Credit Card FAQs

HOW DOES THE GUARANTEED RATE CARD WORK?

The guaranteed rate card has one interest rate for purchases and balance transfers.

This means that we will never charge you interest or fees if you pay your balance in full by the payment due date every month.

IF I PAY MY CREDIT CARD STATEMENT IN FULL AND ON TIME, WILL I BE CHARGED INTEREST OR FEES?

If you pay your statement balance in full each month, we’ll NEVER charge any interest or fees with the guaranteed rate card. This does not apply to cash withdrawals or late repayments, which will incur fees. 

CAN THIS CARD HELP IMPROVE MY CREDIT RATING?

Yes! Making at least your monthly minimum payments will be reflected on your credit report. Conversely, failure to make monthly minimum payments or carrying a high balance on your credit card may have a negative impact on your credit rating.

WHAT IS THE DIFFERENCE BETWEEN APR AND SIMPLE INTEREST RATE

The simple interest rate is the interest rate that we use to work out how much interest you’ll be charged each month. You will find the simple interest rate in the ‘Interest Summary’ section of your statement.

APR is the Annual Percentage Rate. It determines the total cost of credit to you for one year, including interest and charges, based on borrowing and repaying £1,200 — or an amount equal to your credit limit. The APR takes into account interest you may pay on interest if you do not pay your statement balance in full each month.

APR is one way to directly compare the cost of borrowing between different credit cards.

CAN THIS CARD HELP IMPROVE MY CREDIT RATING?

Yes! Making at least your monthly minimum payments will be reflected on your credit report. Conversely, failure to make monthly minimum payments or carrying a high balance on your credit card may have a negative impact on your credit rating.

IF I PAY MY CREDIT CARD STATEMENT IN FULL AND ON TIME, WILL I BE CHARGED THE MONTHLY FEE?

The monthly subscription fee is a fixed monthly charge designed to give customers a predictable, fixed, monthly cost of borrowing. This does mean that the monthly fee is charged even if you pay your balance in full or if you have a zero balance. This does not apply to cash withdrawals or late repayments, these will incur a cost.

WHAT DOES APR MEAN?

APR is the Annual Percentage Rate. It determines the total cost of credit to you for one year, including interest and charges, based on borrowing and repaying £1,200 — or an amount equal to your credit limit.

APR is one way to directly compare the cost of borrowing between different credit cards. As a result, the true cost of borrowing may be less or more than the representative APR we display.

WHY DOES THE SIMPLE MONTHLY FEE CARD HAVE A REPRESENTATIVE APR? I THOUGHT YOU DID NOT CHARGE INTEREST?

We will never charge you any interest on your balance — that's one of the reasons why the simple monthly fee card is so unique. However, EU legislation requires all credit cards to show the APR to enable a like-for-like comparison. However, late repayments or cash withdrawals will incur a fee. 

HOW DO I APPLY?

You can apply online. You will have to provide information to help us decide whether a 118 118 Credit Card is suitable for you. If we accept you as a 118 118 Credit Card customer then we will ask you to read documents entitled ‘Important Information About Your Credit Card’ and ‘Pre-Contract Credit Information’. These give you important information about your 118 118 Credit Card. You should read them carefully and take time to consider whether this is the right credit card for you.

To obtain a 118 118 Credit Card, you must read the ‘Credit Card Agreement’ presented to you during the application process, and tick the box to accept and enter into the agreement — this is a way of signing the agreement electronically.

You can check your eligibility on the 118 118 Money website. Our eligibility check will tell you if you’re likely to be accepted for a 118 118 Credit Card without affecting your credit rating.

WHAT INFORMATION IS NEEDED TO CHECK MY ELIGIBILITY?

We’ll ask for your:

• Name
• Email address
• Mobile phone number
• Date of birth
• Marital status
• Current employment
• Net monthly income
• Outgoings
• Home address

WHERE CAN I APPLY?

You can apply here.

CAN I APPLY FOR ANOTHER 118 118 CREDIT CARD IF I ALREADY HAVE ONE?

No, you may not have more than one 118 118 Credit Card.

DO I NEED TO SET UP A DIRECT DEBIT TO COMPLETE MY APPLICATION?

