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Zopa Credit Card Review

Zopa Credit Card Review feature image

Published on:

Written by: Michael Barton

Published on:

Written by: Michael Barton

Michael has almost quarter of a century’s experience in the financial world. This includes trading and institutional sales trading, and in senior positions to VP of Global Equities, as well as Head of Trader Training, at companies including Merrill Lynch (SNC), Cargill Investor Services, and Goldman Sachs. Michael’s experience also extends to providing financial advice as a personal financial advisor in the UK.
This article has been fact checked by a member of the Wallet Savvy editorial team and complies with our editorial standards.

Want a decent credit card with a helpful app that gives you complete control? Check out this Zopa Credit Card Review to find out why Zopa’s winning awards, and if it’s the card for you…

Never heard of Zopa Bank? It’s one of the UK’s newest banks in the age of digital banking.

It was first founded as Zopa Limited in the early 2000s, when it was one of the UK’s first online peer-to-peer lending facilitators. In 2020, Zopa Bank received its full UK banking license.

Since then, it has expanded the services it offers to include a range of traditional banking products online. These include savings accounts, personal loans, and the Zopa Credit Card.

As a Zopa customer, you’ll have access to a range of digital financial services through advanced technology, its mobile app, and its website. It uses the information you provide to personalise its services to you, while maintaining competitive rates for borrowers and savers.

Don’t let Zopa Bank’s short timeline deter you. In its short life as a bank so far, it has already won a hatful of banking awards, including:

  • Multi-winner of the British Bank Awards’ Best Personal Loan Provider
  • Moneynet Awards 2024 Best Savings App
  • Moneynet Awards 2024 Best Fixed Rate Cash ISA Provider
  • AltFi Awards’ Fintech of the Year
  • AltFi Awards’ People’s Choice Award, with more than 80% of the vote
  • Best Credit Card Provider at the British Bank Awards 2021

The question is, does the Zopa Credit Card measure up for you?

30-Second Summary

Zopa Bank delivers a personalised digital banking service, including the Zopa Credit Card. Standout features include no annual fees, ease of use, and enhanced security.

However, it excels with its mobile app, which offers a range of features to put financial control in the palm of your hand. Applying for the card is straightforward, and initial credit limit will be set between £200 and £1,200.

*Check for latest rates, T&Cs before applying.

What Is The Zopa Credit Card?

Focusing on flexibility and accessibility, the Zopa Credit Card is fully tuned into the bank’s philosophy of using technology to enhance your customer experience.

Zopa Credit Card

It’s what is known as a digital-first product, allowing you to manage it through Zopa’s mobile app, with several standout features that help you to manage your finances while delivering banking-standard safety and security.

It’s a straightforward credit card, with few bells and whistles.

There are no complex points earning and reward programs to vex your thought process and complicate your spending decisions.

What you get is what you see – a credit card that does exactly as it says on the tin, with the benefit of an award-winning technological approach designed for modern credit card users.

*Check for latest rates, T&Cs before applying.

Is The Zopa Credit Card For You?

The Zopa Credit Card could be a good choice if you want a card that gives you close control over your card use by utilising modern technology on your smartphone. Taking a personalised approach, you’ll find that credit limits and interest rates are based on your personal circumstances and credit history.

Managing card use through the mobile app means you have control in the palm of your hand, which is ideal if, like me, you prefer to manage your banking digitally.

It’s also a good alternative to other more traditional travel credit cards if you plan to use a credit card abroad.

Are You Eligible To Apply?

To be accepted for a Zopa Credit Card, you’ll need to meet certain eligibility requirements.

For a start, and as is standard for most card providers, you’ll need to be a UK resident and over 18 years old. You’ll also need to be registered on the electoral roll at your permanent address (and have been living there for at least a year).

Your income is also a significant factor. If you earn less than £10,000 a year, your application will be denied.

In addition, you should also have a good credit history – this isn’t a credit building card, so is not appropriate if you are just starting out or have a history of financial mismanagement.

Zopa want to see that you manage your finances responsibly, so be prepared to show this with a good track record of making payments on loans or other regular payments such as utility bills.

Lastly, you should also have at least two active lines of credit to demonstrate that you can manage ongoing financial obligations responsibly. Examples of this include mobile phone contracts, existing credit cards, and overdraft facilities.

