FAQ
How much does it cost? 
Can creditbuilder help to improve my credit rating?
Yes! and it will cost no more than paying the regular monthly fee for using your Sterling Card. Sterling Card creditbuilder is a loan of £71.40, which is repaid over 12 monthly payments of £5.95. Details of your loan repayment history are then sent to the credit bureau. The more loan and credit products you have successfully repaid, the better your credit rating will normally be.
How much will the Sterling Card creditbuilder cost me?
There are NO extra charges by adding creditbuilder to your Sterling Card account. You pay NO interest on the loan and there are NO administration charges – you just keep paying the regular £5.95 monthly fee for 12 months.
Will I get the £71.40 on my card?
The £71.40 loan covers your one year’s use of your Sterling Card. The money is only available for this purpose. As soon as your creditbuilder agreement is approved we will advance you £71.40. You will see this on your online statement as a £71.40 credit, followed immediately by a £71.40 debit. You will then repay this amount simply by paying your next 12 months Sterling Card fees. For each of the following 12 months we will deduct the normal £5.95 monthly fee from your Sterling Card account which will then be used to repay your creditbuilder loan.
What is the Annual Percentage Rate (APR) on the loan?
The APR on the Sterling Card creditbuilder loan is 0.0%. You do not pay any interest on the £71.40 loan. You just make the 12 monthly payments of £5.95 as you would normally do with a Sterling Card account.
What does APR mean?
APR is the Annual Percentage Rate. It is an expression of the effective interest rate that the borrower will pay on a loan, taking into account one-time fees and standardising the way the rate is expressed. In other words the APR is the total cost of credit to the consumer, expressed as an annual percentage of the amount of credit granted. As the APR for Sterling Card creditbuilder is 0.0%, when you are loaned £71.40 for creditbuilder, you only pay back £71.40.
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*Subject to our Terms and Conditions including the applicant providing acceptable identification, being resident in the UK, aged 18 years or older if primary cardholder, or 13 years or older if additional cardholder. The Sterling prepaid MasterCard is issued by APS Financial Ltd (“AFL”) pursuant to license by MasterCard International Incorporated. AFL is authorised and regulated by the Financial Services Authority. (www.fsa.gov.uk/register) Registered in England no. 06029941. Your card will be serviced by Advanced Payment Solutions Ltd (“APS”) which is a registered agent of AFL for this purpose. Registered in England no. 04947027. AFL & APS registered address is 6th Floor, One London Wall, London, EC2Y 5EB. MasterCard is a registered trademark of MasterCard International Incorporated. The Post Office® and Post Office symbol are registered trademarks of Post Office Ltd.
** Some top-up outlets may charge an additional fee – check at the time of top-up