What is a Dual Credit Card?

What is a dual credit card?
How do dual credit cards work?
Could a dual credit card be a suitable option for you?
Does thimbl offer a dual credit card?
Find out more about dual credit cards in this thimbl guide.

What is a dual credit card?

A dual credit card, sometimes referred to as a ‘combo’ credit card, usually offers 0% interest on both balance transfers and new purchases for a promotional period; for example, six months from the date the account is opened. Please note that the length of the interest-free period varies between different products and lenders.

How does a dual credit card work?

Although every provider will have their own guidelines, typically, you could expect a dual credit card to work a little like this:

1. Once approved, you can transfer one or more of your current credit card balance(s) to the dual credit card. Please note that you could be charged an initial transfer fee. You will not be charged interest on your transferred balance, while also enjoying 0% interest on purchases, during the promotional period.
2. At the end of the 0% interest promotional period, any remaining balance left from either balance transfers or new purchases will be charged interest at the credit card’s standard rate.

When a dual credit card could be an option to consider

Maybe you’re hoping to save money on the interest you’re currently paying on one or more credit cards, and you’re also planning to spread the cost of a large purchase. In this situation, a dual credit card could be of interest.

Applying for a dual credit card rather than two separate credit cards could reduce the number of hard searches on your credit file, which in turn could protect your credit score.

Things to think about before searching for a dual credit card

• There are things you should think about before searching for any credit product. Firstly, it’s important to fully understand the product you’re applying for and how it could impact your financial situation.
• A dual credit card works in the same way as any other credit card in that you’ll need to make at least the minimum repayment due on your balance on time each month. A late or missed repayment could result in additional fees and a decline in your credit score.
• You must stay within your credit limit; if you attempt to spend outside of your credit limit, your transaction could be declined, and your credit score could suffer.
• It’s vital to be financially disciplined; a credit card offering 0% interest on new purchases should not be an incentive to spend money when you don’t need to or can’t afford to repay.
• When the 0% interest promotional period ends, any remaining balance and new purchases will be subject to interest at your standard rate.

Do thimbl offer a dual credit card?

No, thimbl do not currently offer a dual credit card, although you may be interested to learn about the types of credit cards we do offer.

The thimbl Balance Transfer Credit Card Representative Example: Assumed borrowing of £1,200 for 1 year, at a purchase rate of 39.9% (variable), Representative 39.9% APR (variable). 3% balance transfer fee (or £3, whichever is higher).

Find out if you’ll be accepted before you apply for your thimbl. Credit Card

• For all credit levels, from poor to excellent
• Checking won’t affect your credit rating
• 48.9% APR Representative (variable)

Check my eligibility

Check your eligibility for a thimbl credit card with no impact to your credit score*

You can check your eligibility for either the thimbl Credit Builder Credit Card or the thimbl Balance Transfer Credit Card if you:

• Are between the ages of 18 and 70;
• Are a UK resident with at least 1 year's UK address history;
• Have a monthly net income of at least £800;
• Have an active credit account that has been open for a minimum of 12 months; and
• Do not already hold a Zable credit card. 

Zable is a trading name of Lendable Ltd.** Lendable Ltd is unable to consider applications from anyone who has declared bankruptcy or is in an Individual Voluntary Arrangement (IVA).

You can check your eligibility for the thimbl Balance Transfer Credit Card here.

What to do if you can’t make your credit card repayments

If you’re finding it difficult to meet your credit card repayments, please get in touch with your provider. It’s best to reach out sooner rather than later to give your provider the opportunity to talk you through any options that could help relieve some of the financial pressure.

Get free, confidential financial advice

If you’re worried about your financial situation or level of debt, you can get impartial advice through charities and organisations, including StepChange, MoneyHelper, Citizens Advice, and National Debtline.

*Zable is a trading style of Lendable Ltd. If you choose to make a full application, a creditworthiness assessment will be carried out by Zable. This will consist of a hard search and a further check powered by Open Banking. A hard search will remain on your credit file for up to 12 months, and multiple hard searches within a short period of time could have a negative impact on your credit score. Any credit obtained upon successful application will be provided by Lendable Ltd.

**thimbl is a credit broker. The thimbl credit card is powered by Zable, a trading name of Lendable Ltd.