*Check for latest rates, T&Cs before applying.

What You Need To Know

With tailored credit limits and interest rates, digital convenience, enhanced security features, a user-friendly app, and more, your Zopa Credit Card can feel like owning an incredibly powerful financial tool. Here’s an outline of its main features:

A Personalised Credit Limit

The starting credit limit is based on the details you provide and the credit check that Zopa runs. The higher your credit score, the higher your credit limit will be set, between £200 and £1,200.

Free Mobile App

Zopa’s award-winning app is a real bonus. It puts real financial power in the palm of your hand, with real-time account monitoring, payment reminders, money management insights, and more, enhancing your experience and security.

No Annual Fee

There’s no annual fee attached to the Zopa card, meaning you get to enjoy all the benefits of credit card ownership without paying for them (providing you pay off your balance each month, of course).

APR Details

Like your credit limit, the interest rate charged by Zopa is also tailored to your personal circumstances and credit score. APR currently ranges from 27.3% to 34.90%.

Other Fees

While there are no annual fees to own the Zopa Credit Card, if you withdraw cash then you will be charged a withdrawal fee of £3 (plus interest from the day of withdrawal).

If you make a late payment, you will also incur a £12 late payment fee. There are no foreign transaction fees, either.

Zopa Credit Card Application

Here’s a step-by-step breakdown of how to apply for your Zopa Credit Card:

1. Start The Application

Head over to the Zopa website and click on ‘Apply online’, or click the red buttons on this page and it’ll take you straight there.

You manage the card via the app, so you’ll need a smartphone to download the app and complete your application.

2. Enter Your Details for Pre-Approval

The application proceeds by asking you to enter a few basic details, such as name, address, age, etc. Zopa uses these to run an eligibility check.

This won’t impact your credit score, and gives a good (though not guaranteed) indication of whether your application will be accepted. This is known as pre-approval.

3. Provide More Details

Having received pre-approval, Zopa will run a few more checks to confirm your identity and safeguard against potential fraud risks. You may be asked to submit additional documentation to verify your identity, bank details, and income.

If this is necessary, it can take a few days to process your application.

4. Final Credit Check

Having proceeded past the pre-approval stage and formally applied for a Zopa card, Zopa will conduct a hard credit check. This will show up on your credit report, but is essential for a final decision to be made.

5. Receive & Activate Your Card

When your application has been accepted, your new credit card will be posted to you, and should arrive at your address within 10 working days. You’ll need to follow the enclosed activation instructions to start using your card.

*Check for latest rates, T&Cs before applying.

Managing Your Card Using The Zopa App

Zopa app Savings screen

The Zopa app is your gateway to successful use of your Zopa Credit Card.

With the app on your smartphone, you will be connected to an award-winning financial tool that gives you much more than credit card balances and transaction details in real time.

You’ll receive alerts about each transaction made on your card, including any suspicious activity.

These will help you control your spending and safeguard your card from fraudulent activity.

If you do notice suspicious transactions or mislay your card (and we all know how worrying that can be), the app can come to your rescue by allowing you to freeze the card immediately – real peace of mind while you resolve the issue.

You can forget about missing payment dates, too. From the app you can set up a direct debit to ensure you make payments by the due date. You can also set the app to transfer your balance to other cards, though transfers in are not available (though they are being trialled).

Beyond card management, the Zopa app also integrates with its budget tools, and allows you to link to other financial accounts. This allows you to get a more complete view of your finances.

You can categorise your spending, set spending limits, and receive alerts as you near them.

Zopa uses all your transactional information to help it produce personalised financial insights. Use these to better understand your spending habits and develop your financial management skills.

If you need to submit documentation or require customer support, the app simplifies these processes too – with support available in a variety of ways, including chat services.

Finally, recognising that your needs are unique, you can customise the app dashboard to prioritise the features that you use most to make it easier to navigate and provide a more personal user experience.

Tips To Manage Your Card Effectively

Managing your Zopa Credit Card effectively is crucial to your financial health, and could also help to improve your credit score. Here are a few tactics to help you make the most of your card and avoid falling into the credit card debt spiral.

Avoid Cash Withdrawals

Drawing out cash from your credit card is costly. Not only will you incur a cash withdrawal charge, but you’ll also pay interest on the amount withdrawn from day one.

