Jaja credit card: a new financial option for you

Know everything about Jaja credit card

Now, citizens of the United Kingdom have one more credit card option to consider in their financial lives: Jaja credit card. The fintech that has been making waves in the country’s financial market is introducing a product to help everyone access alternative payment methods. But is it a good option for you?

Before making any decisions, it’s important to familiarize yourself with the key features of the card and understand whether it suits your financial needs. With that in mind, we’ve created exclusive content for you, explaining what Jaja is and how its credit card might align with your financial profile.

Read our guide below!

Understanding Jaja

Established by a trio of Norwegian entrepreneurs, Jaja represents a credit card tailored for the digital age. While a physical card is part of the offering, the primary focus is on a swift online application process and the subsequent card management directly through the dedicated app.

In 2019, Jaja unveiled a strategic partnership with Bank of Ireland and took over its existing credit card portfolio. Consequently, all credit cards previously branded under Bank of Ireland, the AA, and the Post Office have seamlessly transitioned to the Jaja system.

Towards the conclusion of 2018, Jaja initiated a crowdfunding campaign on the Seedrs platform, successfully securing nearly £5 million in funding.

What are the benefits of obtaining this credit card?

Jaja credit cards, leveraging the Visa network, offer a seamless experience with acceptance at over 20 million locations worldwide. Beyond the global reach, Jaja enhances your financial management through a feature-rich mobile app.

This app not only allows you to oversee and control your card online but also provides real-time notifications for every transaction. Moreover, you can intelligently categorize your expenditures, making budgeting a more streamlined and efficient process.

One standout benefit is Jaja’s commitment to hassle-free international transactions. When using your Jaja credit card abroad, you won’t incur any fees, contributing to a cost-effective and convenient travel experience. Whether you’re making purchases or managing your finances, Jaja strives to provide a comprehensive and user-friendly credit card solution.

Are there cons?

As a new financial product, a Jaja offers several enticing benefits to attract new users and compete with established financial institutions in the market. However, there are points of consideration, such as its credit limit.

When opening your Jaja financial account, it may provide a credit limit below £250, which is a relatively low amount for those seeking immediate financial assistance. This is because the limit may increase over time; however, if you are in a hurry, it could pose a challenge.

Whats are the fees?

Jaja is marketed as a credit card without fees, and upon closer inspection of its features, it appears to be (almost) accurate:

• No annual fee is charged;
• There are no fees for using the card abroad or for cash withdrawals. However, it’s important to note that the interest-free period does not apply to cash withdrawals, making it inadvisable to use the card at ATMs;
• A £12 late payment fee is applicable.

Additional notable features include an interest-free period of up to 56 days if you settle your bill promptly each month and an APR (Average Percentage Rate) of 18.9%. Depending on your individual circumstances, you can obtain a credit limit ranging from £250 to £20,000.

There are more Jaja credit card fees:

• Annual/Monthly Fees: £0;
• Cash Advance Fee: £0;
• Late Payment Fee: £12.

Is it the perfect match for me?

Jaja’s journey has been nothing short of a rollercoaster. Initially in beta, the boldly named brand made waves with ambitious plans to disrupt the credit card market. Armed with a card boasting minimal fees, competitive interest rates, and a sleek app, Jaja seemed poised to challenge industry heavyweights like Monzo, Starling, and Zopa.

Fast forward a couple of years, and Jaja remains as mysterious as ever. New applications for a Jaja card are currently off the table. Instead, the company has taken the helm of Bank of Ireland’s credit cards arm, absorbing a significant number of unsuspecting customers along the way, including those with Post Office and AA cards pre-dating the acquisition.

However, the current appeal of a Jaja credit card may leave something to be desired. Its perks and rewards, notably the initial cashback offers, were limited to the first 5,000 sign-ups and have since vanished. If you’re accustomed to the bells and whistles that many cards offer, Jaja might not make the cut.

Adding a dash of surprise, Jaja doesn’t support card registration for Google Pay or Apple Pay — an unexpected drawback for a brand seemingly targeting a younger demographic. As Jaja’s enigma persists, potential users may find themselves questioning the current draw of this unconventional credit card option.

How to get a Jaja credit card?

Jaja is presently refraining from accepting new applications. However, for existing Post Office Money credit cardholders, there’s an opportunity to register their cards with Jaja through the official website.

When applications resume, Jaja assures that the online application procedure will be swift, taking just a few minutes. The process involves scanning your passport or driving license, with instant feedback on acceptance.

It’s important to note that, akin to standard credit card applications, Jaja conducts a credit check during the application process. It’s crucial to be aware that a refusal could potentially have an impact on your credit score.