Part Time pre approval

Dandytf
Dandytf Posts: 4,812 Forumite
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in Credit cards
The day I thought could never happen.
Part time work 2.5. Years Pre Approved....118 credit card.

Seems this is a nasty choice, which I haven't gone for.
Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb

Comments

  • Terry_Towelling
    Terry_Towelling Posts: 2,279 Forumite
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    Not quite sure what you are saying here - please clarify.
  • Ben8282
    Ben8282 Posts: 4,821 Forumite
    Combo Breaker First Post Newshound!
    You appear to be excited at the prospect of being pre-approved for something but are correct. It is a nasty choice and is not something worth having or being proud to have been pre-approved for.
  • boo_star
    boo_star Posts: 3,202 Forumite
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    What's the point of your post, that a subprime borrower is offered a subprime credit card?

    No spit, that's how it works.
  • SnowTiger
    SnowTiger Posts: 4,458 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Dandytf wrote: »
    The day I thought could never happen.
    Part time work 2.5. Years Pre Approved....118 credit card.

    Seems this is a nasty choice, which I haven't gone for.

    118 118 Money's credit card doesn't work in the same way most other credit cards do.

    You have to pay a £14 monthly membership fee whether you borrow £0 or £1,200.

    I think it encourages people in to debt because there's no insensitive not to keep the balance on the card at its limit.

    The slidy thingy on their website indicates this and, to be fair, they do point out the card isn't suitable for someone who pays their balance in full every month or carries a low balance.

    Capital One, Aqua, Vanquis, Barclay Initial and Tesco Foundation cards are better options. Even people who are unemployed can get a credit card. Working part time doesn't mean the best card you can get your paws on is the offering from 118 118 Money.
  • boo_star
    boo_star Posts: 3,202 Forumite
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    edited 20 October 2019 at 3:59AM
    SnowTiger wrote: »
    118 118 Money's credit card doesn't work in the same way most other credit cards do.

    You have to pay a £14 monthly membership fee whether you borrow £0 or £1,200.

    I think it encourages people in to debt because there's no insensitive not to keep the balance on the card at its limit.

    The slidy thingy on their website indicates this and, to be fair, they do point out the card isn't suitable for someone who pays their balance in full every month or carries a low balance.

    Capital One, Aqua, Vanquis, Barclay Initial and Tesco Foundation cards are better options. Even people who are unemployed can get a credit card. Working part time doesn't mean the best card you can get your paws on is the offering from 118 118 Money.

    But at least they were offered a crap deal by a crap provider?

    Edit: Did they stop doing directory enquiries at extortionate rates and move on to loans/credit cards at extortionate rates instead?
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
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    Although it is not a product I want or need, I think it is actually quite good value if you are the type of person who will always carry a balance. For example, if you always carry a £1,000 balance every month, then your effective APR is only 16.8%. And there are no charges either for a cash withdrawal or foreign transactions.
    NO OTHER CHARGES!
    0% Cash Withdrawal Fee
    0% Late Payment Fee
    0% Balance Transfer Fee
    0% Money Transfer Fee
    0% Overlimit Fee
    0% Emergency Card Replacement Fee
    0% Non-Sterling Cash Transaction Fee
    0% Non-Sterling Transaction Fee
    0% Purchase Fee
    0% Returned Payment Fee
    0% Statement Reprint Fee
    0% Tracing Fee
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • boo_star
    boo_star Posts: 3,202 Forumite
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    Willing2Learn wrote: »
    Although it is not a product I want or need, I think it is actually quite good value if you are the type of person who will always carry a balance. For example, if you always carry a £1,000 balance every month, then your effective APR is only 16.8%. And there are no charges either for a cash withdrawal or foreign transactions.

    16.8 % is still pretty crap though.
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    First Anniversary Name Dropper First Post Photogenic
    boo_star wrote: »
    16.8 % is still pretty crap though.
    Not for their target customer, who will typically always carry a balance and probably only be eligible to get other sub-prime cards at 30%-50% APR. It could be quite a saving for people who don't pay their full balance each month...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • boo_star
    boo_star Posts: 3,202 Forumite
    First Post First Anniversary
    Willing2Learn wrote: »
    Not for their target customer, who will typically always carry a balance and probably only be eligible to get other sub-prime cards at 30%-50% APR. It could be quite a saving for people who don't pay their full balance each month...

    I know, I was just speaking generally.
  • Dandytf
    Dandytf Posts: 4,812 Forumite
    First Anniversary Name Dropper First Post
    I could have mentioned that my part time income reduced affordability.
    I'ts been quite some time to see any cards via Eligibility checkers.
    Personally, I seriously considered that I possibly wouldn't be offered any pre acceptance from low income.
    I've no credit reason or need and won't be applying.
    What I could find interesting is if any other cards offer decent eligibility chances over next year or two.

    thanks mser's
    Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
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