118118 credit card

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dazzaofdagenham
dazzaofdagenham Posts: 1,512 Forumite
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in Credit cards
My friend who previously has had bad credit has got a 118 credit card and says he’s level 6 with a 14 pounds per month repayment with no fees etc.

I tried looking at the site but can’t see anything about level 6 or anything else.

Is this a good product or should I encourage him to bin it
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  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    You shouldn't be paying a monthly fee for a credit card - ever - unless you get any perks like with Amex
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    It looks absolutely horrendous.

    Very much a card of last resort, but if that's the best he can do, then as long as they are reporting to a CRA and he's building a credit history, then he may as well suffer it.
  • dazzaofdagenham
    dazzaofdagenham Posts: 1,512 Forumite
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    I don!!!8217;t quite understand this level 6 thingy....is it like the cash builder card where the6bpretend to lend you 70 quid or something and you pay it back monthly..

    Anyways....I!!!8217;ll tell him to dump it as soon as it arrives
  • Candyapple
    Candyapple Posts: 3,384 Forumite
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    dazzaofdagenham wrote: »
    I don!!!8217;t quite understand this level 6 thingy....is it like the cash builder card where the6bpretend to lend you 70 quid or something and you pay it back monthly..

    Yes it is.
    CREDIT CARDS:
    Representative example: Amount of credit: £1,200 for 12 months. Interest rate: 0% pa (fixed). 12 scheduled monthly payments of £117.
    Total amount payable: £1,404. Representative 34.5% APR.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
  • eskbanker
    eskbanker Posts: 31,034 Forumite
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    dazzaofdagenham wrote: »
    Anyways....I!!!8217;ll tell him to dump it as soon as it arrives
    It may be a poor product but what are you going to advise him to get in its place that's (a) available to him and (b) better?
  • dazzaofdagenham
    dazzaofdagenham Posts: 1,512 Forumite
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    Each adult has t9 make there own choices in life I suppose..

    But I!!!8217;d rather lend my friend some money rather than this poor product
  • A4445
    A4445 Posts: 1,103 Forumite
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    I asked on their online chat what the level number means. It’s to do with the credit limit, the higher the number the higher the limit but the monthly fee increases as well.
  • dazzaofdagenham
    dazzaofdagenham Posts: 1,512 Forumite
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    I find it interesting that they advertise as no interest
  • A4445
    A4445 Posts: 1,103 Forumite
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    dazzaofdagenham wrote: »
    I find it interesting that they advertise as no interest

    They seem to charge a fee per month, then no other fees. I don’t think it’s a good idea as it provides no insentive to pay the card off. If you have a card with £250 limit they charge you £8 per month if you owe £1 or £250.
  • dresdendave
    dresdendave Posts: 889 Forumite
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    dazzaofdagenham wrote: »

    But I!!!8217;d rather lend my friend some money rather than this poor product

    If 118118 is the only CC available to your friend you might as well give them the money rather than lend it, you're unlikely to see it again.
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