact [FONT=&quot]paragraph[/FONT] f[FONT=&quot]ro[/FONT]m [FONT=&quot]section[/FONT] 3, related [FONT=&quot]costs;[/FONT]
[/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT]
[FONT=&quot][FONT=&quot][FONT=&quot][FONT=&quot][FONT=&quot][FONT=&quot][FONT=&quot]An Annual Fee of £10.00 will be charged when the agreement is made and will be debited to Your Account. Thereafter an interest rate of 20.11% will accrue and is payable by You for the duration of the term of the agreement whenever there is a Balance Outstanding (subject to the terms of the up to 56 day interest-free period described above).
[/FONT][/FONT][/FONT][/FONT][/FONT][/FONT]
so looks like different people receiver different offers, anyhow, im happy with mine, and I think [FONT=&quot]its [/FONT]OK to use and will it will improve my credit rating, not reduce it as has been suggested.[/FONT]

grumbler

dettelibre wrote: »

[FONT=&quot]
ok I have read the small print, that’s what I read unlike most.
[/FONT]

[FONT=&quot][FONT=&quot]My apologies [FONT=&quot]then.[/FONT][/FONT][/FONT]

Bosie

Hi dettelibre, thanks for updating the t&c's, the gentleman I mentioned got the card back in 2013.

So they have made it more like a regular credit card, I wonder if the original format proved unpopular!

plumber2009

I got a letter today so here is what is highlighted on the letter below. Wont be applying for it though.

The letter states that I am "Pre Qualified" to apply. ( I have apparently met there minimum qualifying criteria for a card subject to credit search)

There is £10 annual fee and APR is stated as 39.9% variable or 32.84% annual interest.

There is upto 56 days interest free period.

Upto £3k starting limit.

Instant online decision.


Hope this helps.

dettelibre

plumber2009 wrote: »

I got a letter today so here is what is highlighted on the letter below. Wont be applying for it though.

The letter states that I am "Pre Qualified" to apply. ( I have apparently met there minimum qualifying criteria for a card subject to credit search)

There is £10 annual fee and APR is stated as 39.9% variable or 32.84% annual interest.

There is upto 56 days interest free period.

Upto £3k starting limit.

Instant online decision.


Hope this helps.

that's the exact one, plus its unusual for a company to give a lower APR when i was successful than a higher one, which is the normal scenario.

for those who want to improve their credit rating its a standard credit card (sauf the £10 annual charge)

tomxlisa

I can't seem to find this card online?.