What is creditbuilder?
creditbuilder is a unique facility available with your cashplus card, which could help you to improve your credit rating just by continuing to pay your normal monthly account fee.
If you've been refused for a credit card or loan, you've missed payments on bills, or you are new to the UK, you could suffer from a bad credit rating or lack of a credit history. creditbuilder is a simple way to help improve or build your credit history.
You don't need a bank account. You don't not need to pass a credit check. There are no additional charges or interest payments!
How does creditbuilder work?
If you are a cashplus customer with Total Access, you can sign-up to have creditbuilder added to your account.
It’s really easy to do. You simply log in to the Members' Area and click the creditbuilder button on the left hand side. Then follow the simple onscreen instructions – it couldn’t be much easier.
When accepted onto creditbuilder, Advanced Payment Solutions Limited will loan you one year's worth of monthly fees. As you continue to pay your regular monthly fees, the loan is gradually repaid, until you've made your 12 monthly payments.
In your online Members’ Area statement you will see a credit and debit of the amount of the loan on your cashplus account. These entries reflect APS crediting the loan to your account, which is then immediately taken to pay the annual cost of your cashplus account. Remember, we hold the loan for you, so it is never available to spend.
During the year, you can continue to top-up and use your cashplus card as normal. You just need to make sure that you have enough money in your account for the loan repayment fee every month.
If all payments are made on time we report that you have successfully made 12 loan repayments to two Credit Reference Agencies, though we will also report any missing or late payments. So the more successful loan repayments you’ve made, the better your credit rating should be.
What does creditbuilder cost?
It doesn't cost anything to have creditbuilder added to your cashplus account:
- There is no administration fee
- There is no additional monthly charge
- The APR on the loan is 0.0%, so you don't pay any interest
- All you pay is 12 monthly loan repayments instead of 12 monthly account fees and you could improve your credit rating.
What's the catch?
There really is no catch.
Of course we want our customers to keep using their cashplus cards for as long as possible. With creditbuilder, we simply loan you a whole year’s monthly fees up front, and you pay them back with 12 monthly payments.
In the meantime, you can continue to enjoy the benefits of a cashplus card. You can still top-up and use your card as normal, whether it is while travelling, shopping online or in store.
Contacting us
Contacting us about creditbuilder
creditbuilder can help with debt management
If you already have a cashplus card, and have Total Access with your account, sign-up in the Members' Area
creditbuilder
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