'Onmo' Credit Card (& Debit Account)

MrFrugalFever

I was casually checking my 'borrowing power' on TotallyMoney this morning as haven't for a few months and a new Credit Card popped up that I haven't heard of before.

It gave me a Guaranteed APR and Credit Limit (which is not very common amongst lenders to offer credit limit) so I thought i'd read up a bit more.

Seems to be very much a new FinTech app based facility.

Is anyone currently utilising the services of Onmo? I was quite keen to see that no FX fee's are charged with either their Debit or Credit Card facilities.

WillPS

Never heard of this one, thanks for flagging. Looks rather featureless if nicely designed.

Given the 39.9% APR one assumes they're going for the 'low credit' market.

MrFrugalFever

WillPS said:

Never heard of this one, thanks for flagging. Looks rather featureless if nicely designed.

Given the 39.9% APR one assumes they're going for the 'low credit' market.

I believe it is a sub-prime setup, my guaranteed APR was 24.9% with a limit of £3k which I didn't think was too shabby given they're new on the market but as you say other than the FX free transactions there appears to be little else to get excited about!

Woodburygooner2020

MrFrugalFever said:

WillPS said:

Never heard of this one, thanks for flagging. Looks rather featureless if nicely designed.

Given the 39.9% APR one assumes they're going for the 'low credit' market.

I believe it is a sub-prime setup, my guaranteed APR was 24.9% with a limit of £3k which I didn't think was too shabby given they're new on the market but as you say other than the FX free transactions there appears to be little else to get excited about!

How long did your card take to arrive? Mine has been 'in the post' for two weeks, and their customer service via the app is awful!

MrFrugalFever

Woodburygooner2020 said:

MrFrugalFever said:

WillPS said:

Never heard of this one, thanks for flagging. Looks rather featureless if nicely designed.

Given the 39.9% APR one assumes they're going for the 'low credit' market.

I believe it is a sub-prime setup, my guaranteed APR was 24.9% with a limit of £3k which I didn't think was too shabby given they're new on the market but as you say other than the FX free transactions there appears to be little else to get excited about!

How long did your card take to arrive? Mine has been 'in the post' for two weeks, and their customer service via the app is awful!

Hi,

I haven't applied to open an account with them as decided that it would not benefit me to do so.

Post has been a bit hit and miss lately, perhaps give it another week and then query with them as to where the card is?

Davewgc

Hi all I’m with Onmo and the app is dreadful . 

Live chat never works message are hardly responded to if they are it’s all automated reply’s . 

Direct debits take upto 6 working days to reflect your account . 

They have just taken my first full payment by direct debit  and it’s not even the amount showing on my app statement.

dgmjr2018

Post has been a bit hit and miss lately, perhaps give it another week and then query with them as to where the card is?

Just yesterday I recieved a letter from mid-October...

jasonwatkins

I've often seen Onmo on my TotallyMoney app but I'm never eligible.

On the other side of the coin, I recently closed my Zopa card account as I'd been approved for a Capital One card (still with only a £500 limit) and I'm now immediately pre-approved to rejoin Zopa ..

spinningsheep

jasonwatkins said:

I've often seen Onmo on my TotallyMoney app but I'm never eligible.

On the other side of the coin, I recently closed my Zopa card account as I'd been approved for a Capital One card (still with only a £500 limit) and I'm now immediately pre-approved to rejoin Zopa ..

The same happened to me. I had a Zopa card with tiny £300 limit and 34.9% APR. All requests to increase denied. Closed the card. 3 months later, pre approved for a card with £3000 limit and 18% APR. No significant change in circumstances, if anything, utilisation of other cards went up slightly in the previous months due to travel. Tbf I've kept it open for about 18 months now as they offer fee free use overseas, so it's my travel card now and paid in every month same as my other cards

jasonwatkins

spinningsheep said:

jasonwatkins said:

I've often seen Onmo on my TotallyMoney app but I'm never eligible.

On the other side of the coin, I recently closed my Zopa card account as I'd been approved for a Capital One card (still with only a £500 limit) and I'm now immediately pre-approved to rejoin Zopa ..

The same happened to me. I had a Zopa card with tiny £300 limit and 34.9% APR. All requests to increase denied. Closed the card. 3 months later, pre approved for a card with £3000 limit and 18% APR. No significant change in circumstances, if anything, utilisation of other cards went up slightly in the previous months due to travel. Tbf I've kept it open for about 18 months now as they offer fee free use overseas, so it's my travel card now and paid in every month same as my other cards

That's interesting to know, thanks.   A (sort of) similar thing happened to me with the Tesco CC.   £250 limit and all requests for an increase denied even though I used it extensively and paid the balance in full every month.

3 months later I was also pre-approved again, this time with a £500 limit.  Although since I rejoined, I've still not had a limit increase