Thimbl Credit Card Review 2024: Improve Your Credit Score

Introducing thе Thimbl Credit Card: Dеsignеd for individuals aiming to build or rеbuild thеir credit. Issuеd by Vanquis Bank and fеaturing no annual fее, it providеs a minimum crеdit limit of £500, up to 56 days of intеrеst frее pеriods, and convеniеnt contactlеss paymеnts.

Dеspitе its high APR and absеncе of rеwards, its straightforward approach appеals to thosе focusеd on crеdit improvеmеnt. Explorе whеthеr this card aligns with your financial goals and nееds.

What is Thimbl Credit Card?

The Thimbl credit card is the best credit-building card aimed at consumers with limited or poor credit history. It is issued by Vanquis Bank and marketed by Digitonomy Limited under the “thimbl.” brand. Key features of the Thimbl credit card include:

• No annual fee
• Minimum credit limit of £500, subject to status
• Up to 56 days of interest-free each billing period
• Contactless payments up to £100
• Highly rated mobile app for account management

The target audience for the Thimbl credit card is individuals looking to build or rebuild their credit score, whether they have good or bad credit history. It competes with other credit-building cards like the Zopa credit card or NewDay’s brands such as aqua, fluid, and marbles.

The unique selling point of the Thimbl credit card is its simplicity. With no rеwards schеmе,  points, or cash back, it is a great option for thosе who want access to a managеablе crеdit account. Howеvеr, this simplicity may not appеal to thosе with high crеdit scorеs who arе looking for morе fеaturеs and bеnеfits from thеir crеdit card.

Pros & Cons of Thimbl Credit Card

Thimbl Credit card offers several benefits however, there are some disadvantages. The given table consists of the major pros and cons of the Thimbl credit card.

Thimbl Credit Card Compared to Competitors

Comparison of the Thimbl credit card and similar credit-building cards in the UK market:

Key differences between Thimbl and its competitors

• Thimbl has a higher representative APR at 45.5% compared to cards like Zopa and Aqua Classic which are in the 34-39% range.
• Thimbl does not offer any rewards or cashback, while some competitors may have basic rewards programs.
• Thimbl has limited international acceptance compared to Visa cards like Zopa, aqua, and marbles which are accepted worldwide.
• Thimbl is the best credit card even if you don’t have a good credit score.

How to Apply for Thimbl Credit Card?

If you want to apply for the Thimbl credit card, follow the given steps to apply successfully:

• Complete the online application form to check your eligibility in 5 minutes.
• Thimbl conduct a soft search eligibility check using your information.
• You will know in 60 seconds if you are pre-approved for a thimbl Credit Card.
• Pre-approval does not guarantee acceptance; a hard credit search is still needed.
• If pre-approved, you will proceed to Vanquis Bank for further details.
• Vanquis Bank will conduct additional checks, including a hard credit search.
• If approved, you will receive a credit card agreement to review.
• Review the agreement carefully before accepting your new credit card.
• Ensure you can afford repayments, including interest, before accepting
• Your new credit card will arrive in your wallet in 7-10 days.

Eligibility Requirements for the Thimbl Credit Card

• Be at least 18 years old
• Be a UK resident
• Have a UK bank account
• Meet Thimbl’s income and financial requirements

Why Should I Choose for Thimbl Credit Card?

Some key reasons why you might choose the Thimbl credit card are as follows:

• Thimbl has a partnership with Vanquis Bank, a credit card provider.
• Its Trustpilot rating is Excellent (May 2024).
• Make fast, contactless payments of up to £100 with tap-and-go technology.
• It provides access to your credit card account securely from anywhere using its banking app.
• The thimbl. Credit Builder Credit Card is designed to assist you in improving your credit score.
• Use Thimbl’s Express Check eligibility checker to see your approval likelihood before submitting a complete application.

What are the Fees & Interest Rates Associated with the Thimbl Credit Card?

Thimbl has no annual fee, the APR is high and there are fees for international usage, cash advances, late payments and over-limit spending. Cardholders will want to keep these costs in mind when using the card. Find the fee and interest rate associated with the Thimbl credit card in the table below:

Conclusion

If you’re looking to build or rebuild your credit score, the Thimbl Credit Card is the best option with flexible credit limits. It is designed for UK residents aged 18 and above, providing up to 56 days interest-free on purchases each billing period and contactless payment convenience.

International usage fees and other charges apply, so careful management is key. It is ideal for those prioritizing credit improvement over perks, with easy online management through its mobile app.

Main References:

https://www.thimbl.com/credit-cards/credit-builder

Ella

Hello! I’m Ella Patel, a blogger based in India with a strong specialization in the finance sector. My journey into the world of finance and writing is a blend of academic achievements and professional experiences, which I am excited to share with you