Wave Credit Card review

The Wave Credit Card is issued on the Mastercard network, so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.

What is Wave and how does it work?

Wave is a new digital credit card from digital bank Chetwood Financial. Wave is a credit card with a mobile app that allows you to control transactions, repayments and security on your phone.

In recent years, challenger credit cards like Wave have been popping up more frequently. Many, like Wave, target people with “non-standard” credit (i.e. a less than perfect record). If you’re not sure what your credit record looks like, you can find out for free through Finder or others.

Wave uses a mobile app that you can download onto your IOS or Android smartphone.

App features:

• Real-time spending alerts. Track your spending with real-time spending alerts or take control of your money with opting in or out of increasing your credit limit.
• Repayment calculator. To help you understand how repayments affect the interest on your account.
• Repayment notifications. Simply adapt your plan through the app when you need to make use of that three day grace period.
• App security. You can set up a secure fingerprint or face ID login so that only you have access to your Wave credit card. The Wave app also has instant card freezing and unfreezing capabilities in case of loss or theft.
• Support. You can speak to Wave’s UK-based support team with the Live Chat feature or ping them an email.

What benefits can I get with a Wave credit card?

Here are some more benefits you can get with a Wave credit card:

• A Mastercard. Wave credit cards are issued on the Mastercard network. As one of the largest payment networks in the world, you can use Mastercard almost everywhere, both in the UK and overseas. View more benefits of Mastercards here.
• A mobile app. Wave offer a feature-rich mobile app with the ability to make payments, update personal details, send spend alerts for purchases and instantly freeze/unfreeze the card in an emergency. Within the app, you can also benefit from the repayment calculator, that in just a few interactive steps, shows how repayments affect the interest on your account

How much does Wave cost?

Wave doesn’t have an annual account charge, however, you may be charged a fee depending on how you use your Wave credit card.

• There is a cash withdrawal fee (this also includes other “cash-like” transaction types such as travel money purchases or payments to a cryptocurrency exchange).
• If you make a late repayment, after the three day grace period, you will be charged .

Foreign transaction fees

• Using your card abroad (or making an online purchase with an overseas retailer) also entails a fee
• Foreign transaction fee: of the sterling value of the transaction.
• Cash transaction fee (if you withdraw cash from an ATM abroad):

Other key features will include an up-to -days-long interest-free period if you pay off your bill on time every month and an APR (Average Percentage Rate). Depending on your personal situation, you can get between (or an initial minimum credit limit of £250) – (subject to status).

Applying for a Wave credit card

According to the Wave website, applying for a Wave credit card takes a matter of minutes and you will know if you have been accepted instantly.

If you are a UK resident over the age of , employed (incl. self-employed) with a minimum income of or retired with a pension, you are eligible to apply for a Wave credit card. You must have an existing credit history with good credit and be able to afford the card and monthly repayments.

Like with most credit cards, when you apply Wave will be running a credit check, however you can check your eligibility through their website before you apply. Once you have received an offer for the card, Wave will ask for your mobile number to send you a link to download or you can apply directly through the Wave app (available on IOS and Android).

Wave customer reviews

In our 2023 customer satisfaction survey, Wave scored 3.5 out of 5 stars, with 80% of customers saying they’d recommend the brand to a friend.

Customers praised Wave’s overall service. Many customers also praised Wave’s online services and app. One commented: “Easy to use and good customer service”.

The Wave app has a score of 4.8 out of 5 stars on the App store from around 4,000 ratings. On the Google Play store, the app has a score of 4.8 out of 5 stars from around 1,570 ratings.

Bottom line

If you’re looking for a digital credit card with the quick and easy ability of managing your finances at the tip of your fingertips, the Wave credit card could be the card for you. However, if you’re someone who knows you won’t be able to repay the card back in full every month, with a relatively high interest rate on purchases, you might want to consider alternative credit cards with no annual fees and a lower APR.

Other credit builders

Table: sorted by representative APR, promoted deals first

1 - 5 of 28

Updated daily

Product UKCCF	Finder Score	Annual/monthly fees	Initial credit limits	Minimum income	Representative APR	Incentive	Link
Zable credit card	Finder score 7.6Great	£0	Min. limit £200, max. limit £1,500.	Not specified	48.9%	Representative example: Representative 48.9% APR (variable). Based on assumed borrowing of £1200. Rate of interest 48.9% (variable) annual.	Check eligibility Read review Compare	loading Fetching your data...
Yonder 'No Fee' Credit Card Finder Award	Finder score 8.9Great	£0	Min. limit not specified, max. limit not specified.	£25,000	32.9%	Representative example: When you spend £1,200 at a purchase rate of 32.9% (variable) p.a., your representative rate is 32.9% APR (variable).	Check eligibility Read review Compare	loading Fetching your data...
118 118 Money Guaranteed Rate Card	Finder score 7.8Great	£0	Min. limit £500, max. limit not specified.	£8400	49%	Representative example: When you spend £1,200 at a purchase rate of 49% (variable) p.a., your representative rate is 49% APR (variable).	Check eligibility Read review Compare	loading Fetching your data...
Vanquis Bank Credit Builder Credit Card Visa	Finder score 7.4Great	£0	Min. limit £250, max. limit £3,000.	Not specified	37.9%	Representative example: When you spend £1,000 at a purchase rate of 37.9% (variable) p.a., your representative rate is 37.9% APR (variable).	Read review Compare	loading Fetching your data...
Vanquis Bank Balance Transfer Credit Card Visa	Finder score 5.4Standard	£0	Min. limit £250, max. limit £3,000.	Not specified	33.5%	Representative example: When you spend £1,000 at a purchase rate of 33.5% (variable) p.a., your representative rate is 33.5% APR (variable).	Read review Compare	loading Fetching your data...

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Finder Score for credit cards

To make comparing even easier we came up with the Finder Score. Costs, perks and suitability across 120+ cards are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.

Read the full methodology

Approval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow. Most of the data in Finder's comparison tables is provided by Moneyfacts.