LendUp Credit Card Review

LendUp has been the loan provider for many people with bad financial history. With their new LendUp credit card, they have moved further ahead in the direction of providing more financial freedom to their customers. Just like their loans, LendUp credit card is also designed keeping the the people with bad or no credit history in mind.

LendUp Credit Card

LendUp credit card is ideal for people who fall into the emerging middle class. As most of these people are students, part time workers or have recently moved to the States, it is not possible for them to have a credit history. LendUp promises to provide you your own credit card even if you lack a solid financial background to support your credit card requirements.

Although LendUp is the best first credit card for most people, the benefits of using a L credit card are not limited to this. Once you have started using this credit card, there are a number of other advantages that you will have over the users of other credit cards in the same category.

Benefits of using LendUp credit card

LendUp is the favorite credit card for everyone in USA who is working on rebuilding or establishing a good credit profile. The card also comes with many other benefits.

Instant Approval

One of the biggest reasons for LendUp Credit Card’s popularity is the instant approval policy. As they claim to be ‘seeking the path of credit building’, LendUp will not take days to process your application and update you immediately if you can get your own credit card. In most of the cases, your credit card application will be approved at the time of submission and the processing for your credit card will begin right away.

Lowest Joining Fee

LendUp ensures that you are not paying any extra charges on your credit card. Hence, there is no basic fee or security deposit that you need to submit to get your credit card working. The monthly fee is only $5, but if you have maintained a credible history with the bank, it will be waived off in most cases.

Grace Period and Late fee

The card holders are offered a 14-day grace period to pay their credit card bill. Even if you are not able to pay your bill within the grace period, you will be charged with a nominal late fee. The late fee will be accessed according to the delay but will never exceed an amount more that $7, which is the lowest that any standard credit card offers.

No Hidden Fees

The transparency that LendUp offers to its credit card users is unmatched. There are no hidden or extra fees associated with this card.

You will be informed of all the charges that you have to bear in the beginning and nothing extra will be asked from you. If you have been stressed of any hidden fees with any other credit card company, having a LendUp credit card will be a breath of fresh air for you.

Flexible APR

LendUp provides its users with a flexible APR that can range from 19.99 to 29.99 percent. The highest APR of 29.99 percent is a penalty that you will never have to pay if you have been using your card sincerely and never have accumulated your bills. But if you have completely forgotten about it, even then the APR that you will have to pay will not exceed 29.99 percent.

The APR that a LendUp card holder has to pay may feel a bit much if compared to other credit cards. But if you have no delayed bills, then you can easily get rid of it.

Comparatively high credit limit

The initial credit limit for all LendUp credit card holders is $300. But it can go as high as $1,000 if you are able to maintain a good relationship with the company.

If you have been making all the payments on time and never exceeded your credit limit, there is a good chance that your credit limit will be doubled at the end of one year of using the credit card. For a card that works without any security deposit, this is one of the highest credit limits that are offered in the market.

Easy updates

All LendUp card holders can have access to their mobile app. The mobile app will keep you updated on all the transactions you have made from your credit card.

You will also get alerts on the dates of paying your bills, the remaining credit amount and other details. Apart from this, you will also be given the best expert ideas on financial planning that you can imply to use your money more efficiently.

Types of Card available

Although, they have not mention what types of credit card they are offering, however they have mentioned 4 types of cards available on their Blogging site, which are:

  • Deep Subprime
  • Subprime
  • Prime
  • Superprime

Drawbacks?

Honestly, I can’t find any drawback or negative review for LendUp credit cards. Majority of the reviews are positive and customers are pretty much happy. If you have any negative experience with them, then do leave your comment below so that I can add your review here.

LendUp Credit Card Fees and Charges detail

Instant ApprovalYes
Joining FeeN/A
Security DepositN/A
Monthly Fee$5 *
Grace Period14 Days
Late Fee$7
Minimum APR$19.99%
Maximum APR$29.99%
Credit Limit$300
Maximum Credit Limit$1,000

How to Apply for LendUp Credit Card

LendUp focuses on maintaining a limited number of users, hence they include users by invite only.

If you have received an invite email from LendUp with a 12-digit offer code, you can fill out the application form online and get approved instantly.

  • Go to www.lendup.com/card/apply
  • Click on Respond to a Mail Offer
  • A Pop-up window will open, enter your 12 digit unique code
  • Click on Unlock Offer

LendUp Credit Card - Enter your offer code

How to Join the Waiting List

If you don’t have the offer code, then also you can apply for a new L Card.

If you wish to apply for your own LendUp Credit Card then click on “Join the Waitlist” and fill your email ID carefully and click on “Signup

If you have not received the invite and want to get your own credit card, you can register your email with LendUp using the official website and start the application process.

Category: Credit Cards

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Article by: Ankita

Ankita is the main person behind Cashkanjoos.com. She keep trying to figure out unique ways to save money using card, online etc.