A card that gives you confidence

We asked our members what they wanted from a payment card, and what it was about ordinary credit cards that got them down.

The result? Commodo. A new, straightforward loan card. It delivers the flexibility of a credit card, but with one simple monthly fee and safety tools that make it easy to pay off.

19.6% APR, £2000 limit
Representative example

How it works

With a single predictable monthly repayment and repayments straight from your salary, using your Commodo card is hassle-free.

1. Sign up for early access

We’re still a few months away from launch, so you’ll receive an invite once things are ready.

We’ll occasionally ask for your ideas and feedback so we can continue to improve.

2. Apply and set up

Before we can issue you your card, we’ll ask you to complete a loan application .

The form will also help you set up payments straight from your salary.

3. Spend using your card

Use your Commodo card anywhere a MasterCard debit card is accepted.

ATM withdrawals and debit card transactions are included.

4. Predictable payments

The same amount (calculated as 1/18th of your card limit) comes straight out of your pay each month.

If you pay in more than you’ve spent, the money is yours to spend, or you can transfer it into your savings. We won’t charge interest.

5. 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.

6. Auto-land at any time

If your plans change or you want to get back on top of things, you can convert your card to a regular loan.

Repayments will continue, with the balance paying itself off in 18 months or less.

Keeping you out of problem debt

Commodo is provided by London Mutual, a not for profit credit union. The card include tools that make it easier to keep up with payments, and are designed to keep you out of problems with debt.

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Payments out of your salary

No need to worry about direct debits, standing orders or remembering to pay on time.

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Balance by text

Know where you stand. Get your balance at any time with a simple SMS.

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Save as you go

The option to pay in more than you borrow, making it easy to build savings.

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Gambling block

Betting and online gaming sites blocked by default.

Answers to Your Questions

Who is eligible to apply?

Currently, Commodo is only open to existing members who are registered for payroll deduction (with savings or loan repayments taken from your salary). 

As with any type of loan or credit, availability will also depend on your individual circumstances, including your other financial commitments and ability to repay.

What does it cost?

Your single monthly payment is the same each month, regardless of how you use the card. It includes your loan repayment, interest and all fees.

Your monthly payment is calculated as 1/18 of your overall card limit plus interest. As an example, with a card limit of £2000, your monthly payment would be approx £130 per month. 

Why pay the same every month?

Paying the same amount each month makes it easy to budget and plan your finances. It also means you’re never more than 18 months away from paying off your Commodo card in full. 

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?

The Commodo card is a debit card associated with a revolving loan facility (a ‘loan card’), and is not a credit card. While it offers many of the same functional benefits as a credit card, it is not regulated in the same way, and your rights and protections will be different in some circumstances.

Is my application likely to be approved?

All applications will be considered by an expert member of our loans team, rather than by a computer or automated process. We think that’s fairer, because everyone is different and it allows us to get a fuller picture of your circumstances.

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 payroll deduction work?

When you apply for the card, we’ll ask for details including your National Insurance number. If you work for one of the 25+ local organisations with whom we have a partnership, we will then provide your details to their payroll department, who will arrange the deduction on your behalf.

The deduction will usually appear on your payslip alongside national insurance, income tax, pension and any student loan repayments.

Will my credit be affected?

When you apply, we’ll use a credit agency to check your ID against public records such as the electoral roll.

Borrowing and keeping up with payments builds credit. Because we make it easy to repay, this card could 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 in future. 

What happens if I move jobs?

Moving to another employer may mean we can no longer take your payment directly from your salary, but you can remain a member of the credit union. You should let us know as early as possible so that we can arrange an alternative way for you to make payments, such as via direct debit.

Building a better bank

The Commodo card is provided by London Mutual Credit Union, a not-for-profit community bank which is owned by our customers.

We were founded by employees of Southwark Council in 1982. Since then, we’ve had one mission: serving our member communities by providing fair and ethical financial services that are relevant to their needs. 

Our branch on Rye Lane in Peckham, which also serves as our HQ. Look out for our other branches on Walworth Road, and in Acre Lane in Brixton.

Interested?

If you’d like to join the waiting list for a Commodo card, simply leave your details here.

We’re still a month or two away from being able to launch, so we’ll send you an application link as soon as things are ready.

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