Zable credit cards?

Not thinking about this, but it's something that popped up on Clearscore when browsing.

Whilst it acts like a credit card, is it a sort of payday loan?  Gives the impression that if you spend say £500 on the card, they'll then try and take the full £500 to pay the card off a few days after a statement is issued?

Comments

  • born_again
    born_again Posts: 19,728 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    Not thinking about this, but it's something that popped up on Clearscore when browsing.

    Whilst it acts like a credit card, is it a sort of payday loan?  Gives the impression that if you spend say £500 on the card, they'll then try and take the full £500 to pay the card off a few days after a statement is issued?

    That would be a charge card....
    Life in the slow lane
  • flaneurs_lobster
    flaneurs_lobster Posts: 6,038 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 25 May at 9:48AM
    Not thinking about this, but it's something that popped up on Clearscore when browsing.

    Whilst it acts like a credit card, is it a sort of payday loan?  Gives the impression that if you spend say £500 on the card, they'll then try and take the full £500 to pay the card off a few days after a statement is issued?

    Don't think so, seems to be a standard "starter" credit card (much like Vanquis). Will offer lower qualification requirements, lower credit limits and higher interest rates, wrapped up in a simplified website featuring descriptions of "What is a Credit Card?" etc.

    Not seeing anything that might attempt to take a full repayment of an outstanding balance.

    It's always a fine line for any credit card provider - they must not be seen to be encouraging the accumulation of debt, they must only facilitate "responsible lending" but, of course, they are only making money when customers are NOT settling their monthly bills in full.
  • Screenager
    Screenager Posts: 20 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Not thinking about this, but it's something that popped up on Clearscore when browsing.

    Whilst it acts like a credit card, is it a sort of payday loan?  Gives the impression that if you spend say £500 on the card, they'll then try and take the full £500 to pay the card off a few days after a statement is issued?

    It’s just a normal credit card, you setup how much you want to pay and what date each month.
  • WillPS
    WillPS Posts: 4,961 Forumite
    Part of the Furniture 1,000 Posts Newshound! Name Dropper
    Something to be aware of - they do not accept balance transfers.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.2K Banking & Borrowing
  • 252.8K Reduce Debt & Boost Income
  • 453.1K Spending & Discounts
  • 243.1K Work, Benefits & Business
  • 597.5K Mortgages, Homes & Bills
  • 176.5K Life & Family
  • 256.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.