Although it is not required to complete your application, we encourage you to set up your Direct Debit during the application process. Setting up a Direct Debit is an easy way to ensure that you make your payments on time, which can help maintain good financial habits and improve your credit rating.

CAN I FIND OUT IF I AM ELIGIBLE FOR A 118 118 CREDIT CARD WITHOUT IT IMPACTING MY CREDIT RATING?

Yes. click here to complete an eligibility check and see if you are likely to be accepted for a 118 118 Credit Card. Completing the eligibility check will not affect your credit rating, and you'll find out what credit limit we'll offer you before you apply.

WILL YOU BE MAKING A CREDIT CHECK ON ME?

Not as part of the eligibility check, however, we’ll run a credit check when you choose to accept the 118 118 Credit Card — this is required. It’s also necessary to ensure that we do our part to make the best decision for you and for us.

Remember though, completing the eligibility check will not affect your credit rating.

CAN I APPLY OVER THE PHONE?

Sorry, but we don’t take telephone applications. You can apply directly here.

HOW DO YOU DECIDE IF MY APPLICATION IS SUCCESSFUL?

Application success for the 118 118 Credit Card is based on your credit profile and other publicly available information (e.g. electoral register, county court judgments). The better your credit profile the more likely you are to be accepted as a 118 118 Credit Card customer.

IF MY CREDIT CARD APPLICATION IS ACCEPTED, CAN I CHANGE MY MIND?

Of course – and we make it easy if that’s what you decide.

Starting from the day after you sign the agreement, you’ll have 14 days to withdraw from your Credit Agreement. Just let us know by writing to us at 118 118 Money, PO Box 10556, 51 Saffron Road, Wigston LE18 9FR or by calling us on 02920 548 118*

You’ll need to pay back any balance on your account within 30 days (starting from the day after you tell us you want to withdraw) before we can close it. If your card account balance is zero, we can close the account and make sure your application does not appear on your credit file, putting you back in to the position you were in before you applied.

WHAT DOCUMENTATION WILL I RECEIVE ONCE MY CARD APPLICATION HAS BEEN ACCEPTED?

We will send you an electronic copy of your Credit Card Agreement.

IF MY APPLICATION IS APPROVED, HOW SOON WILL I RECEIVE MY CARD?

You should receive your 4-digit PIN and your card within 9-10 days. Your card and your PIN will be sent separately for security reasons.

WHAT SHOULD I DO IF I HAVEN’T RECEIVED MY CARD OR 4-DIGIT PIN?

We do not send pin numbers out by mail. You can find your pin number in our mobile app.

WHAT ARE CREDIT CARD INTERMEDIARIES?

If you were referred to our website by someone else, you may have dealt with a credit intermediary (or their appointed representatives). If so, the credit intermediary involved may have been paid to introduce you to us and may have been one of the following:

• Moneysupermarket.com which is a wholly owned subsidiary of Moneysupermarket.com Financial Group Limited of Moneysupermarket House, St David’s Park, Ewloe, Flintshire, CH5 3UZ; or
• Quint Group Limited of Oxford House, Oxford Road, Macclesfield, Cheshire, SK11 8HS; or
• Optimise Media (UK) Limited of Norfolk Tower, 48-52 Surrey Street, Norwich, Norfolk, NR1 3PA; or
• Runpath Regulated Services Limited of White Collar Factory, 1 Old Street Yard, Ground and Mezzanine Floors, London, EC1Y 8AF; or
• Clear Score Technology Limited of 47 Durham Street, London, United Kingdom, SE11 5JA; or
• Dot Zinc Limited, which trades as Money.co.uk of 5 Copper Row, London, England, SE1 2LH; or
• Experian Limited of The Sir John Peace Building, Experian Way, NG2 Business Park, Nottingham, NG80 1ZZ; or
• Digitonomy Limited of Steam Mill Business Centre, Steam Mill Street, Chester, Cheshire, United Kingdom, CH3 5AN; or
• Totally Money Limited of Chapter House, 16 Brunswick Place, N1 6DZ.

If you were referred to us by a credit intermediary, we recommend that you review the privacy policy on the intermediary’s web site for your rights under UK Data Protection Act 2018.

