Debt Management and Your Credit Score

Does my Credit Rating Affect my Ability to get a Debit Card?

If you listen to advertisements for banking products on the radio or TV, you’ll be aware of the sped up section at the end which informs you that said products will be…

If you listen to advertisements for banking products on the radio or TV, you’ll be aware of the sped up section at the end which informs you that said products will be issued ‘subject to status…’. Very often this means that banks and financial institutions will only allow you access to some of their products if you have a favourable credit rating.

Credit Rating Scale with Poor, Uncertain, Fair, Good and Excellent Ratings

However, there are certain banking products which do not rely on your credit history and a debit card is one of these.

Debit cards can be issued to just about anyone as they don’t involve credit. When you use a debit card, you are only spending the money you have in your account at that particular time. You are not borrowing from the bank or financial institution in order to pay them back later.

This means that when comes to getting a debit card, your credit history will have no bearing on whether or not you can get a debit card. However, in some cases, people may be turned away from getting a debit card from traditional high street banks if they have a poor credit history, are currently bankrupt or don’t have three months proof of address, including temporary and migrant workers.  

The vast majority of bank accounts will issue the account holder a debit card if an account is already held with the bank. If you have a sufficient credit history, you may also be offered an overdraft by the bank.

You can make use of an overdraft when using your debit card. If you have an agreed overdraft limit of £500, for example, then you can use your debit card to make purchases or paying for services. However, having a debit card is not dependent on whether you can get an overdraft or not. You will only be granted an overdraft if your credit rating allows it, whereas a debit card can be issued to more-or-less anyone.

Can I get a Prepaid Debit Card if I have a Limited Credit History?

prepaid debit card involves the user loading money onto the card and then using it to pay for goods and services, either in-store or online. You are only able to spend the money that you have on the card at the time of the transaction, and so that’s one of the ways that a prepaid debit card differs from a credit card.

Again, because there is no borrowing element involved, the card issuer will not consider your credit history before giving you a prepaid debit card.

Will Using a Debit Card Impact my Credit Rating?

One of the big advantages a debit card has over a credit card is that you are only spending money you have and not borrowing. Therefore, this means that you aren’t getting into debt, making a debit card an effective way to budget.

However, if you only use your debit card, you will not build up any credit history. While your bank statement will have a list of debit card transactions on it, that will not be evidence of you taking out and paying back credit.

Therefore, when you come to applying for a mortgage or loan, the bank may turn you down on the basis that you do not have a history of repaying debt.

Suits Me®

Suits Me® is a simple, modern banking solution that offers current accounts with contactless Mastercard® debit cards. At present, we don’t offer credit cards or an overdraft facility with our debit cards.

Do Suits Me® Perform Credit Checks?

No, at Suits Me® we don’t ever perform any credit checks on anyone. 

Does a Suits Me® Account and Debit Card Affect my Credit Rating?

No, as we don’t perform credit checks at present to open a Suits Me® account, having a Suits Me® account and debit card will not affect your credit rating in any way, good or bad.

How Do I get a Suits Me® Debit Card?

Suits Me® contactless Mastercard® debit cards are issued free of charge with each Suits Me® account. Opening a Suits Me® account is quick and easy using our online application form

Once complete, providing all the details given are correct, including ID, your account will open within 15 minutes where you will gain instant access to your account number and sort-code and online banking to be able to start managing your money. Your debit card will then arrive in the post, free of charge, within 3-5 working days.

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