Yonder Credit Cards are offered based on open banking data, making more people eligible, including those with low credit scores.
In addition to enjoying buy now and pay later purchases, virtual credit cards are known for their quick-to-access nature, which allows them to be used for payments and added to digital wallets.
These cards offer several benefits, including convenience and amazing rewards like cashback and discounts when used for transactions.
Yonder Credit Card
Max. Amount
£1,200
Credit Check
Soft
Type
Credit
Tip: The platform offers a physical and virtual card with credit up to £1,200. The APR varies between 32.9% and 62.7%.
Yonder is one of the growing providers of virtual cards with financing features that allow you to earn points every time you use them.
With up to £1,200 in credits, it is among the best alternatives to Zilch to spread the cost of your purchases when shopping.
It provides two different types of membership, including free and paid subscriptions.
The default free plan allows you to earn 1 point per £1 spent on purchases. For experiences within the app, you earn up to 5 points per £1.
Comparing the paid membership with a monthly fee of £15, this option will earn you £5 for every £1 spent on purchases. This can go up to 25 points for experiences.
The first time you upgrade your account to its paid membership, your wallet will be credited with 10,000 points. All can be spent on different experiences listed on the Yonder app, including food and drinks to flights.
While both plans allow you to access the same funds limit for up to a year, the interest rate differs, as the free membership is tied to 32.9% and the paid option is 29.94%.
Yonder offers a physical card and a virtual version, which can be connected to any digital wallet for payments.
With the full membership, it also provides travel insurance as part of the add-on benefits, including a family cover.
However, applying for the Yonder card involves a hard inquiry which can temporarily impact your credit score. But there is an eligibility checker that can be used before you proceed with no impact.
How Yonder Works
The platform operates through its mobile app, which you can download from the Android Play Store or App Store for iOS devices.
You will provide a few details, including your name, email address, and phone number. It also requires connecting your bank account, and based on the credit inquiry, a limit will be assigned to your profile.
Once you are approved, you will be able to access the virtual card that can be added to top digital wallets for payment.
One thing to know is its provision of rewards as you transact with your assigned credit limit, and it can be from 1 to 5 points per £1 spent depending on whether you are on a free plan or full membership.
How Yonder Credit Card Eligibility Works
The details required to sign up for an account on the platform include:
- A valid phone number and an email address
- You will need to provide a valid government ID
- A bank account is required and must have been active in the last six months
Once these requirements are fulfilled, Yonder will make a hard inquiry once applied. Depending on the result, you will be notified if you can proceed.
As an option, you should consider checking your eligibility before applying.
Features of the Yonder Credit Card
Some of the things to know about the platform include:
Up to £1,200 in Credit
You can access up to £1,200 in credit limit, but this will be based on the result of its inquiry into your financial profile.
Since the provider will conduct a credit check that can have a temporary impact, you should first use the eligibility feature on the platform to know if you will qualify.
Membership
It also comes with membership for every new user on the default free plan, which offers fewer benefits than the paid option.
You can upgrade your account for more features. This comes at a monthly cost of £15, which may be worth considering because of the number of benefits that come with the plan.
Bonus and Cashback
One of the reasons the Yonder credit card is considered by many is the bonus and cashback you enjoy on transactions.
Per £1 spent as a free user, the platform will give you a point, and if you are on its paid plan, you will earn 5 points for spending the same amount on transactions.
You will earn more when your expenses are on experiences on the platform, as you can get up to 25 points.
For cashback, free users are limited to a maximum of 2.5% per transaction that can be spent on deals on the Yonder app, but you can get up to 12.5% as a premium user. You also get 0.5% in cashback to your wallet as a paid member.
Credit Check
To obtain the Yonder credit card, a hard credit inquiry will be performed to determine the limit to be assigned.
This check will appear on your credit report and will be visible to other lenders who may be reviewing your profile in the short term.
However, you can utilise the eligibility checker when you visit its website and the mobile app to confirm if you will qualify with no impact, as that feature uses a soft method.
Interest Rate
The platform has different interests. The free plan users are charged 32.9%, while the premium membership rate is 29.94%.
Just like other credit card providers, you can avoid paying this if you clear your full balance before the statement due date.
Travel Insurance
One of the benefits you enjoy as a premium Yonder credit card owner is the worldwide travel insurance that comes with your package.
This will cover your family, including you, your partner, and children within the age of 24 travelling with you, provided payments are made using your Yonder card.
Some of the items with this benefit are travel cancellation, personal liability, stolen baggage and delay, missed and delayed departure, car hire, and medical expenses. There are limits to each, which you can access through the travel page on the app.
Virtual and Physical Card
You also have the option to utilise your digital or physical cards for transactions, with the latter only available to free account users in plastic form.
If you are a paid member, there is the physical Yonder premium credit card, which can be requested once you reach a minimum of three months on the platform. It is in a metal form.
Powered by Mastercard, this digital card can also be connected to Apple or Google Pay wallets for in-store transactions. On the app, you can access this by clicking ‘Add to Apple Wallet’ or ‘Add to Google Pay’ under ‘Membership.’
With up to £1,200 in credit offered, coupled with many benefits, the Yonder credit card can be a good choice to enjoy rewards on transactions. However, repay your minimum balance on time to avoid any impact on your credit score.
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