Onmo - anyone else on here use them

steveuk7979

Firstly my credit rating is very poor owing to bad financial decisions in past.

I have one credit card at moment which has £200 limit which is clear by the way as I always use it then pay it in full at each month.

 Happened to check my clearscore earlier on offers and saw I was preapproved for a new credit card with onmo. I clicked through and applied and within minutes my credit card account was open with a £2,000 credit limit. 

Was also offered debit card account at same time as opening.

Was just wondering if onmo are a née company and whether anyone else on this site has used them and are they any good. 

Interest rate Is 34.9% but again not that this matters as I will be using it then paying it in full every month 

Will_Riker

It looks like they're relatively new, registered with the FCA in February 2022.  The fact that they are registered gives some level of reassurance, though of course there can be no guarantees - even some of the oldest and largest financial players have collapsed in the past.

SiliconChip

This is what their website says:

"Account is provided by PayrNet, an EMoney provider. Your money is protected by Safeguarding, which is a regulatory requirement, not covered by the Financial Services Compensation Scheme."

I wouldn't use a card that's not covered by the FSCS (I've no idea what Safeguarding is or how they work).

KellyM7

steveuk7979 said:

Firstly my credit rating is very poor owing to bad financial decisions in past.

I have one credit card at moment which has £200 limit which is clear by the way as I always use it then pay it in full at each month.

 Happened to check my clearscore earlier on offers and saw I was preapproved for a new credit card with onmo. I clicked through and applied and within minutes my credit card account was open with a £2,000 credit limit. 

Was also offered debit card account at same time as opening.

Was just wondering if onmo are a née company and whether anyone else on this site has used them and are they any good. 

Interest rate Is 34.9% but again not that this matters as I will be using it then paying it in full every month 

Hi.

I had the same thing, but I have also tried to use the account with no luck and I cannot get hold of anyone? 
Have you been able to use it?

Davewgc

Hi I’m using Onmo the app is dreadful no live chat message take hours if not days to reply . 

Direct debits take 6 working days to reflect on your account . They have just taken my first direct debit and it for less that what’s on my statement. 

Davewgc

Sorry forgot to add that I requested payments In full every time 

SpyderTracks

I've been signed up since June, they are absolutely dreadful, avoid at any cost.

1/. Payments often fail and lock your account, I've had this numerous times making basic payments to reputable companies weather UK based or abroad. Paypal isn't accepted, neither is Apple Pay or Google Pay, certain browsers don't work, support are dreadful, they try to get you to end the call as quickly as possible, half the time they don't actually have any knowledge of what you're asking for. Any kind of pre-purchase ie securing a purchase before it's released fails, the initially secure goes through fine, but when the product is eventually shipped, they reject the payment that was agreed.

2/. The app is useless, for instance, there's an option to change your direct debit date, but it doesn't do anything, when you call them up they say you have to do it in the app. Also, if you choose not to setup a direct debit, even if you settle your account in full at the end of the month, they charge interest, again, this is against their terms and conditions.

3/. They charge interest to the account at any time and without any warning, so there's no way of managing your balance, they don't collate interest and charge after your payment date like absolutely any other account does.

4/. They block balance transfer requests, so you can't get out without paying back the balance in full yourself. They don't mention this anywhere on the site or in terms and conditions.

I've actually raised a complaint to the Ombudsman as I think they're breaking their agreement.

I would strongly recommend avoiding at any cost. If you want a good alternative and have a weak credit score, Zopa have been superb.