If you’re wondering whether you should get the Asda Money credit card, then you need to consider and discover this credit card more.
Read the guide below to know if Asda Money Cashback credit card might be the best option for you.
Who is Asda Money?
Asda Money is the financial services division of Asda, the UK’s third-largest supermarket chain.
They provide a variety of financial products, including credit cards, foreign currency, insurance, and loans.
Owner of the Asda Credit Card
The Asda credit card is managed by Jaja Finance. Asda Money itself is a brand under Asda Stores Limited, which is owned by the Issa brothers and TDR Capital.
How Asda Credit Cards Work
Asda credit cards are issued by Jaja Finance, a UK-based company regulated by the Financial Conduct Authority (FCA).
These cards operate on the Visa network, usable in over 200 countries and territories. The card focuses on rewards, offering “Asda Pounds” as cashback.
However, these rewards are actually vouchers redeemable in Asda stores. You earn more rewards using the card in-store but can still earn rewards on other purchases.
Features:
- Provider: Jaja Finance
- Regulation: Financial Conduct Authority (FCA)
- Network: Visa, accepted globally
- Rewards: Asda Pounds (vouchers for Asda stores)
- Earn Rate: Higher in-store, but valid on all purchases
Benefits include global acceptance and a straightforward rewards system. Be aware that “Asda Pounds” are store-specific vouchers.
Is the Cashback Worth It?
An Asda credit card could be beneficial depending on your usage.
Compare the potential costs, such as interest on outstanding balances, to the cashback you might earn.
Types of Credit Cards Available from Asda Money
Asda Money now offers only one type of credit card. You can check if you qualify for the Asda Money Credit Card quickly and without harming your credit score.
This way, you can decide if applying is worth your time. Once you apply, you get an immediate decision. Using this card, especially for purchases at Asda, earns you rewards.
Asda’s reward credit card allows you to earn “Asda Pounds” for every purchase. The rate of earning is higher when you shop at Asda compared to other places.
Other advantages of Asda credit cards include:
- Award recognition. Asda Money’s prior credit cards received accolades from the Payments Awards, highlighting top performers in innovation within the industry.
- Manage your card online. Establish an online account for easy management of your Asda credit card.
- Earn rewards. Use your Asda Money Credit Card to purchase Asda travel insurance and accumulate Asda Pounds.
- No annual fee. There is no annual fee associated with the Asda Money credit card.
Applying for an Asda credit card
Applying for an Asda credit card is a clear-cut procedure. Follow these essential steps to ensure your application is successful:
- Eligibility: Verify that you meet the required criteria.
- Documents: Prepare your ID and financial records.
- Method: Opt for online or in-store application.
- Application: Fill in the form accurately with your personal information.
- Approval: After submission, await notification regarding your application status.
Online Vs. In-Store
For online applications, enjoy the ease of applying anytime from your own space.
If you prefer face-to-face interaction, applying in-store allows for personal assistance. Select the method that aligns with your preferences.
Eligibility
To qualify for an Asda credit card, adhere to these requirements:
- Reside in the UK.
- Age must be over 18.
- A mobile or home telephone number is required.
- Maintain a positive credit history free of County Court Judgments or bankruptcy.
- Possess a bank or building society account in the UK.
- Ensure ability to meet repayment obligations, as missed payments result in fees and significant impacts on future credit availability.
Asda confirms that students or retired individuals are eligible to apply.
Why Might You Not Be Approved?
If you match the eligibility criteria but have past issues like CCJs, IVAs, or bankruptcies, your application might get rejected.
Customer Reviews
Asda Money credit card reviews show a 3.5/5 satisfaction rate in 2023. Seventy-nine percent would suggest it to others, noting its ease, trustworthiness, and reliability.
Details about Asda Money credit cards include a variable APR ranging from 27.9% to 34.9%. The cards don’t feature balance, purchases, or money transfer offers.
Cashback options include up to 1% with the brand and 0.3% elsewhere. The cash advance rate starts at 39.9%, and an introductory bonus can reach up to 20.
Questions to Know If this Card is Right for You
To know if you’re really fit to have this credit card, you need to ask these questions:
Will the Rewards Benefit Your Shopping Habits?
Consider how often you shop at Asda. The Asda Money Credit Card rewards you primarily with vouchers usable only in Asda stores.
If you frequently shop there, these rewards could add significant value to your purchases. However, if Asda is not a regular destination for you, the rewards might not be as beneficial.
How Does the Interest Rate Compare to Your Current Cards?
Examine the interest rates offered by your existing credit cards compared to the Asda Money Credit Card.
This card has a variable APR ranging from 27.9% to 34.9%.
Assess whether the potential cashback outweighs the possible costs incurred from this interest rate, especially if you tend to carry a balance.
Can You Manage the Credit Card Online Efficiently?
The ability to manage your finances online is crucial for many. Asda offers robust online management tools for its credit card.
This is important if you prefer handling your financial transactions digitally, ensuring you can easily check balances, make payments, and track your rewards.
Are You Eligible for the Asda Money Credit Card?
Before applying, ensure you meet the eligibility requirements. You need to be over 18, reside in the UK, and have a stable financial history without recent bankruptcies or major credit issues.
Understanding these criteria can save you time and protect your credit score from unnecessary inquiries.
What Do Customer Reviews Say About the Card?
Researching what existing users think can provide insights into the card’s reliability and customer service. Asda’s Money Credit Card has a mixed satisfaction rate.
Reading these reviews might highlight potential issues or advantages that could influence your decision on whether this card aligns with your expectations and needs.
Conclusion
The ASDA Cashback card stands out as a top choice if you’re considering a Visa or Mastercard that offers cashback.
Its main limitation is that cashback vouchers must be used at ASDA stores, which should be acceptable if it suits your shopping habits, ensuring the card’s value for you.
Disclaimer
Head for Points operates as a journalistic entity and does not provide financial advice. Responsibility for verifying that any product suits your needs rests solely on you.
