How to open an Asda Money credit card account?

If you’re looking for a convenient card for spending and making cash withdrawals you might be wondering about the credit card options from Asda Money®¹.

This guide walks through the Asda Money credit card² choices, including features and fees, and who they may be suited for. And because a credit card isn’t always the right option, we’ll also touch on Wise. Get a Wise card conveniently online or in-app, to spend overseas with the mid-market exchange rate and no foreign transaction fee to pay. More on that later.

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

What is Asda Money?

Asda Money is the financial services division of Asda supermarkets. With Asda Money you’ll be able to apply for a credit card, take out a loan, organise your travel money, make overseas payments and buy insurance for your holiday, your pet or your vehicle.

Asda Money’s focus is on offering unique products which can help customers save money.

Who can open an Asda Money credit card account?

Asda Money has 2 different credit card options, which we’ll explore in more detail below. You can apply for either as long as you’re a UK resident aged over 18.

Whether or not your application will be approved will depend on a credit check. Your credit information is also used to determine your interest rate and credit limit. You’ll be able to check your eligibility for a credit card on the Asda Money website³. This is called running a soft credit check, and won’t impact your credit score.

You’ll need to add some personal information such as your address, income and any ongoing financial commitments, and Asda Money will run a soft search with their credit bureau partner. This information isn’t shared with other lenders, and won’t change your credit score.

If this soft search shows you’re likely to be accepted for a credit card, you’ll be advised to apply. At this point a hard search is carried out on your credit score. This search will show up on your credit history. Assuming all goes well, your application will be approved and your card will be posted to you.

Types of credit cards offered by Asda Money

Asda Money offers 2 different credit cards. The Asda Money Credit Card⁴ is the core product, and for people with a lower credit score looking to build credit history, there’s also the Asda Money Select Credit Card⁵. The key difference between the two is that the representative interest rate is higher if you take the Select card. Other fees and features are fairly similar.

With both Asda Money credit cards you’ll get:

• 1% cash back in the form of Asda Pounds when you spend at Asda
• 0.3% Asda Pounds when you spend anywhere else
• Secure payments you can manage with a highly rated app
• Compatible with Apple Pay and similar wallets for mobile use
• Real time notifications in the app when you transact
• No annual fee
• Credit limits from 250 GBP to 5,000 GBP depending on your credit history

Here’s a head-to-head comparison of the fees for the two cards, to build a picture.

It’s useful to note that both cards apply a 2.99% foreign transaction fee. That means that if you use your Asda credit card overseas, everything costs 2.99% more than you may expect. If you make a cash withdrawal abroad, you’ll pay the 2.99% foreign transaction fee, plus a 3% cash advance charge - making it a costly way to get travel money.

If you’re interested in a card you can use conveniently overseas with no foreign transaction fee and no cash advance charge, you may like the Wise card - we’ll look at that in more detail in just a moment.

Can you open an Asda Money account online?

Yes. You can open your Asda Money credit card account online or in the Asda Money app.

What do I need to open an Asda Money credit card account?

To open an Asda Money credit card account you’ll need the following:

• An active Asda.com account - register with the Asda website conveniently
• Details of your income
• Details of your ongoing financial commitments
• 3 years of address history

This information is passed to a credit referencing agency to verify and check your credit score. If your application is referred - meaning it’s not immediately accepted or declined - you may be asked for more information or documents to support your application.

How to open an Asda Money credit card account

To open an Asda Money credit card account you’ll need to take the following steps:

1. Open the Asda Money app or desktop site
2. Pick the card you’re interested in
3. Tap Check eligibility and apply
4. Follow the prompts to enter your personal information for a soft credit check

If you’re told your application is likely to be approved you’ll be prompted to enter the remaining information needed, and once your account is verified, your card will be sent to you in the post.

How long does it take to open an Asda Money credit card account?

You’ll be able to check your eligibility for an Asda Money credit card in just a few minutes, and get your application submitted quickly after that. Once your application is approved your card is sent to you by post and should arrive in 7 - 10 days.

Wise: an alternative to Asda Money

If you’re simply looking for a card to spend conveniently at home and abroad, you may also like the Wise card.

The Wise card is a debit card, not a credit card. That means no credit check, no interest and no potential penalties if you forget to clear your bill. You just add the money you want to spend and you can get started right away.

Where the Wise card is especially handy is for spending in foreign currencies. You can hold a balance in any of 40+ currencies and spend in person and online in 150+ countries.

Whenever you need to switch currencies to make a payment you’ll get the mid-market exchange rate with low fees from 0.43% - and no foreign transaction fee to pay. If you already hold the currency you need to spend in your Wise account there’s no fee at all to make a card payment.

Plus, you’ll get some fee free international ATM withdrawals every month with no foreign transaction fee and no cash advance fee to worry about. Easy.

Sign up with Wise today 💰

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

Use this guide to decide if an Asda Money credit card might be right for you - and before you next travel abroad or spend online in a foreign currency, why not pick up a Wise card too, for lower costs when you spend internationally.

Sources used for this article:

Sources checked on 09-Nov-2023.