Tymit Digital Credit Card

I keep seeing ads on Instagram from Tymit - anyone yet made it out of the waiting list?

I got an invite but because I am on Android it didnt work. The Android app is out but as far as I know the sign up flow isnt working yet.

I got an invite but declined :joy:

I’m currently using it and the only thing I’ve found useful thus far is being able to group together spending.

For example I bought dinner for the family last week and we went to a few places for different people so I grouped all the payments together under the name Family Dinner and it showed a total amount and made viewing the statement much easier.

I’ve been using Tymit now for a few months.
Have had a few issues getting the card actually activated but in their defence, their support has been fantastic!

To pay the card each month though, it’s to a Barclays bank account ; they provide you the sort code and account number so no way to actually pay through the app as of yet.

Also on android, and according to the app, I’m number 7312 on the list. :rofl:
It has gone up occasionally, but then drops down again, so been hovering around that number for a couple of months.
Looks like I’ll be waiting a bit longer yet

I’ve got a Tymit card too. Have only used it once to check that it works, I got it as a fallback 0% FX card in case Tandem closed. So it will get a proper workout from March… I won’t be using the “spread the cost” options but it looks to me like a smarter way or using a credit card than having open ended debt with a minimum payment. But we’ll see…

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Interesting, I got an invite for Tymit 2 days ago…

Coincidentally I made a comment on their constant instagram ads that “I’d love to join if the waitlist would open up!”.

Not sure if related or not…

The app and sign up is breezy, will see what the app is like when it gets used!

@BritishLibrary what are the limits like? If you don’t mind me asking

Sure! I’ve not seen an advertised upper limit, but they gave me £3.5k

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And having a look to see what else they offer -

If you spread the payment over multiple months, I get a rate of 16.3% (ranges from 12% - 22.7% their website says) but the rate for me is fixed regardless of repayment period.

And the range of limits is £500 - £15k

Interestingly, the repayment mechanism works only by “Full payment” or “Pick an installment”, as far as I can tell!

I got £3500 which is about what Tandem gave me (£4K). Both are significantly lower than my Amex limit which is absurdly high and significantly into five figures. However as I use them both only as 0% FX cards for travel I can live with that - Tandem allowed me to pay off balances mid month so I could use it for more than £4K in a month if I had very high travel bills.

As for paying off, it’s just a bank transfer so you could pay in as much as you like, what I don’t know is how they would apply the excess if you paid more than that months instalment but less than the balance.

Unlike my Barclaycard instalment plan, there’s no incentive to use Tymit for large purchases as the APR is the same if you decide to spread the cost. I’d expect a small fee or lower APR if you pick an instalment plan. Not sure I see the benefit.

I asked this question yesterday, what would happen is they would deduct next months payment from the excess you paid.

Is there no option to reduce the balance and continue paying the full instalments?