Forces Finance Card
Cards, Reinvented
Forces Finance Card. A flexible line of credit, linked to a MasterCard® debit card, with fixed monthly repayments, straight from your salary.
Example: £2,000 Limit, 19.6% APR
A payments card that’s simple to stay on top of.
We asked our members across the armed forces what they wanted from a payment card, and what it was about credit cards and overdrafts that wound them up.
The result is Forces Finance card, a flexible line of credit linked to a handy MasterCard® debit card. Unlike credit cards, there is no ‘minimum payment’ that means your debt can spiral. Instead, you pay a predictable, fixed amount each month, directly from your salary. This means that even if you max out your credit limit, you’re never more than 18 months away from paying it all off.
Up to £2,000 limit at 19.6% APR
Predictable payments, directly from your MOD salary
A contactless MasterCard® debit card
Apply risk-free with no impact on your credit score
Apply online
It’s easy to apply online via our secure form. The process should take 15 minutes or less, and is risk-free, with no impact on your credit score.
Use your card for anything
Use your card anywhere a MasterCard debit card is accepted. Debit card transactions are included, with a small fee for cash withdrawals.
Take a holiday
For up to 30 days per year, overseas payments and cash withdrawals are on us. Once a year, you can also arrange a one-month holiday where your payment will be paused.
Get approved
After we’ve determined whether we can issue a card, and to set a credit limit that is affordable for you. Your card will arrive in 7-10 days, and we’ll arrange repayments with the MOD.
Fixed monthly repayments
The same amount will be deducted from your payment each month, regardless of your card balance. If you pay in more than you owe, the money goes into your savings, and you won’t pay interest.
Convert the balance into a loan
If you’re deployed or your plans change, you can convert what you owe into a loan. Your card will be deactivated, and repayments will continue until the balance is paid off.
A payments card that’s simple to stay on top of.
We asked our members across the armed forces what they wanted from a payment card, and what it was about credit cards and overdrafts that wound them up.
The result is Forces Finance card, a flexible line of credit linked to a handy MasterCard® debit card. Unlike credit cards, there is no ‘minimum payment’ that means your debt can spiral. Instead, you pay a predictable, fixed amount each month, directly from your salary. This means that even if you max out your credit limit, you’re never more than 18 months away from paying it all off.
Up to £2,000 limit at 19.6% APR
Predictable payments, directly from your MOD salary
A contactless MasterCard® debit card
Apply risk-free with no impact on your credit score
Safety First
We think it ought to be possible to borrow conveniently, without the ‘gotchas’ that can sometimes lead to problems with debt.
Salary repayment
No direct debits or remembering to pay on time.
Balance by text
Save as you go
Gambling block
Pay it off
Maxing your card
Who can get it
Forces Finance Card is available exclusively to serving members of the UK armed forces, with repayments made directly via your salary.
Got a Question?
Get your questions answered before you apply.
Who can apply for the Forces Finance Card?
As with any type of loan or credit, availability will also depend on your individual circumstances, including your other financial commitments and your ability to repay.
What does it cost?
Your monthly payment is calculated as a percentage of your overall card limit plus interest. As an example, with a card limit of £2000 and a repayment period of 18 months, your monthly payment would be approx £130.
Why pay the same every month?
If your monthly payment covers more than what you owe on the card, the money you’ve paid in is still yours to spend later, or, if you prefer, we can transfer it into your savings.
Is this a credit card?
One way to think of it is as both a loan and a current account. The loan is prearranged, and available to you whenever you need it, up to an agreed limit. When you apply for the loan, we will also set you up with a credit union current account specifically for this purpose, through which you can access the borrowed funds. You can then access it whenever you need, using the debit card provided.
Is my application likely to be approved?
When considering your application, we’ll look at your previous credit history as well as your income and other financial commitments, to ensure the card is the right fit.
Taking repayments directly from your salary means more security for us. This in turn usually allows us to offer greater flexibility and better rates than other providers.
How does salary deduction work?
When you apply for the card, we’ll ask for details including your National Insurance and service number. As an approved partner of the UK armed forces, we will then provide these details to MOD payroll, who will arrange the deduction on your behalf.
Will my credit be affected?
If you are approved for a card, we will regularly update credit reference agencies with information about your outstanding balance and repayments. Staying up to date with repayments is likely to have a positive impact on your credit file.
Because we make it easy to repay, this card may be a good way to build your credit score. On the other hand, missing or falling behind with payments will hurt your score, and may make it harder to get credit from us or other providers in future.
What happens if I leave the Forces?
You will remain a member of the credit union, but will no longer be eligible for a Forces Finance card. After your leaving date, you will no longer be able to use your card. Any balance left on the account will be converted into a loan with us (at the same rate of APR) and repayments will continue via direct debit. To make sure this all happens smoothly, please let us know if you are changing employer as soon as possible.