In this review, we look at the Opus credit card, which offers people with a poor credit history the option to 'transfer' money from the Opus card to their preferred bank account.
Key facts about the Opus credit card
Best for: Those who need ready access to cash.
Introductory offer: No introductory offers.
Representative APR: 39.9% variable.
Fees: No annual fee. £3 or 3% money transfer fee (whichever is greatest)
- Perks: No specific perks.
Pros of the Opus credit card
- Money transfer facility a useful - and cheaper - alternative to using the card to withdraw cash from a cashpoint.
- Opus can send you text alerts to remind you when payments are due, which can help you boost your credit rating by encouraging you to manage the card responsibly.
- You could still be accepted for the card even if you have a poor credit history.
Cons of the Opus credit card
- Unlike with purchases - which are interest free for up to 48 days if you pay the balance in full each month - you have to pay interest on money transfers immediately. There is also a 3% money transfer fee to factor in.
- If you do withdraw cash on this card, you will be hit with 49.95% APR on the amount.
- The APR on purchases is also relatively high, even when compared with other cards designed for those with poor credit.
- Minimum transfer of £50 applies
How to manage your payments on the Opus credit card
Cardholders can manage their accounts online or with your Digital Wallet in collaboration with Google Pay or Apple Pay.
How to apply for the Opus credit card
Potential applicants should first complete the online eligibility checker, which can give you a good indication of how likely you are to be accepted for the card without affecting your credit rating.