Building credit is essential for financial freedom, yet it is challenging to find the right tools. The Zable Credit Card is a viable option to build credit and lets you access your Equifax score straight on your phone. Today let’s dive into how this card works, its pros and cons, and how it compares to other credit-building options.

About Zable

Zable was founded in 2014 in the UK. The Zable Credit Card, previously called the Level Credit Card, is a product from Lendable, a well-known provider of credit.  Zable aims to help users build their credit scores while offering easy access to their Equifax credit score directly through their mobile app.

How the Zable Credit Card Works

The Zable Credit Card is designed to be user-friendly and easily accessible via the Zable app on your smartphone. Here's a breakdown of everything you need to know about the Zable credit card.

1. Application Process: The first step is to apply online, which involves an initial eligibility check and a credit check.

2. Card Management: You can start using a virtual card immediately upon approval without waiting for the physical card to arrive. All card transactions, from payments to tracking expenses, can be handled directly through the app. 

Building Credit with Zable Credit Card

While Zable isn't marketed as a traditional credit builder card, it can still help you improve your credit score:

• Timely Payments: Using the card for everyday purchases and paying off the balance in full each month helps demonstrate financial responsibility.

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

• Spending Control: The app's features also make it easier to manage your spending and avoid missed payments.

What are the benefits?

• Higher Credit Limit: The Zable limit can go up to £1,800 compared to other credit-building cards that have a maximum credit limit of £1,500. 

• Virtual Card: No need to wait for a plastic card, you’ll be able to get started right away once approved.  

• Equifax score in App: Can view your Equifax score straight in the app.

• Regular credit limit reviews: Paying on time and in full will make you eligible for a credit limit quicker, improving your credit score. 

• Fees: No annual fee or foreign transaction fees.

What are the drawbacks?

• High APR: 48.9% representative APR can become expensive if you carry a balance.

• No Rewards: Lacks cashback or rewards programs 

• Cash Withdrawal Fees: 3% fee on withdrawal amount both domestically and abroad.

Comparison to Other Products

Compared to dedicated credit builder cards, such as the Asda Money Select or Tesco Foundation cards, the Zable credit card offers a modern, app-centric approach. However, it comes with higher APR and lacks rewards, making it less accessible for those with poor credit.

What do people think of Zable?

Zable enjoys positive feedback on Trustpilot, with an overall rating of 4.5 out of 5 stars by almost 5,000 customers. Customers praise the app, customer service team, and the monthly credit limit review. However, customers have reported fraudulent transactions and hackers taking money, raising concerns.

Conclusion

The Zable credit card has a very easy-to-use app, along with the feature to check your Equifax account but is not the best suited as a credit-building tool. It has a high APR of 48.9%, lacks rewards and concerns regarding fraudulent charges does not make it the most viable option. Always explore 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