Level Credit Card - Experience?

djbsuffolk

simax said:

Fighter1986 said:

Level card feels like a really modern and polished product to me, great app, nice card, but be careful with how they take payments on the chosen day by card mandate from your debit card, and this can be as little as five days after the statement is generated (it is in my case) - keep certain you've got sufficient funds in your current account - as one failed attempt for them to take the full amount on the chosen day will result in interest being charged.

As long as you've got that down, you're golden

I agree with this. You have to set a card for payment and a % figure or statement balance for payment. This is then taken 5-6 days after the statement date (this is not ACTUALLY the payment due date) - if you agree to pay 100% of the balance, no interest is charged.

This is the trap with this card….. the actual payment due date is actually a couple of weeks later than this, so if you set your payments to be, say, 25% of the balance, and this is collected… if the then decide to pay the other 75% before the actual due date, you’ll still incur interest, even though you paid in full….. you have to pay the whole 100% in one go on the card payment date to get no interest charged.

Very very sneaky and designed to catch people out who don’t read the terms.

Good point about the payments thanks for pointing this out

[Deleted User]

djbsuffolk said:

Just coming to the end of my first month with this card and have just paid off this months balance in full - seems to work well and the app is great, and the payment notifications are good and instant - the only drawback I would say is payment is a week or so after the statement date, and they seem to work on a monthly cycle - that is the statement and payment is all within a month - the longer gap other cards give you between the statement and payment being taken isn't really available on this card - not really an issue for me as I will pay the balance anyway as it's more of a score builder card for me only recently been able to get a credit card again after some hard and long work to build my previously dire score! 

Unfortunately the credit score that you're working hard on is never seen by any lender, it is never used as a factor in lending decisions, it's purely a gimmick