Ferratum Credit Card

The Ferratum Mastercard is a fully digital credit card designed for fast access, flexible repayments, and everyday convenience. With no annual fee on the Lite version and instant availability via mobile, it’s a modern solution for managing short-term credit in Germany.

Overview of the Ferratum Mastercard

The Ferratum Mastercard is a flexible digital credit card designed for everyday use in Germany. It combines instant access, a generous credit limit, and full app control—making it ideal for users who want convenience without traditional fees. Whether you prefer contactless payments, need quick access to funds, or want a sustainable alternative to plastic cards, Ferratum offers a modern solution with zero annual fees and rapid activation.

Here’s a quick overview of the Ferratum Mastercard and its key features:

Feature	Details
Card Type	Revolving credit card
Credit Limit	Up to €4,000
Annual Fee (Lite)	€0
Setup Time	Typically within minutes after approval
Mobile Payments	Supports Apple Pay and Google Pay
Account Access	Comes with a free current and savings account
Repayment Options	Flexible: pay 7% minimum or full balance
Pro Trial	Free trial of Pro version with added benefits
Sustainability	Virtual card helps reduce plastic waste
Security	Zero-liability protection for unauthorized use

How to Apply for the Ferratum Mastercard

Applying for the Ferratum Mastercard is fast, fully digital, and designed to give you access within minutes. You don’t need to visit a bank branch—everything happens online via the Ferratum app and website.

Steps to Apply

1. Complete the Online Application
   Visit Ferratum’s website and fill out the credit card form. You’ll need to provide personal information, banking details, and your mobile number.
2. Credit Assessment in Minutes
   Ferratum performs an automated credit check (not via SCHUFA, but via Experian). A preliminary decision is typically given within a few minutes.
3. Confirm Identity Digitally
   Use your smartphone for a quick video identification and digital signature. No paperwork required.
4. Get Instant Access
   Once verified, your virtual Mastercard is issued immediately and appears in your Ferratum app. You can use it for online shopping or link it to Apple Pay/Google Pay.
5. Receive Physical Card (optional)
   A plastic card is also available upon request and will be delivered by post.

Requirements to Apply

Requirement	Details
Minimum Age	20 years
Bank Account	Must have a German bank account
Mobile Number	Must be German and linked to your smartphone
Residence	Must reside in Germany
Credit Check	Done via Experian, not SCHUFA

Approval is often granted the same day, and with no annual fees on the Lite version, Ferratum offers one of the easiest entry points into the German credit card market.

Ferratum Mastercard Features

The Ferratum Mastercard is designed for flexible everyday use, combining a revolving credit facility with a fully digital user experience. Here’s a breakdown of its core features:

• Credit Limit up to €4,000
  Ferratum offers a flexible credit line that can be used repeatedly. Once you repay, your limit is instantly restored.
• Fully Digital Application & Instant Activation
  The card is issued as a virtual Mastercard and can be used within minutes after approval via the Ferratum app.
• Mobile Payments Supported
  Compatible with Apple Pay and Google Pay, making in-store and online transactions seamless.
• No Annual or Monthly Fees (Lite Plan)
  The basic version comes with €0 in fixed fees, making it a low-cost option for many users.
• Environmental Option
  The digital card helps reduce plastic waste—ideal for eco-conscious users.
• Flexible Repayment
  Choose to repay the full balance or as little as 7% monthly, with automatic limit reset upon payment.
• Global Acceptance
  Accepted at over 30 million merchants worldwide, both online and in-store.
• Security Features
  Includes Zero-Liability Protection against unauthorized use, real-time notifications, and app-based control.
• Optional Pro Plan
  Offers access to cash withdrawals, higher limits, and other perks—free trial available.

These features make the Ferratum Mastercard a strong contender for users seeking fast access to credit and full control via mobile.

Ferratum Mastercard Fees

Ferratum offers a transparent fee structure, especially appealing for users looking to avoid recurring charges. Here’s an overview of the key costs:

Fee Type	Amount	Notes
Annual Fee	€0	Included in Lite version
Monthly Account Fee	€0	No hidden ongoing charges
Interest Rate (Nominal)	22% p.a.	Applied to outstanding balance
APR (Representative Example)	24.36%	Based on €1,500 credit repaid over 12 months
ATM Withdrawal Fee	2%	Max €50 per withdrawal; ATM provider fees may apply
Foreign Transaction Fee	2.49%	Applied to purchases in non-euro currencies
Card-to-Bank Transfer Fee	2%	Max €50 per transaction
Minimum Monthly Payment	7% of balance	Or full balance; credit line resets after payment

There are no fees for card issuance, usage in German retail stores, or online shopping within the Eurozone. Users looking for cash withdrawals or international spending should factor in the variable fees for those actions.

Pros and Cons of the Ferratum Mastercard

Pros:

• No annual or monthly fees with the Lite plan
• Fast digital issuance—usable within minutes
• Up to €4,000 credit limit available
• Flexible repayment with low 7% minimum
• Works with Apple Pay and Google Pay
• Integrated bank and savings account
• Environmentally friendly virtual card
• No SCHUFA check – Experian credit check instead

Cons:

• High interest rate (22% nominal, 24.36% APR)
• 2% fee on ATM withdrawals and card-to-bank transfers
• 2.49% foreign exchange fee
• No physical card by default (optional at a later stage)
• Limited perks compared to premium cards
• Minimum age requirement is 20 years

The Ferratum Mastercard is ideal for users seeking instant access to credit without ongoing fees, but it’s best suited for those who plan to repay their balance quickly to avoid high interest.