Zopa CC (if you’re considering one)

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Hi all,
Just thought I’d share my initial experience of Zopa and their app/CC application.
I decided to download their app so I could open a smart saver, I like the idea of the pots and boosted rates (let’s hope they actively increase rates in line with the BoE BR change!).
Upon downloading the app and setting up savings account it provided me with their internal scoring affordability, letting me know if I was eligible for any of their products and providing I was happy with a soft search every 14 days they would continue to operate this service. Doesn’t bother me none as a soft search is irrelevant anyway so I signed up to it.
I was ineligible for a loan (don’t want / need anyway) but I was eligible for a CC.
I needed to increase by amount of accessible credit to lower utilisation (only have £250 vanquis and still no sign of increase after a year and £1,500 Cap1 - max. Limit apparently), so decided to apply as was pre-approved apparently.
They have provided me with £5,000 limit and 14.9% (this may change now due to BR increase). Was quite pleased.
As always, it will be a small spend and pay in full each month, but nice to know it’s a reasonable APR as far as credit cards go!
Application took all of 5 mins, had to take picture of DL front and back and a quick selfie, all approved within 20 minutes.
Just thought I’d share my initial experience of Zopa and their app/CC application.
I decided to download their app so I could open a smart saver, I like the idea of the pots and boosted rates (let’s hope they actively increase rates in line with the BoE BR change!).
Upon downloading the app and setting up savings account it provided me with their internal scoring affordability, letting me know if I was eligible for any of their products and providing I was happy with a soft search every 14 days they would continue to operate this service. Doesn’t bother me none as a soft search is irrelevant anyway so I signed up to it.
I was ineligible for a loan (don’t want / need anyway) but I was eligible for a CC.
I needed to increase by amount of accessible credit to lower utilisation (only have £250 vanquis and still no sign of increase after a year and £1,500 Cap1 - max. Limit apparently), so decided to apply as was pre-approved apparently.
They have provided me with £5,000 limit and 14.9% (this may change now due to BR increase). Was quite pleased.
As always, it will be a small spend and pay in full each month, but nice to know it’s a reasonable APR as far as credit cards go!
Application took all of 5 mins, had to take picture of DL front and back and a quick selfie, all approved within 20 minutes.
Save £12k in 2023 challenge
Jan = £715 / £1,000 Feb = £1,275 Mar = £400 (fallen behind will make up in April)
Apr = £ May = £ Jun = £
Jan = £715 / £1,000 Feb = £1,275 Mar = £400 (fallen behind will make up in April)
Apr = £ May = £ Jun = £
Jul = £ Aug = £ Sept = £
Oct = £ Nov = £ Dec = £
Oct = £ Nov = £ Dec = £
Saved Total = £1,990 / £12,000
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Then one day I noticed that the app said I was pre-approved for a card at 14.9%, which is now my lowest APR card (I did get a message a few weeks ago saying that it will go up to 15. something percent in the near future due to the rise in the BOE rates - but I didn't pay attention as to when it was effective from, as I always pay in full, but as of today it's still 14.9%)
It does have a quirk in that it doesn't operate a traditional direct debit, but a continuous payment authority on a debit card, haven't experienced that on a card before, but again fine with me, they can take the full payment monthly however they want.
I did become eligible for a loan at the same time as the card - but since taking the card it's gone back to not being eligible for one. Interestingly the credit card is at 14.9 percent - lower than their general advertised rates, which when I run the odd eligibility checker on comparison sites, it comes in with 20 to 30 percent plus APR's.
They do seem to be quite good at upping their savings rates - I've got some funds in their 31 day access pot at the moment, so no doubt we'll see a further increase shortly.
I too am looking forward to the savings rate increases, I have a couple of boosted pots (I like this idea!).
Jan = £715 / £1,000 Feb = £1,275 Mar = £400 (fallen behind will make up in April)
Apr = £ May = £ Jun = £
Oct = £ Nov = £ Dec = £
i updated the info on there and looked at what they would offer me they offered me a 9.9% card with a decent credit limit that would be my lowest % CC i wasn't eligible for any loans.
i have just taken out a TSB platinum purchase card with 15 months 0% for transfers and purchases standard is 21% and they gave me double the credit limit of my other cards which was surprising.
i won't be taking out any zopa cc i don't need one or loans but info is power and its good to see what they may offer me.
i am interested in the savings pots idea i currently leave money in my bank accounts but now savings rates are increasing it might be worth me doing
thanks for posting
Jan = £715 / £1,000 Feb = £1,275 Mar = £400 (fallen behind will make up in April)
Apr = £ May = £ Jun = £
Oct = £ Nov = £ Dec = £
if you read some of the general blurb on credit card section it does say max 5k and apr could be anywhere between 7.9 and 34.9
i expect it to vary though and i could see some people gettting higher than 5k eventually
The borrowing power rated me 10 out of 10 and offered a cc limit of 4k and 9.9% but I don't need another cc so didn't apply. Also offered £21000 loan at 6.5% APR but I also dont need a loan.
Interesting that myself and older_wiser got offered the same limit.
First downside noticed, doesn’t work with Apple Wallet Pay.
Jan = £715 / £1,000 Feb = £1,275 Mar = £400 (fallen behind will make up in April)
Apr = £ May = £ Jun = £
Oct = £ Nov = £ Dec = £
I’m stoozing about £40,000 elsewhere on two credit cards at the moment so I was surprised they gave me a borrowing power of 10!
Out of interest, the £40k you’re stoozing, was that taken out as a money transfer or 0% purchase but serious spending to free up current account?
Jan = £715 / £1,000 Feb = £1,275 Mar = £400 (fallen behind will make up in April)
Apr = £ May = £ Jun = £
Oct = £ Nov = £ Dec = £
Another account had a money transfer offer that was 4.9% APR with no fee. So I did the money transfer to get the money to my current account and the following day I did the balance transfer to pay off the money transfer. I was charged one days interest which was about £3.
When I repeated for the second credit card I did it all on the same day - so no interest charged.