WHAT IS A BALANCE TRANSFER?

A balance transfer lets you use the credit available from your 118 118 Credit Card to pay off the balances on one or more other credit cards. You cannot transfer an amount higher than the available credit limit on your 118 118 Credit Card.

If you transfer a balance to a simple monthly fee card, you won't pay any additional interest or handling fees. You will only be charged your normal monthly subscription fee. This may work out to be a cheaper way to pay off your existing credit card balances.

If you transfer a balance to a guaranteed rate card, you won't pay any fees and will only be charged your normal interest rate. This does not apply to late repayments or cash withdrawals, these will incur a fee. 

In all cases you must remember to continue to pay at least your minimum payment each month.

HOW DO I TRANSFER A BALANCE TO MY 118 118 CREDIT CARD?

You can transfer a balance by contacting us at 02920 548 118*. In some instances, you'll be able to request a balance transfer as part of the application form for a 118 118 Credit Card. You'll need to provide us with the credit card number and expiry date of the credit card from which you’re requesting a balance transfer, so please have this to hand.

HOW LONG WILL IT TAKE FOR A BALANCE TRANSFER TO COMPLETE?

Once your balance transfer request has been processed, payment will normally be received by your bank or card issuer by the end of the next working day. Sometimes it may take longer for your request to be processed if we receive it outside business hours (on a weekday after 4.30pm, and any-time on a weekend or bank holiday).

I USUALLY PAY THE BALANCE ON MY ACCOUNT IN FULL BY DIRECT DEBIT. WHAT HAPPENS IF I’VE REQUESTED A BALANCE TRANSFER?

If you currently pay your account in full by Direct Debit, you may want to update your account to pay either the minimum payment or another regular amount. Otherwise the Direct Debit will collect the full amount outstanding on your account including the balance transfer.

WHAT IS A DIRECT DEBIT?

Direct Debits are extremely useful as they help to make sure you don’t miss payments when they fall due on your account. A Direct Debit mandate allows us to collect regular monthly payments from your designated bank account. You can set up a Direct Debit via your online account or the 118 118 Money app.

HOW DO I MAKE A ONE-OFF PAYMENT TO MY ACCOUNT?

There are a number of ways to make a one-off payment. You can pay in the 118 118 Money app, through your online account, via Internet Banking or over the phone. Call us on 02920 548 118* and we’ll be happy to help with this.

WHAT SHOULD I DO IF I AM HAVING DIFFICULTY MAKING PAYMENTS?

If your circumstances change and you think this will affect your ability to pay back the amount you owe on your card, or you are already struggling to keep up with your Minimum Payments, please call us on 02920 548 118* so that we can work with you to agree a suitable repayment plan. It is better for you to contact us as soon as possible so that we can put something in place to help you.

WHEN I MAKE A PAYMENT, WHEN SHOULD I EXPECT TO SEE IT ON MY ACCOUNT?

Payments can take up to five working days to show. You can check online by logging into your account.

WHAT HAPPENS IF I FAIL TO MAKE A PAYMENT?

The 118 118 Money Credit card does include fees for late or missed payments. Each late or missed payment will incur a charge of £12.00 We do encourage you to make a payment or contact us to discuss your circumstances at your earliest convenience, we may place a temporary hold on your card until a payment has been made. This may be reflected on your credit report, which might make it harder for you to get credit in the future.

WHAT HAPPENS IF I GO OVERLIMIT?

We will not charge you any additional fees. However, we will temporarily block your card until you make the repayment to bring your balance down within your limit.

WHAT DO I DO IF MY CARD IS LOST OR STOLEN?

If your card has been lost or stolen, you should contact us straight away.

HOW DO I CHANGE MY PIN?

You can change your PIN by using a cash machine. You can also order a new PIN by calling 02920 548 118.*

CAN I USE MY 118 118 CREDIT CARD TO WITHDRAW CASH?

Yes, you can use your card to withdraw cash at any cash machine that displays the Mastercard symbol. We will however charge you 5% fees (minimum charge is £4) for cash withdrawals and cash transactions.

HOW DO I OPT OUT OF RECEIVING NOTIFICATIONS ABOUT NEW PRODUCTS AND SERVICES?

