The 118 118 credit card is designed to help you build or improve your credit score while offering convenient repayment plans.
With a limit of up to £1,200, no hidden fees, and a personalised limit based on your credit profile, it provides an accessible option for individuals aiming to manage their finances responsibly.
This option offers a buy now, pay later virtual card you can use by connecting to your favourite digital wallets for payments.
118 118 Credit Card
Max. Amount
£1,200
Credit Check
Yes
Type
Credit
Tip: It is ideal for improving your credit score, provided you make timely repayments and manage your balance responsibly.
It offers a credit limit of up to £1,200, repayable with a competitive simple interest rate of 49.0% per annum (variable).
Designed for individuals looking to rebuild or strengthen their credit score, it provides an accessible and transparent option.
It is a good alternative for the 118 118 Money loans. Though it comes with lesser funds, it can be a good way to improve your profile towards improved credit access.
This card is an excellent choice for those who want to improve their credit profile, as timely repayments are reported to credit agencies, helping you boost your credit score.
The eligibility checker on the 118 118 Money website lets you see your likelihood of acceptance without affecting your credit rating.
For convenience, the card also supports contactless payments of up to £100 per transaction.
It is important to keep in mind that cash withdrawals come with a 5% fee, and late or missed payments incur a £12 fee, both of which can negatively impact your credit report.
The minimum payment required each month will be the greater of 5% of your outstanding balance or £10, along with any applicable fees or charges.
If you are seeking a simple and transparent credit card solution that helps you manage your financial profile responsibly, the 118 118 Credit Card is a solid choice.
How 118 118 Credit Card Works
When you apply for the card, the eligibility check assesses your suitability without impacting your credit score.
If approved, you will receive a personalised credit limit of up to £1,200, depending on your financial circumstances.
The card is ideal for individuals looking to establish or improve their credit score, provided they make timely repayments.
You can use the card for everyday purchases, online shopping, or contactless payments of up to £100 per transaction.
Each month, you are required to make a minimum payment, which is the greater of 5% of your outstanding balance or £10, plus any applicable fees or charges.
Timely payments are reported to credit reference agencies, which helps improve your credit score over time.
The card also allows cash withdrawals, but this comes with a 5% fee per transaction, and interest is charged daily on withdrawn amounts.
Requirements for 118 118 Credit card
You must meet specific requirements to qualify for the 118 118 credit card. Here is what you need:
- You must be a UK resident aged between 18 and 70.
- A valid UK bank account and debit card are required.
- Your net monthly income should be above £700, demonstrating financial stability.
- During the application, you must provide personal information, including your name, email address, mobile phone number, date of birth, marital status, home address, employment status, monthly income, and outgoings.
The eligibility check allows you to see your likelihood of approval without affecting your credit score, as it only involves a soft credit search.
If you pass this initial check and proceed to the full application, a hard credit inquiry will be conducted, which will appear on your credit record.
Features of the 118 118 Credit Card
The 118 118 credit card comes with several features designed to support responsible borrowing and help you build your credit score:
Credit Limits
With the 118 118 credit card, you are offered a personalized limit of up to £1,200.
This ensures that your credit limit is tailored to your financial profile, giving you manageable borrowing power.
You will always know where you stand, allowing you to make informed decisions about your spending.
Improve Your Credit Score
When you use your 118 118 credit card and make your payments on time, you are actively building your credit score.
Your monthly activity will be reported to major credit reference agencies, helping you establish a positive credit history.
If you aim to strengthen your financial standing, the card offers a pathway to a better credit score.
However, you should always aim to pay at least the minimum amount to avoid late fees or negative impacts on your credit rating.
Representative APR of 49.0% (Variable)
The 118 118 credit card has a representative APR of 49.0% (variable). This rate ensures that you know the cost of borrowing over time.
By understanding the APR, you can make smarter financial decisions and manage your repayment schedule effectively.
Your interest rate is straightforward, helping you weigh the cost of credit against your financial needs.
Always reviewing your card agreement before committing will ensure that you fully understand the terms.
Flexible Usage
With the 118 118 credit card, you can enjoy the convenience of contactless transactions, with a maximum limit of £100 per purchase.
This feature allows you to make quick and hassle-free payments for everyday purchases without the need to enter your PIN.
To enhance security, the card will occasionally require you to input your PIN. This provides an additional layer of protection against fraudulent activity while maintaining the convenience of contactless technology.
Contactless payments are widely accepted across the UK, making this feature ideal for individuals who value speed and ease in their transactions.
Whether you are shopping, dining, or commuting, the contactless feature ensures a seamless payment experience.
Eligibility Check
The card provides a simple and user-friendly eligibility check that does not impact your credit score.
This step is conducted via a soft credit search, allowing you to explore your options without fear of lowering your credit rating. For those who are rebuilding their credit, this feature ensures peace of mind.
By using the online eligibility tool, you can determine your likelihood of approval before you officially apply. This saves you time and protects your credit record from unnecessary hard inquiries.
Once you complete the soft check, you will receive a clear indication of your personalized credit limit. This upfront transparency gives you the confidence to proceed with the application, knowing what to expect without surprises.
Cash Withdrawal Facility
You can use your 118 118 credit card for cash withdrawals, but keep in mind that these come with a 5% transaction fee and accrue daily interest.
This feature can be useful in emergencies where cash is your only option, but it is best to use it when necessary to avoid the additional costs involved.
When you withdraw cash using your credit card, it will appear on your credit report and may be visible to future lenders.
Other financing providers might interpret frequent cash withdrawals as a sign of strain, so it is important to consider how this could impact your overall creditworthiness.
To make the most of this feature without hurting your finances, it is essential to understand the fees and interest that apply.
By planning and limiting your cash withdrawals, you can avoid unnecessary charges and maintain a positive impression on your credit history.
Regulated and Approved by the FCA
The 118 118 credit card is issued by Madison CF UK Limited, which is authorized and regulated by the Financial Conduct Authority (FCA) with reference number 741774.
As an FCA-regulated provider, the credit card is subject to strict standards, ensuring that you receive a fair, transparent, and responsible lending experience.
It is important to remember that late payments can result in additional charges and could have a negative impact on your credit report. To avoid these consequences, ensure that you stay on top of your repayments.
Importantly, the 118 118 credit card provides you with the opportunity to manage your financial profile responsibly, so long as you make your payments on time and keep track of your spending.
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