Should I Get a Credit Card?

‘Should I get a credit card?’ is a frequently asked question, and not one that comes with an exact answer. If you’re asking this question, it’s likely that you’re contemplating searching for your first credit card.
In our guide, thimbl looks into the pros and cons of having a credit card and explores some of the options that could be suitable for you if you’re looking for an ideal starter credit card.

Should I get a credit card? Questions to ask yourself

1. Do I need a credit card?
2. Do I understand how credit cards work?
3. Do I understand the potential credit score impacts of a credit card?
4. Do I understand how interest works?
5. Can I afford a credit card?
6. Have I researched different types of credit cards to find the most suitable option for me?

Related post: 8 Questions to Ask Yourself Before Applying for a Credit Card

Reasons you may consider getting a credit card

• If you have no credit history, a credit card could help you establish and build up your score. You might be interested to learn more about credit builder credit cards, which we’ll talk about in more detail further down the page.
• If you have a history of bad credit, responsible use of a credit card could help to repair and improve your credit score, especially when used alongside other credit building methods.
• You’re planning to make an essential, large purchase and would like to spread the cost. In this instance, you may choose to research 0% purchase credit cards.

What are the disadvantages of having a credit card?

A credit card is a serious financial commitment, and you should carry out thorough research before you decide whether to apply for one.

• If you’re not disciplined, a credit card could tempt you to spend money that you don’t need to or can’t afford to repay.
• While positive use of a credit card could help you work towards a healthier credit position, it’s crucial to be aware that if not managed responsibly, a credit card could also cause your credit score to decline.
• You could see a decline to your credit score if you make a late repayment or miss one altogether, spend over your credit limit, or if you use your credit card to withdraw money from a cash machine, known as a cash advance.

How do credit cards work?

Understanding how credit cards work is an important factor when deciding whether you could benefit from adding one to your wallet.
Please note that there are many different credit cards on the market, each with its own unique features. For the purpose of this section, we’ll take a closer look at how standard credit cards work.

1. Use your credit card to pay for a necessary expense that you can afford to repay.


2. Make at least the minimum repayment amount each month. You should try to make more than the minimum repayment amount, if you can.


3. Your balance will accumulate interest. If you clear your balance in full every month, you won’t be charged interest.


4. Your provider will report your repayment habits to the credit reference agencies (CRAs). With positive usage, your credit score could improve over time.

Should I get a credit card to build credit?

Only you can decide whether a credit card is right for your financial situation.
As discussed, a credit card could be a useful tool to establish and build your credit score – but it’s important to think very carefully before you decide whether it could be a suitable option for you.

Having a credit card alone is typically not enough to improve your credit score, so it’s a good idea to introduce as many credit building techniques as possible.

Other ways to build and improve your credit score

• Register to vote at your current address.
• Ensure that the information on your credit file is accurate and up to date. Report any inaccuracies to your chosen CRA.
• Pay all your bills in full and on time.
• Keep your credit applications to a minimum to avoid the potential of multiple hard searches.
• Be mindful of your financial associations. If you are financially linked with someone who has a history of bad credit, your own score could be negatively affected.

The thimbl Credit Builder Credit Card

With a manageable starting credit limit between £200 and £2,000, the thimbl Credit Builder Credit Card could be considered as a suitable first credit card, especially if you’re hoping to build your credit score. Please note that in order to check your eligibility for a thimbl Credit Builder Credit Card, you must have at least one active credit account that’s been open for a minimum of 12 months. You can find our full eligibility criteria in the section below.

Check your eligibility for the thimbl Credit Builder Credit Card

You can check your eligibility for the thimbl Credit Builder Credit Card in just 90 seconds with no impact to your credit score 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).

How it works: checking your eligibility

1. It should take around 60 seconds to fill out our simple, online eligibility form.


2. In just 10 seconds, we’ll let you know whether you’ve been pre-approved for a thimbl credit card. Please note that pre-approval does not guarantee acceptance.


3. If you’ve been pre-approved, you’ll be redirected to our trusted partner, Zable, who will complete a creditworthiness assessment, which will include a hard search and an Open Banking powered check.


4. If you pass the creditworthiness assessment, you will be officially offered the credit card.


5. Your thimbl credit card should arrive in the post in 5-7 working days, however, you could start using your virtual thimbl credit card the same day, subject to further checks.***

How it works: using the thimbl Credit Builder Credit Card

Use your thimbl Credit Builder Credit Card to cover an essential purchase that you can afford to repay, and then make at least the minimum repayment each month.
Your spending and repayment activity will be reported to the CRAs and over time, you could notice an increase in your credit position.

What happens if you can’t afford to make your credit card repayments?

If you’re finding it difficult to make your credit card repayments, please contact your provider as soon as you can.
Your provider will be able to help you come up with a plan to work through the next couple of months.

Unfortunately, money worries are common, but that doesn’t mean you should have to face them alone. If you’d like to talk to an impartial ear or get free, confidential financial advice, please reach out to any of the following organisations: StepChange, MoneyHelper, Citizens Advice, and National Debtline.

Should I get a credit card? Further reading

If you’re new to credit cards or would like some more information to help you decide whether to search for your first, the following guides could be useful:

• How Long Does it Take to Improve Your Credit Score?
• What is The Point in Having a Credit Card?
• Credit Card Dos and Don’ts
• Minimum Credit Card Repayments Explained

*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.

***Use of the virtual thimbl Credit Builder Credit Card is subject to an additional fraud check, carried out via an Open Banking powered search.