moneysupermarket.com: APS 'creditbuilder' facility

Commenting on the new creditbuilder facility that is now available with the cashplus gold card, developed by Advanced Payment Solutions through its relationship with the UK’s leading credit rating agency, Steve Willey, head of cards and payments at moneysupermarket.com, said: "APS's new offering breaks the mould for the prepaid industry. The innovative creditbuilder feature makes cashplus the first prepaid card in the UK to report activity to a credit bureau. It does this by converting its usual £4.95 monthly management fee option into a 0 per cent APR loan of £59.40 over 12 months, which is then reported to the credit bureau to help people with an impaired credit score to rebuild their rating.

"The significance of this is huge for people who have either lost their credit eligibility or for migrants who have no credit footprint at all. The creditbuilder feature will enable these people to show credit card, loan and mortgage providers they can regularly make monthly repayments and so build their rating at no extra cost.

"APS should be applauded for its innovation to help people take the first step back to credit eligibility."