118118 Money - Actually not terrible?

Fighter1986

I was just pre-approved for this card across Clearscore and Credit Karma and since being discharged from bankruptcy I've taken any pre-approved credit card offer that's appeared on these websites.

They are all cleared in full each month and the limits all total maybe 5~6% of my annual income so far so there's no affordability concerns.

Took up the offer of this 118118 Money card especially since it came with more than double the limit of my thus-far highest limit card (a Level card from Lendable).

Didn't think much of it until I read further and I had a chat with them to confirm that this is indeed true, but the card comes with 0% fee foreign transactions, 0% fee cash withdrawals, and no interest even on cash withdrawals if cleared in full each month - not even for the period between withdrawing cash and repaying the card - both at home and abroad.

Thought these were pretty nifty features for a credit card full stop let alone a sub prime card from an obscure lender.

Just wish the card didn't have such embarrassing branding on it. Honestly, a card with "118118 Money" and a tacky Moustache printed across the front of it? 

Bah, well. I'll take it as due punishment for my prior difficulties with cashflow. Praise jebus that's all long behind me. 

SuperAllyB

Have I not read somewhere before that there's a monthly charge for having a 118118 credit card?

Fighter1986

SuperAllyB said:

Have I not read somewhere before that there's a monthly charge for having a 118118 credit card?

There used to be but their current offering appears to have changed - probably due to bad publicity and poor take-up.

Their website lists the pricing structure for their legacy cards and it looks pretty awful, thankfully they've scrapped this in favour of the above.

Literally zero fees for anything and no interest even for cash withdrawals if cleared in full each month. 

born_again

What fee do they charge for cash withdrawals @ ATM?

dr_adidas01

born_again said:

What fee do they charge for cash withdrawals @ ATM?

Nothing it seems, though if you use it in an ATM that charges a fee then obviously there will be a fee. 

NoodleDoodleMan

I'd be interested to hear experiences and opinions on the 118 118 credit card for travel abroad.

We have a a Halifax Clarity card which I plan to submit to the hotel in Mallorca when we arrive soon, to get pre-authorisation for  goods and services on or tab (aka the bar bill )  - but I've heard of  folks having problems having their Clarity cards pre-authorised.

The 118 118 card appears to be a good standby for this purpose - their customer services tell me that they put notes on a card holder's account when advised of foreign travel.

I'm aware this card has not had the best of reputations  - but I'll only need it as above, so it  appears to be a good fit.

Incidentally, to answer question above, there is no fee for having this card. 

https://www.moneysupermarket.com/credit-cards/118118-money/

NoodleDoodleMan

They don't accept applications for anybody 70 + years of age.

Talk about ageism !!!

Fighter1986

NoodleDoodleMan said:

They don't accept applications for anybody 70 + years of age.

Talk about ageism !!!

That does seem a bit mad! Retired folk are usually the most financially stable. 

[Deleted User]

Fighter1986 said:

NoodleDoodleMan said:

They don't accept applications for anybody 70 + years of age.

Talk about ageism !!!

That does seem a bit mad! Retired folk are usually the most financially stable. 

They are clearing looking for people that don't repay every month but will be around to repay eventually.

Fighter1986

Deleted_User said:

Fighter1986 said:

NoodleDoodleMan said:

They don't accept applications for anybody 70 + years of age.

Talk about ageism !!!

That does seem a bit mad! Retired folk are usually the most financially stable. 

They are clearing looking for people that don't repay every month but will be around to repay eventually.

Ha! Well they won't catch me rolling a Balance over 😆😆

[Deleted User]

Deleted_User said:

Fighter1986 said:

NoodleDoodleMan said:

They don't accept applications for anybody 70 + years of age.

Talk about ageism !!!

That does seem a bit mad! Retired folk are usually the most financially stable. 

They are clearing looking for people that don't repay every month but will be around to repay eventually.

This myth is repeated far too often. Any time a credit card is used, the provider gets their fee. Certainly they make money from people not paying off in full and paying interest but they absolutely do not want to encourage that situation as they can end up with a persistent debt case and end up having to stop charging interest, even writing off debt if the customer is struggling.

There is no age discrimination, someone 70+ is not their target market and they could well die (statistically more likely than someone younger) and leave a debt to be written off. People 70+ also may have limited earning options beyond a pension hence they want people with employment