Anyone managed to get the 118118 money credit card?

WillPS

Deleted_User said:

WillPS said:

Deleted_User said:

Deleted_User said:

DjangoUnchained said:

i have a bad credit history although have much improved. I got a 118118 credit card about a year ago. £500 limit. i only spend about £200 a month on it and clear it as soon as i get each statement so im not an ideal "interest paying" customer for them, I havnt been offered any limit increase, not that bothered anyway. I have a vanquis card with £1000 limit which i treat the same way. I got them to help build up and improve my credit history and to use for online ordering with the protection offered. 

They haven't got any interest out of me neither but still give me a £950 increase. Unless they are hoping with the increase I spend more without affording to pay it back at once and therefore start making interest from me.

Guys, please, learn what credit card companies earn from. Yes they get interest from people who don't pay off in full but they get merchant fees every time you use it. Giving you more credit gives you more flexibility to spend thus earning more money for them from the fees. Even if you pay off in full, it benefits them if you spend more

The interchange cap is set at 0.3%, which does not all go to the card issuer.
Given the credit limits in play on these cards, this is not going to be the primary source of revenue for these cards.

1) The cap is not always applicable
2) The PSR only caps the interchange fee, not MSC which are 0.3-0.9%
Regardless, your post is irrelevant - the fact is that people who don't have debt on their card/don't pay interest still earn the provider money if they use the card. I never said it was the primary source.

1 - in any purchase situation in the UK, yes it is - until October the same is true across Europe.
2 - the interchange fee is the only part which goes back to the issuer

It's not a great mystery that banks make money out of credit card usage; in fact they make something from debit card usage too - again though these are not the reason they offer current accounts.

[Deleted User]

Just received an email yesterday saying the interest on the 118118 credit card is going up from 34% APR to 44% APR on 12th August. Not sure if it's everyone or just me.

I have a £1,200 limit and always pay on time by DD. 

[Deleted User]

Deleted_User said:

Just received an email yesterday saying the interest on the 118118 credit card is going up from 34% APR to 44% APR on 12th August. Not sure if it's everyone or just me.

I have a £1,200 limit and always pay on time by DD. 

So long as you pay in full every month, it doesn't matter but sub prime lenders are always going to look to ways to milk their customers as they know many will default

candiii

I know the thread is a little outdated but yes, managed to get the card at the guaranteed 34% apr with a £1200 limit