If you have a poor credit history, getting accepted for a current account won’t always be straightforward. But the good news is that Card One Money is one of the few providers that won’t run a credit check as part of your application, you just have to verify your identity and residency. Here’s more about its personal currency account. If you are looking for Card One Money’s business account, we have a review on that too.
Card One Money has 1 personal current account which includes a prepaid Mastercard. It doesn’t require a credit check and you can apply regardless of your employment status, which makes it a good option if your credit score isn’t up to scratch. However, it does charge a £12.50 monthly fee and there are certain fees that will apply for using your prepaid card. If you withdraw cash on your card in the UK, for example, you’ll pay a fee of £1.50. This rises to £3 plus a 2.75% foreign transaction fee when you withdraw cash from an ATM overseas.
Here are some key things you can do with the account:
Set up direct debits, pay bills and create standing orders
Receive a prepaid debit Mastercard
Earn 3.5% cashback when you spend at certain retailers
Order a second card linked to your own account which lets you set a fixed monthly allowance
Load your card through the mobile app
Manage your account online or via the app, plus you can contact the call centre over the phone
Benefits of opening an account
There are several benefits of opening an account with Card One Money:
No credit checks. Your credit history won’t be checked as part of your application.
Easy to open. Accounts can be set up quickly.
Cashback rewards. You can earn up to 3.5% cashback when you spend at certain retailers.
Multiple users. You can have more than 1 card set up on the accounts.
How to open an account
You can apply for a Card One Money account online by filling in the application form and providing a few details about yourself. As mentioned, no credit checks will be carried out. Instead, Card One Money will verify your identity and residence and you’ll then be up and running.
If you have any problems with your application, you can phone the call centre which will guide you through the process.
Is Card One Money safe?
Card One Money does not have its own banking licence, which means that your money won’t be protected by the Financial Services Compensation Scheme. This protects deposits of up to £85,000 per person if a financial institution goes bust.
However, Card One Money is authorised by the Financial Conduct Authority to operate as an Authorised Payment Institution in the UK. This means it has to safeguard customer funds in a ring-fenced account at a UK bank.
Pros and cons of Card One Money
Pros
No credit check required
Quick application process
Cashback rewards available on the associated Mastercard
Multiple cardholders
Cons
Account fees are high
Fees also apply to certain transactions
No overdrafts available
No FSCS protection
Customer service information for Card One Money
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict
If you have poor credit, Card One Money’s personal account is likely to appeal. With no credit checks and the only requirement being to verify your identity and residency, you can get an account set up quickly. The cashback programme is also a useful perk.
However, the big drawback of this account is the fees involved. As well as charging a monthly fee of at least £12.50, there are also transaction fees to watch out for such as UK ATM withdrawal fees and same-day payment fees. For this reason, it’s worth shopping around and comparing what else is out there before making your decision.
Frequently asked questions
Yes, if you're switching your personal current account, you can use the Current Account Switch Service to move to Card One Money.
You can check your balance 24 hours a day, 7 days a week by using your online account. If you have also registered your mobile phone with Card One Money, you can send a text to 60777 containing the word "BALANCE" to find out what your balance is (fees will apply).
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio
XTB and eToro are cheap investment platforms with a lot to offer. We compare the features, fees, account types and more – side by side in eToro vs XTB.
Freetrade and Hargreaves Lansdown are both investment platforms with a lot to offer. We compare their features, fees, account types and more – side by side in Freetrade vs HL.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