Plus, it could negatively impact your credit score – a cash withdrawal is viewed by credit rating agencies as a sign that you can’t manage your money well.

Keep Your Credit Utilisation Low

The ratio of your card balance to your credit limit is known as credit utilisation, and it’s a key in the calculation of your credit score.

Managing this below 30% helps to demonstrate that you manage your money effectively and do not rely on credit. Plus, it means you’ll always have a little in reserve in case of emergencies.

Set Up Automatic Payments

Automating your payments will ensure you never miss a payment date. Setting a direct debit to pay the balance ensures you never pay interest. Simple, really!

Use Alerts & Notifications

Set alerts and notifications on the Zopa app to keep you informed of transactions and balances. This is a feature that will help you manage your card effectively, as well as help you to identify your spending habits.

Inform Zopa Of Any Changes In Personal Circumstances

If your financial circumstances change, such as receiving a pay rise or changing jobs, let Zopa know immediately: you could qualify for improved terms, such as higher credit limits or lower interest rates.

Always Have Cash To Pay Off Your Balance

Don’t use your card as an extra source of cash – it’s not. Instead, use it as a substitute source of cash.

How I work this is by transferring an equivalent amount of cash to my spending on my credit card (rounded up to the nearest pound) from my current account to a separate instant access, high-interest savings account.

This ensures I always have funds available to pay off my balance in full each month, avoiding interest charges – and those roundups soon start adding up to new savings.

Update Your Budget Regularly

Effective budget planning is crucial to your financial health, and the Zopa budget tool is a valuable addition to your financial armoury. Should your financial circumstances change, revise your budget to make sure that you keep your spending within budget and remain on track toward your financial goals.

*Check for latest rates, T&Cs before applying.

Alternatives To The Zopa Credit Card

Everyone’s financial profile and needs are unique, which means the Zopa card may not be right for you. Even if it looks like a good choice, it’s always worth exploring other options.

For example, you might look toward cashback credit cards or credit building cards. Here are five of our top picks:

American Express Cashback Everyday Credit Card

The American Express Cashback Everyday Credit Card is ideal if you want a card with no annual fee and a tiered cashback reward program.

You’ll receive 5% cashback on purchases for the first five months (capped at £125), after which the cashback reverts to 0.5% for spending up to £10,000 annually and 1% on amounts above this.

*Check for latest rates, T&Cs before applying.

Asda Money Select Credit Card

Asda Money Credit Card

If you do most of your shopping at Asda, the Asda Money Credit Card might be for you. You’ll receive a whopping 10% cashback on all Asda purchases as an introductory offer.

Once the promotional period ends, you earn 1% back on Asda purchases and 0.3% on other spending, with the cashback being credited as Asda Cash which can be spent in-store or online.

*Check for latest rates, T&Cs before applying.

Santander All In One Credit Card Mastercard

This card features a low introductory interest rate and no balance transfer fee for the first 15 months, which is a pretty good deal if you want to manage existing credit card debt more cheaply.

A modest £3 monthly fee applies, though it does offer ongoing benefits like 0.5% cashback on purchases.

*Check for latest rates, T&Cs before applying.

Barclaycard Forward Credit Card

Barclaycard Forward Credit Card

If you’re new to credit, you might be best to apply for the Barclaycard Forward Credit Card.

This card rewards you for using it responsibly, reducing interest rate up to 5% providing you make payments on time and don’t break through your credit limit.

It also includes cashback rewards through Barclays’ partner retailers, though this list is limited.

*Check for latest rates, T&Cs before applying.

Virgin Money All Round Credit Card

If you want versatility, balance transfer options, introductory rates, and a rewards program, then you might want to put the Virgin Money All Round Credit Card under the microscope.

As with all other credit cards, you’ll want to make sure you clear your balance in full each month to get best value from the rewards available to you.

*Check for latest rates, T&Cs before applying.

Why Choose The Zopa Credit Card?

As a pioneering digital bank, Zopa offers a refreshing approach to personal finances that is mirrored in its credit card. It’s an option that offers a straightforward, easy-to-use line of credit ideal for you if you want financial control in the palm of your hand.

The Zopa app rounds off this straightforward credit card with a digital interface that does much more than simply alert you of transactions and credit balances.

*Check for latest rates, T&Cs before applying.

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