You can opt out of receiving notifications by calling us on 02920 548 118*, or by following the unsubscribe options within any marketing SMS or emails you may have received.

CAN I MANAGE MY CARD ONLINE?

Yes, you can. You can check your balance, view previous statements and make payments either in the 118 118 Money App (Apple iTunes Store or Google Play Store) or alternatively by logging into the account management section of our website.

The 118 118 Money App is available to download for Android and iOS devices through Google Play and the App Store.

IF MY PERSONAL DETAILS CHANGE (FOR EXAMPLE, MY NAME HAS CHANGED OR I’VE MOVED HOUSE), THEN HOW DO I LET YOU KNOW?

You can update this by calling us on 02920 548 118.*

WHAT HAPPENS IF I FORGET MY PASSWORD OR NEED TO RESET IT?

Simply click ‘Forgot password?’ on the login screen of the 118 118 Money app and follow the prompts. We’ll send you a password reset code and easy-to-follow instructions.

All transactions in any currency other than sterling will be converted into sterling on the day the transaction is processed, at the Payment Scheme Exchange Rate*. This may not be the same as the rate on the day the transaction took place as the exchange rates vary on a daily basis.

THE PAYMENT SCHEME EXCHANGE RATE FOR TRANSACTIONS MADE IN EUROS TODAY

The Mastercard exchange rate is currently £1.00 to €1.2101. This is slightly different to the European Central Bank’s exchange rate, which is £1.00 to €1.2053. If you make a transaction in euros and it is processed today, the exchange rate we apply, including Mastercard fees, will be 0.39% more than the central exchange rate.

Your statement will show the payment scheme exchange rate applied to your transaction, what date the transaction was processed and the sterling amount after currency conversion. Also, please remember we don’t charge any foreign exchange fees however third party vendors may apply their own charges. An example of this is an ATM where a usage fee could apply.

If you do withdraw cash from an ATM at home or abroad we do charge a 5% fee (minimum charge is £4).

*The Payment Scheme Exchange Rate is the rate Mastercard applied on the date that Mastercard processed the non-sterling transaction.

WHAT IS MY VIRTUAL CARD?

A virtual card gives you access to everything you need to make purchases online or over the phone—simply by answering a few security questions. You’ll still need your physical credit card for making purchases in person, but your virtual card will allow you to shop online or over the phone without your physical card.

CAN I ACCESS MY VIRTUAL CARD ON MY COMPUTER OR LAPTOP BROWSER?

At the moment, 118 118 Money does not offer virtual cards. 

CAN I USE MY VIRTUAL CARD FOR CONTACTLESS PURCHASES?

No, your virtual card may only be used to make purchases online or over the phone.

CAN I USE MY 118 118 CREDIT CARD FOR CONTACTLESS TRANSACTIONS?

Yes, you can use your card for contactless transactions up to a maximum of £100 per transaction. We will require you to enter your PIN on some occasions to protect you against fraud.

HOW WILL I BE ABLE TO VIEW MY TRANSACTIONS AND STATEMENTS?

You can see your current balance, recent transaction history and previous statements either via the 118 118 Money app or by logging into your account on our website.

The 118 118 Money App is available to download for Android and iOS devices through Google Play and the App Store.

WHAT ARE PENDING TRANSACTIONS?

Pending transactions are authorised card transactions that have not been fully processed yet. Pending transactions will appear in your recent transaction history in the next few days.

HOW DO PENDING TRANSACTIONS AFFECT MY ACCOUNT BALANCE AND AVAILABLE CREDIT?

The balance does not include pending transactions, but the credit available amount will take into account any pending transactions on your account.

I DON’T RECOGNISE A TRANSACTION, WHAT SHOULD I DO?

You can view additional details by tapping on an individual transaction. If you’re still unsure about the transaction you should call us on 02920 548 118* and we can investigate this for you.

WHAT IS STRONG CUSTOMER AUTHENTICATION?

Put simply, 'Strong Customer Authentication' is an identity check. We are required by law to put in place measures to help protect you from unauthorised use of your account, this is also known as SCA. It means that, for some transactions and when logging into your account or app, you will be asked to provide two elements of identification from the following three options:

• Something you know, such as a PIN or password.
• Something you have, such as a phone.
• Something you are, such as a fingerprint.

