The Metro Bank Credit Card is an amazing option for you. Most credit cards today offer cash back on different purchases, discounts on travel, and different kinds of insurance offers which are attractive but most probably you have to pay an annual fee or some hidden charges to unlock these perks. It is hard to find a simple credit card with no fuss.
Metro Bank’s credit card is tailored to be simple but powerful. This card has no reward programs or cashback but it offers a competitively low ongoing rate, making it a great choice for the newbies. Metro Bank started its operations in the summer of 2010. It is a different kind of high street bank with stores.
The bank aims to keep things simple and is one of the trusted names in the banking sector. Metro Bank offers safe deposit boxes, bank accounts, business insurance, borrowing options account switching, money protection, and many more. Metro Bank Credit Card is a low-rate card that makes your spending more manageable by providing you with the most basic features.
Metro Bank Credit Card benefits
A majority of the cards have no annual fee for an introductory period but they charge a steep card fee after the introductory period. Metro Bank Credit Card has no monthly or annual fee which helps you save a considerable amount of money. This card offers up to 56 interest-free days if you pay your balance in full and on time.
Remember that there is no interest-free period on cash advances and balance transfers. Annual Payment Rate (APR) is one of the key things to look for in a credit card. In short, APR is the cost of borrowing which means you have to pay more interest on a higher APR. This card has a comparatively low APR which is worth it especially for those who are new to credit cards.
This card offers a low purchase rate and low balance transfer rate Rather than a 0% offer for a limited time followed by much steeper rates. These rates, however, are not fixed and are subject to change. This credit card offers no foreign transaction fees on purchases and cash withdrawals in Europe.
There is a list of all the eligible countries on the bank’s website. The Additional cardholder option makes it easier to manage the spending for the whole family or friends with a single account. The Metro Bank Credit Card provides an option to add up to 25 nominated cardholders with no annual fee. The minimum credit limit of the card is £500.
The Metro Bank provides the option to walk away with the physical card on the same day of opening your account in a branch. Additionally, you can receive a replacement card immediately after walking into a Metro Bank. This card allows you to make balance transfers of up to 75% of the credit card limit.
You can also make a contactless payment with the credit card for up to £100. Just connect your card to your Apple Pay or Google pay wallet and enjoy. There is an option to receive alerts from the Metro Bank mobile banking app, for any transactions made by the card. This may be a payment in a shop, online purchases, or cash machine withdrawals.
Metro Bank Credit Card rates and fees
There is no annual or monthly Metro Bank Credit Card fee. The minimum monthly repayment is 5% or £20 (whichever is greater) or the total of any interest, default fee, and charges plus 5% of the outstanding balance. The foreign usage charge within Europe is £0 while a 2.99% fee will apply to the use elsewhere with a £1.50 non-sterling purchase fee. This card has a 14.9% representative annual payment rate (APR).
Metro Bank Credit Card provides different options for manual repayments. You can make credit card repayments through the Metro Bank’s app, via online banking, or by phone. There is also an option to set up a direct debit as well. Missing a repayment might damage your credit score or makes you ineligible for any promotional rates.
A direct debit helps you solve all these by protecting you from forgetting to make a repayment. There are different options for repayments that you can arrange when applying for a credit card. The first option is paying the minimum amount which is 5% or £20 (whichever is greater) or the total of any interest, default fees, and charges plus 5% of the outstanding balance.
Next is setting a fixed amount for each month. The most recommended option is paying off the full outstanding balance every month at the mentioned time. Paying in full will improve your credit score and this will also help you in earning some interest-free days. Keep reading to know how to apply for the Metro Bank Credit Card.
Metro Bank Credit Card eligibility criteria
You must be of age 18 or above and a UK resident for Metro Bank Credit Card eligibility. Non-UK, EU, EEA, or Swiss nationals can also apply with a valid visa or residence permit with at least six months remaining. The applicant must have a job and a regular income. Any bad credit history, country court judgment, bankruptcies, or debt relief orders of the credit file will make you ineligible for the card.
How to apply for the Metro Bank Credit Card?
You can apply for the Metro Bank Credit Card only in a branch. If you already have a Metro Bank account, you can speak to the local director or relationship manager. The bank will ask for different documents for verification. First is the proof of income for the last three months like payslips or bank statements showing receipt of the salary.
Next step to get your new credit card is the identification proof, which includes a passport, driving license, EU member state National ID Photocard, council tax or utility bill, and a bank statement. There are two options available for a self-employed person. The first is a P60 from the recent tax year, the latest HMRC Tax Return (SA302), and a letter from the employer with contract length and income verification.