Credit Building > Opus Credit Card has shut down: what are the best alternatives?

Opus Credit Card has shut down: what are the best alternatives?

2 minute read · Updated 5th May 2024

The Opus Credit Card used to be one of the most well-known credit building cards in the UK. However, Opus is no longer accepting new applications. If you're an Opus card customer, you can continue using it. But if you didn't get one, you'll have to look for an alternative.

How did the Opus Credit Card work?

The Opus Credit Card was one of the very first credit building cards in the UK.

Unlike most credit-building cards, it didn’t charge an annual fee, which meant that you didn't have to worry about other fees, just the interest rate.

That doesn't mean that the Opus card was a great choice:

It had a high APR of 39%. Most credit building cards, like Barclaycard Forward or Asda Money Select, charge less than this: about 34% to 35%.
It has a low starting credit limit of £1200. Many credit building cards can offer up to £1500, some even close to £2000. Having a higher credit limit means that it's easier to achieve a low credit utilisation rate (how much credit you use versus how much you could use). To improve your credit score, Experian recommends you stay under 25% credit utilisation.
It also required a minimum income of £5000. Other credit building cards only require a minimum income of £3000, even no minimum income at all.
And had no rewards or cashback.

What are the best Opus Credit Card alternatives now?

First of all, if you're an existing Opus Credit Card customer, don't switch just yet. That's because opening a new account requires a hard check, which could temporarily affect your credit score. It would also lower your average credit account age, another factor that goes into your credit score calculation.

But if you don't have one and were looking into it, know that there are plenty of alternatives to the Opus Credit Card:

For lower fees, consider the Tesco Foundation card.
For a more modern experience, try Zable or Bip.
For rewards, try the Asda Money Select card.
And for cashback and a scheduled decrease in interest charges, look into Barclaycard Forward.

But these are all credit cards. No matter what their features are, in the end, they all suffer from the same issues: high interest charges and the risk of going over your credit limit. Both of these can have a significant negative impact on your credit score.

For a safer alternative, consider a credit-building app like Wollit. Unlike a credit card, Wollit reports your monthly fixed fee subscription as a loan repayment.

This means that Wolit directly builds your credit history and gives you a chance to improve your credit score without the risk of high interest charges, maxing out your credit card, and even fraudsters buying things with your leaked card details.

All you’ll need to do is pay your monthly subscription and watch your credit history build up.