I just received the same message for my Tandem Membership card.
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Obviously their decision to introduce Tandem Membership meant that the majority of their customers leaving.
That may have been good for them in terms of paying less cashback but must have left them with a subscale business.
@JMH Are they offering anything else in its place for your £5.99/month?
I see they also reduced the interest rate on their savings account to 1.25% a while back.
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@gt94sss2 the email goes on to say this…
You will no longer pay your £5.99 monthly fee and your Tandem savings account interest rate is being lowered from 1.25% AER to 0.50% AER.
Your final £5.99 monthly fee will be charged on your October 2020 statement.
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Wonder what products they will offer?
Seen there looking into offer loans, and potential current accounts.
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They have made a number of acquisitions recently, so it does indeed look like they are pivoting towards those products and away from their credit card.
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Ah, so they are killing Tandem Membership.
Not a suprise, many predicted that relatively few would be interested in it.
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I read somewhere recently that Tandem admitted charging a fee was a mistake. Wish I could remember where I read that.
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I’ve still got spend on my Tandem card which might be refunded (events rescheduled to next year which might yet be cancelled).
They’ve been pretty efficient about refunds on my cashback card over the last year, but I’m a bit concerned if they will still have the admin to efficiently process refunds after they get out of credit cards altogether - I know they will have to in theory, but it worries me…
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The Journey card was the non-cashback card right?
Are they also closing the £5.99/month membership fee cash-back card?
Read up the thread about 10 posts.
Yes. No more credit card products at all
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It depends on how the cards are closed out with MasterCard. If they terminate their agreement with MC, you’ll find merchants won’t be able to make refunds onto the card (they’ll either get an error if processing the refund in real time or the refund will be returned to them) and they’ll have to refund you via another method.
Chase left the Canadian market a few years ago and that’s what eventually happened, I’m sure it was a minor inconvenience but on the other hand they did also write off all the debt on their Marriott and Amazon credit cards about a year after the cards were shutdown.
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Not earth shattering, however, this page now reveals a Green Instant Saver at 0.75% variable
Don’t know if app has better UX than Atom Bank (like for like rate)
PS. Note the Monzo deposits 
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I know that Tandem have been around for ages but if all I saw were their App Store pictures I wouldn’t trust them at all.
All of the pictures have such high resolution
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Does anyone actually know if Tandem or Atom are better UX-wise? I note they both offer 0.5% instant access savers currently. Tandem would have the added benefit of account aggregation and no awful FaceID-replacement. But I heard horror stories about support and their other products.
Choices, choices…
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Well one thing is for certain - the app is about to become featureless. Fixed Saver accounts or an Instant Access account. It’s what happens when investors only want you as a deposit book.
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I have the beta app with them.
It has fixed & instant access accounts. Account verification & Top up via true layer open banking integration.
That’s it in terms of features.
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Well, the Tandem interest rate is also going down to 0.4%, in line with Marcus. That leaves Atom, still at 0.5% for the time being
On a more positive note, at least one of their recent app updates has brought back support for Face ID and staying logged in!
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