WHY AM I BEING ASKED FOR AUTHENTICATION?

From time to time, you may be asked to provide the elements of identification above for certain purchases or when accessing your online account or app. We know that this may sometimes add an additional step to the purchasing/log in process, but we take fraud prevention and protecting your money very seriously.

HOW CAN I AUTHENTICATE MYSELF?

We will ask you to authenticate yourself for certain purchases, or when accessing your online account or app through the following methods:

• A one-time passcode
• A memorable answer to a pre-set question
• The 118 118 Money app

WHAT IS A ONE-TIME PASSCODE?

A one-time passcode (also known as OTP) is an automatically generated 6-digit code, that when successfully entered authenticates you for a single log in session.

WILL I HAVE TO ENTER THE ONE-TIME PASSCODE EVERY TIME I LOG IN TO THE ONLINE ACCOUNT OR APP?

If you’re an app user, you will only be sent the OTP from time to time. If you access your account by a web browser you will need to enter the OTP every time you access your account.

HOW WILL YOU SEND ME THIS ONE-TIME PASSCODE?

The OTP will be sent to the mobile number we have on file for you. It is extremely important we have the correct mobile number for you otherwise you will not receive the OTP and therefore will not be able to log in to the online account or app. If your number has changed or you have problems logging in please contact our customer services on +44 2920 548 118*.

HOW DO I SET OR UPDATE MY MEMORABLE ANSWERS?

You can set or update answers to your chosen questions by accessing the following link: https://ke.118118money.com. Once you have provided your log in credentials and verified your identity, you will be able to set or update your answers.

WHEN WILL I BE ASKED TO PROVIDE A MEMORABLE ANSWER?

When making online purchases with your 118 118 Money Credit Card, you might be asked to provide one of your memorable answers from time to time, especially if you do not have our 118 118 Money app.

The answer is case sensitive so be sure to answer the question exactly as you set it. It is advised to keep the answer simple, memorable and safe to avoid forgetting them in the future.

WHEN WILL I NEED TO AND HOW DO I USE MY MOBILE APP TO AUTHENTICATE?

When making online purchases with your 118 118 Money Credit Card, you might be asked to approve the transaction in your mobile app.

If you have the latest version of the 118 118 Money app, you will be automatically sent a push notification which you need to click, this will also be visible in the notification centre of your device. This will take you to the 118 118 Money app, where you will need to log in and approve the transaction.

If you don’t receive a push notification, please ensure you have notifications switched on through your device settings. If this is not enabled, you will not be able to receive the push notifications from us when making online purchases.

WILL SCA BE USED FOR EVERY TRANSACTION?

No, not every occasion. Certain transactions may not require SCA, depending on, for example, the value of the transaction or a relatively low risk of fraud.

WILL I STILL BE ABLE TO USE MY CREDIT CARD?

You will need to make sure you have done the following to avoid any issues when shopping online in the future:

• You have downloaded our 118 118 Money app, and have the latest version installed.
• You have submitted your memorable answers to a selection of pre-set questions. This would have been through an email inviting you to set these. If you haven't received this email or are having difficulties, please get in touch through the website chat function.
• Your mobile number is up to date.

Once you have completed these steps, you can be confident that you will not experience any issues whilst shopping online in the future.

WHAT IF I AM HAVING TROUBLE WITH STRONG CUSTOMER AUTHENTICATION?

If you are having trouble with authentication or completing a transaction, please get in touch with our customer support team. You can reach them through the chat function on our website or in the 118 118 Money app. If you prefer to call, you can reach us on +44 2920 548 118* and we'll be happy to help!

WHAT IF I AM ASKED TO AUTHENTICATE A TRANSACTION OR LOG IN TO A SESSION THAT I AM NOT AWARE OF?

Firstly, you should check with any additional cardholders to see if they are trying to undertake a transaction. If you are confident that nobody connected with the account has attempted the transaction, decline the payment, freeze your card using the 118 118 Money app and contact us using the details above.

If you have not attempted to log in to your account, but received an OTP, then change your log in credentials and contact us using the details above.

WHEN CAN I MAKE A SECTION 75 CLAIM?

