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Rebuild your credit with Cashplus and Creditbuilder

Published on 29 March 2016 in Multi - Question and Answers by Raffick Marday

Cashplus prepaid card offers a lifeline for the credit impaired with new “credit builder” feature

APS launch Europe’s first "credit builder" function on prepaid card

A new credit builder function developed with credit rating agency Experian and launched by Advanced Payment Solutions will offer financial redemption for the millions of UK people suffering from a bad credit rating.

The first service of its kind in Europe, APS’s credit builder is a new feature of its Cashplus prepaid MasterCard®.

APS has enhanced the way cardholders are billed for transaction fees so that the payments constitute repayment of a loan.

Cashplus cardholders have always had the option of paying a £1 per transaction fee or £4.95 per month for unlimited transactions. With credit builder, cardholders opting for the monthly fee continue to pay the same £4.95 fee but agree to buy the product up-front for a year for £59.40 (a year of the monthly fees).

Each month the loan is ‘repaid’ by the cardholder with a £4.95 monthly installment. At end of 12 months, the loan with APS will be cleared and will count towards rebuilding the customer’s credit rating as a satisfied loan. No interest or administration charges will apply for the loan, which can be settled at any point. Cardholders currently using the monthly fee option would not notice any changes to how they manage their account if they switched to credit builder, other than their obligation to use the card for at least 12 months.

Advanced Payment Solutions founder and Chief Executive Officer Rich Wagner says:

“We have responded to strong demand from existing and prospective cardholders and consumer advocacy services and worked out a way to deliver a credit builder function without costing the customer any more than what they already pay. Industry experts already consider Cashplus is one of the best-prepaid card on the market today. APS has now made the best product even better”

“When we first launched Cashplus I’d go home from work and google it to see if it was getting traction with consumers. I’d read the online forums for the credit impaired discussing Cashplus and the reoccurring theme was ‘great product, but does it rebuild your credit rating?’. We’re pleased to be able to now say ‘Yes it does and, furthermore, there is no extra charge for it’

“One of the main causes of bad credit ratings is that people lack organization when it comes to paying bills. This is a simple way of ensuring people can make regular payment for a year and demonstrate an ability to pay bills on time,” says Mr. Wagner.

The Director of the Consumer Credit Association (CCA), Jack Bennett, says:

“This is an excellent initiative, with no extra charge. CCA encourages the development of alternative financial services that can help people rebuild their lives and change their spending patterns. The card doesn’t require applicants to have a bank account or to undergo a credit check so this is a sensible and affordable solution which also gives cardholders access to a gold card they can use online and abroad, with purchase protection.”

Chris Reddish, Global Product Head of PrePaid Europe at MasterCard says:

“Consumers are often stuck for practical solutions to restore or build their credit rating. Full repayment on the credit builder product arranged with APS will substantiate a customer’s ability to make timely payments. We believe the solution created by APS is one of the most innovative we have seen in the payments industry for some time. It truly helps customers wanting to repair and improved their credit standing. MasterCard is very excited partnering with APS on this great initiative”

Consumers wanting to apply for Cashplus credit builder

  • Advanced Payment Solutions: Winner of Best Contact Centre Inbound Campaign at the Connect Awards, London, October 2007
  • Advanced Payment Solutions: Winner of Best Prepaid Card Launch at the Annual Cards and Payments Conference, Berlin, May 2007
  • Advanced Payment Solutions: Winner of Top Cardholder Services Provider in Europe at the MasterCard Prepaid Card Awards, Prague, May 2007
  • Advanced Payment Solutions: Winner of Most Innovative New Product in Retail Banking in the United Kingdom, London, November 2006

About Advanced Payment Solutions

Advanced Payment Solutions was established in early 2004 to become the pre-eminent leader of general purpose prepaid cards and payment solutions in the United Kingdom and the rest of Europe.

Its senior management team and board of directors have unparalleled experience in the prepaid and payment industries, bringing together experience from Barclaycard, VISA, Bank of America, NetSpend, Western Union, Diners Club and Citibank.

The company, backed by leading US private equity and venture capital firm Trident Capital, aims to lead U.K prepaid market growth to emulate the success of prepaid payment cards in the US where prepaid cards now make up a trillion dollar market.

APS' first prepaid payment card, the Cashplus prepaid MasterCard, launched in September 2005, is the UK's first general purpose prepaid chip and PIN payment card. Cardholders can top-up their prepaid MasterCard card at over 20,000 outlets throughout the UK. Alongside developing its Cashplus product portfolio, APS provides a suite of services for businesses wanting to offer branded prepaid products to their customers.

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