The Yes Card no credit check credit card

A question about : The Yes Card no credit check credit card

Hi there,
As someone currently in a debt management plan I can't get credit from conventional lenders, however I've built up a Ј1000 debt with Quick Quid. It will take me a few months to pay off the debt with the interest they charge so I'm wondering if the Yes Card credit card would be a good idea?

www.theyescard.co.uk

It claims to be a no credit check card with 100% acceptance and up to Ј2500 credit, the downside is the Ј30 application fee and the Ј15 month fee to use as well as a 15%APR rate. It would be slightly easier if I could transfer my debt to this card, but I don't know what the reputation of this company is?

Has anyone else had any dealings or information on this company?

Best answers:

• As part of your DMP you are required not to take on any more credit until your DMP is repaid so you should not apply for credit from yescard or anyone else.
  I would suggest that rather than try to move the debt elsewhere that you instead arrange a repayment plan with quickquid.
  I would cancel the CPA to them with your bank and then contact them to explain that you are unable to repay the loan in full and set out how much you can afford a month.
  Quickquid are members of the CFA, and all members have agreed to a code of practice as well as the good practice customer charter where they will freeze interest after at the most 2 months if you arrange a repayment plan with them, see this extract
  Quote:
• I wouldn't touch it with yours.
  You can only purchase products from their website/catalogue, probably at vastly over-inflated prices.
• Hi there
  I could be wrong, but isnt this a merchandise only credit card? As in you can only use it to buy goods as opposed to actually using the card in the way you need to?
• Thanks for the advice, I was slightly confused by the Yes Card so it makes sense that it's for purchases from an affiliate rather than a conventional credit card.
  I'll probably just swallow the interest and pay it off over the next three months. I pay it off in full each payday and then just take out what I need to cover the rent two weeks before the following payday, so the interest is not quite as severe as you would expect. Including the discount code I always apply it usually costs me between Ј45 & Ј65 per month in interest.
• Unfortunately my DMP is already a very small payment each month (Ј30). The only reason I'm able to reduce the amount I borrow from Quick Quid is due to my wife being self-employed and earning a few hundred each month that is independent from my DMP.
  I've got out of debt with payday loan companies in the past albeit from Ј600 in debt rather than Ј1000, so I'll just have to be careful for a few months with spending. The reason for the debt is a combination of gambling and exceptional things like car repairs, a couple of months with no gambling and hopefully no major outgoings should fix the problem.
• Are you on a self-managed DMP or it is managed by a third party?
  If you are only able to pay Ј30 a month towards it then are you sure it is still the right debt solution for you? It may be worth speaking to one of the debt charities to consider your options and whether something else would be more suitable.
• If you aren't anticipating a change in circumstances so that you'll be able to increase payments then it may be worth talking to stepchange again, perhaps might be worth considering a DRO?
• I like the way in their dodgy photos on their website they never show you the front of the card how it will look (therefore it is not visa or mastercard) just some jumped up store card by the looks of it.
  Avoid like the plague.
• So a sandwich toaster at Ј34+ and a Ј14.95 per month maintenance charge seriously, you should not be in charge of your finances if you pay that
• iPod touch 32GB 5th gen
  Tesco price: Ј199
  YesCard price: Ј458 + P&P (over 1 year)
  Looks like a good deal to me.