Ability to split any purchase/group (“Bucket”) of purchases and pay over up to 24 months - some of which appear interest free/potentially attract promos (This image)
Free FX / Visa market rates
Limits £500 to £20k.
APRs 12% - 19.7% showing, suggesting they are interested in primarily the ‘prime’/‘near-prime’ market (Jaja have/will have APRs up to 34.9%, suggesting they will take on a riskier profile of customers)
Initial Soft-check, so no credit report impact if declined.
Referrals capped at 2 per user - after that they presumably don’t ‘count’ for waiting list purposes - creating a potentially fairer system (although current waiting list position is not visible)
daedal notes on the other thread that they are only a registered Payment Services provider, not a authorised one - meaning they haven’t passed all requirements for full FCA Auth. However, as a credit card, risk to consumers should be minimal
I have signed up (https://tymit.co.uk/refer/okf21DlP if anyone wants to use my link, which may/may not be capped out at 2 referrals!) - will be watching with interest and seeing how it differs from Jaja (if I’m approved). Interested to hear other’s thoughts.
I saw it through sponsored advertising on Facebook this morning, have never heard of it before and seems to have a low profile at present.
It’s one of them things that like Jaja will probably end up being a pointless wait list, but the credit card market is rather boring and stagnant at the moment, so new ones could be interesting.
Not sure what they mean by first digital card, surely that would be Tandem. Although I wouldn’t call that digital either, but it was the first credit card from a digital only bank in the UK.
That’s true, I think ultimately there’s only so much they can do, which is probably why jaja/tymit seem so similar - not sure how else you can innovate really! Could be worth having both, certainly following both to see how it plays out.
As for Tandem - they are one that really shock me, for a digital bank there is not even an eligibility check and no soft search at application either, even on their “Journey” card.
How you can market a card to poor/improving credit but insist on hard searches to determine eligibility is beyond me!
I mentioned this recently on another forum, but I won’t be opening multiple digital only credit cards in the same way I’ve opened multiple digital only banks or prepaid cards simply out of curiosity recently.
This is because of the non-negligible effect credit cards have on your credit history.
I will be much more selective with new credit cards and what I’d like the new credit card companies to do is provide a way to demo and evaluate their app before applying for account.
Although the way the dates are displayed after each transaction is irritating. There’s clearly room to have it all on 1 line so why are half of them continued on the line below?
And full stop instead of comma please
The way I read it, it works like a charge card where you pay the whole balance each month in full UNLESS you select a transaction or group of transactions to pay back over a set period of time (at the APR you’re allocated when signing up).
The soft check is to see if you’re eligible, like many credit card providers do these days. If you get the card, it’s a full check.
