Hello, credit builder card!

The Representative Example is an easy way for you to compare the cost of any credit card, as it's used by all banks.

The Annual Interest Rate (APR) is the total cost of borrowing for a year.

As well as interest, the APR includes standard fees – like the annual (yearly) fee that some credit cards charge. (The good news is that we won't charge  you a fee each year to have this card.)

The higher the interest rate, the more interest you'll pay.

If you pay back the total amount you owe each month, your credit card won't cost you a penny in interest.

So, what's the Representative APR?

The word 'representative' means typical. So, the Representative APR is the typical interest rate. We offer all customers the same annual interest rate for our credit builder card. So the interest rate you see is what you'd pay: 34.9%.

So, how much interest could you pay? We've done some maths for you...

If we give you this card, we'd charge you an Annual Percentage Rate of 34.9%.

OK, let's say you borrow £1,200 on this card. If you only pay the minimum payment, then in a year you'd pay back £1397.03.

That's the £1,200 you borrowed, plus the interest you'd owe of £197.03.

So, what's the minimum payment?
The minimum payment is the lowest amount you have to pay back each month.  Your statement will say what this is. If you pay the full balance (amount you owe) each month, you won't have to pay any interest.

And what's the assumed credit limit of £1,200?

The credit limit shows the maximum someone can borrow on their credit card.

To make it easy for you to compare credit cards, every Representative Example has the same credit limit: £1,200.

This is an example credit limit.

It helps you compare like with like. So, it's easy for you to see which credit card offers you the lowest (cheapest) interest rate.

The credit limit you get may be different. It depends on your credit score. For this card, it coud be anything from £250 to £1,500.

Want to know your individual credit limit? Just check your eligibility and we'll tell you in a flash.

And what's the purchase rate?

This is the interest rate you could be charged when you use the card to buy something.

We won't charge you this interest if you pay off your card in full each month.  

We offer all our credit builder card customers the same interest rate. So, the rate you see here is the interest rate you'd pay if you got this card.  

What does 'variable' mean?

Both the Annual Percentage Rate and Purchase Rate are variable. This means these rates can go up and down.

So what will your interest rate and credit limit be?

The interest rate on this card is the same for all our customers.

At the start of your card application, we'll let you know if you could get this card and what your credit limit would be.

It's then up to you if you want to go ahead.