Today, we’re diving into the Thimbl credit card, a straightforward solution for those looking to improve their credit score. Here’s everything you need to know, from its benefits and drawbacks to how it compares with other credit-building options.

About Thimbl

Founded in 2017, Thimbl is backed by Vanquis Bank Limited, a well-known name in the financial sector. With over 150,000 customers, Thimbl has quickly established itself as a reliable credit-building tool.

What is the Thimbl Credit Card?

The Thimbl credit card is designed to be user-friendly and accessible via the Vanquis app on your smartphone. It’s tailored to help you improve your credit rating conveniently. Here’s a quick breakdown:

1. Application Process: Start with an online eligibility check. If you pass, complete the full application, which includes a hard credit check.

2. Credit Limit: Your initial credit limit will range from £500 to £1,200, based on your circumstances.

3. Account Management: Manage your account via the Vanquis mobile app, which allows you to check your balance, view transactions, and make payments.

4. APR and Fees: The card has a representative APR of 45.5% (variable). There’s no annual fee, but it’s crucial to pay off your balance monthly to avoid high interest charges.

Building Credit with Thimbl

Thimbl is aimed at individuals looking to build or rebuild their credit score. Here’s how it helps:

• Timely Payments: Making your payments on time demonstrates financial responsibility, which positively impacts your credit score.

• Credit Utilisation: Keeping your credit utilisation low (using less than 30% of your available credit) can boost your score.

Account Management: The Vanquis app helps you stay on top of your finances, reducing the risk of missed payments.

What are the benefits?

• No Annual Fee: Keeps costs low as long as you pay off your balance in full each month.

• Accessible to Poor Credit: Available to those with poor credit histories.

• User-Friendly App: Manage your account easily on the go.

• Regulated and Secure: Protected by the Financial Services Compensation Scheme (FSCS).

What are the drawbacks?

• High APR: 45.5% representative APR can become expensive if you carry a balance.

• No Rewards: Unlike some other cards, Thimbl doesn’t offer cashback or rewards.

• Limited Credit Limit: Initial limits are capped at £1,200.

• Cash Withdrawal Fees: £3 charge for cash withdrawals both domestically and abroad.

Comparison to Other Products

Compared to competitors like the Zopa credit card or NewDay’s offerings (aqua, fluid, marbles), Thimbl stands out for its simplicity and accessibility. However, its high APR and lack of rewards might make it less appealing to those with better credit scores or looking for more perks.

What do people think of Thimbl?

Thimbl enjoys a solid reputation on Trustpilot, with over 3,000 five-star reviews and an overall rating of 4.6 out of 5. Customers appreciate the straightforward application process and user-friendly app. However, some have noted the high APR as a drawback.

Conclusion

The Thimbl credit card offers a straightforward, simple way to manage your finances and build credit. While it has some drawbacks, like a high APR and no rewards, it remains a viable option for those with poor credit histories. Always compare different credit-building products to find the best fit for your financial needs.

Please note: this is not financial advice, and you shouldn't rely on it to make any financial decision.

If you are in debt or struggling, StepChange or MoneyAdvice are able to provide free advice and help: StepChange Debt Charity | Money Advice