Section 75 of the Consumer Credit Act gives you an added layer of protection when making purchases with your 118 118 Credit Card for transactions over £100 but not over £30,000.

You can make a claim under Section 75 in either of the follow two circumstances;

• Breach of contract: This is when you do not get what you have paid for, or the item is not up to the standard specified. An example of this is an item you have bought does not get delivered, or is not in the condition described when purchasing.
• Misrepresentation: You are given the wrong information by the seller which convinces you to buy a product. This could be a pair of headphones you have bought after being told they would be compatible with your music player, but then find out this is not the case.

You cannot claim under section 75 if you have bought something and have then changed your mind.

HOW DO I MAKE A SECTION 75 CLAIM WITH 118 118 MONEY?

If you feel that you have experienced a breach of contract, or have had a purchase misrepresented by the seller then please get in contact with us using the following methods;

Write to us:
118 118 Money,
PO Box 10556,
51 Saffron Road,
Wigston LE18 9FR.

Call us:
If you need to speak to our Disputes Department, please contact us.

Please ensure you reference Section 75 in your communication, so that our team know that you are making a claim under this section.

WHAT INFORMATION DO YOU NEED FOR A SECTION 75 CLAIM?

When raising the dispute you should provide the following information to help us process the claim quicker;

• The name of the retailer
• The service or product you purchased
• The purchase price
• The date you made the purchase
• What was wrong with the item purchased
• Any communications you’ve had with the retailer about the purchase
• Any evidence you have (photographs etc.)

We will look to keep you updated during the course of your claim, and we may contact you for further information.

When you make a payment to us, we are required by the Payment Services Regulations to hold your money in a safeguarding account. This money is held separately from any other bank account that 118 118 Money holds.

We have processes and controls in place to ensure that the rules are followed and any discrepancies are investigated in a timely fashion.  These processes are reviewed regularly internally and by independent auditors.

CAN I TAKE OUT MORE THAN ONE 118 118 CREDIT CARD?

No, you are only able to have one 118 118 Credit Card at any one time.

WHAT ARE TRANSUNION AND EXPERIAN?

TransUnion and Experian are the credit reference agencies we use to carry out checks on an applicant’s credit history file.

We have provided their details below if you need to contact them directly:

TransUnion, One Park Lane, Leeds, LS3 1EP. Tel: 0330 024 7574, Consumer Enquiries: https://www.transunion.co.uk/contact-us/consumer-enquiries

Customer Support Centre, Experian Ltd, PO Box 9000, Nottingham NG80 7WP. Email: consumer.helpservice@uk.experian.com

HOW DO YOU PROTECT MY DATA?

Your data is safe with us. We maintain physical, electronic, and procedural safeguards to keep your personal information secure.

Your privacy and security are of the utmost importance to us. We’ll protect your privacy and your data in compliance with our Privacy Policy.

HOW ARE YOU REGULATED?

118 118 Money is a trading name of Madison CF UK Limited.

118 118 Money is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 741774). You can confirm our registration on the Financial Conduct Authority’s website www.fca.org.uk/register or by contacting the Financial Conduct Authority on 0800 1116768.

WHERE CAN I GO FOR INDEPENDENT DEBT COUNSELLING ADVICE?

We would recommend seeking out an organisation offering free advice, including:

• National Debtline: Is a free, confidential and independent phone helpline to help people with debt problems. You can call them on 0808 808 4000. (England, Wales, and Scotland only).
• Advice UK: Is a network of independent advice-providing organisations. You can call them on 0300 7770107.
• Citizens Advice: Is a network of local offices offering free, confidential, independent advice. If you live in England, Wales, or Northern Ireland, click here. If you live in Scotland, click here.
• Step Change:  Is a debt counselling charity. You can call them on 0800 138 1111.

ARE YOU A MEMBER OF ANY TRADE BODIES?

We are members of the Finance and Leasing Association (FLA) which is a trade body for the asset, consumer and motor finance sectors in the UK. As members, we subscribe to the FLA’s lending code which sets out best practice in consumer lending. You can find a copy of the Code here: http://www.fla.org.uk/index.php/consumer-information/lending-code.

We are also members of UK Finance, the leading industry body for financial services in the UK.