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Tymit *

By:  Sean LaPointe | Updated: 30th December 2021.

Great For: controlling and monitoring spending and repayments

Tymit *

4 stars ?

3 months

0 months

19.8%*

£0

CREDIT RATING REQUIREMENTS:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

OUR BOTTOM LINE

The main feature of this card is that it lets you spread the cost of your purchases over 3, 6, 12, 24 and 36 months. You only pay interest on the purchases you put into instalments, not on your entire balance. The 3-month plan attracts no interest while the others have an APR ranging from 15.1%-29.7%.

HIGHLIGHTS

  • Credit limit of £500-£15,000
  • APRs of 15.1%-29.7% for purchases repaid over 6 to 36 monthly instalments
  • You can manage your instalment plan through the app, and see interest charges or costs in advance
  • Interest is on instalments only and not on entire balance
  • Free spending abroad (no foreign transaction fee)
  • No cash withdrawal fees, up to £200 per month
  • No charges for going over your limit and no penalty for first late payment
  • *The card’s representative APR for purchases repaid over 6 to 36 monthly instalments is 19.8%

KEY SCORES

Perks 3.5/5
Fees 5/5
APR 4/5

REPRESENTATIVE EXAMPLE

Representative rate 19.8% APR (variable)
Purchase rate 0% p.a. (variable)
Assumed credit limit £1,200

* This is an offer from one of our affiliate partners. For more information on why and how we work with partners, click here.

Ready to apply? You can either Check Eligibility or Apply Now!
on Tymit's Secure Website

Our bottom line

Designed to work both online and in-store, Tymit is a one-of-a-kind card that will give you complete control and transparency over your spending and repayment from planning to execution. The card’s allure is enhanced by simplified fee structure and the fact that interest is only paid on transactions that are spread out over time. You can also bundle purchases together into one installment plan

There are no annual fees or over-limit fees, nor are there any foreign transaction fees or cash withdrawal fees (up to £200 cash per month) on the card. You will also not be penalized for your first late payment.

Pros

  • Simplified credit card repayments
  • Low-cost structure
  • No minimum payment traps

Cons

  • Constant management on the app
  • No rewards
  • You’re tied to your smartphone

What is Tymit?

Fairly new to the scene, Tymit was started in 2017 by two fintech brothers who have a passion for cheap, reliable, and easily manageable credit. The team, supported by finance boffs and IT gurus, built their entire product and platform from the ground up to create a synchronized flow between app and card. The result? Credit at your fingertips with a simple credit management system at relatively low costs. Tymit can be considered credit card meets personal loan.

How does Tymit work?

Tymit is an app-credit card combo that allows you to take charge of your purchases by selecting the repayment period for each transaction. Instead of a one-off APR, it offers you the option of a three-month interest-free instalment plan. Or, if you need a bit longer, repayments can be done over 6, 12, 24, or 36 months that starts off with a representative APR of 19.8%.

For instance, you could have a purchase of £500 that you’re paying off over 12 months and another purchase of £250 over 3 months. The interest is charged per instalment plan, not your overall balance so there’s an opportunity to reduce the overall interest you pay.

The point of the credit card is to allow you to pay off purchases faster and not get stuck in the minimum-payment cycle.

Benefits of the Tymit credit card

Credit cards, at the best of times, are hard to understand especially when you decide to dissect your interest and fee calculations. Tymit looks to ease up that frustration by structuring finance on a per-purchase basis, allowing you the freedom to choose your repayment structures, and ultimately, your APR.

  • Simplified credit card repayments: Credit cards are handy for those bigger price ticket items, however, not all purchases are the same. For instance, if you’re buying a £800 coffee machine, you may need to pay it off a little bit longer than that £150 toaster. Tymit allows you to choose the repayment terms of each purchase you make, and you can slot it into 3, 6, 12, 24, or 36 months. If you happen to opt for the 36-month option, you get away with 0% interest.
  • Low-cost structure: For starters, there are no annual fees or foreign transaction fees. Top it off with a free-cash-withdrawal bonus for the first £200 per month, and Tymit lands itself in a decent credit card category.
  • No minimum payment traps: Traditionally, a credit card’s minimum payment is calculated on the entire balance (minus the balance in the 0% interest window). When consumers only pay that minimum instalment, it can take years to pay off the balance. Furthermore, this method generates a truckload of interest for the credit card company. With Tymit, each purchase is broken down into instalments which are then paid off over that period. The cardholder can see the effect a purchase has on their balance and repayment schedule immediately, which makes it easier to determine affordability. Because each item is individually processed, the interest is charged per transaction and not on the entire balance owing. Not only does this mean less interest, but it also means it’s easier to pay off purchases.

Downfalls of the Tymit credit card

Tymit offers a great opportunity for credit purchases that are easily management, however, it still has its own snags.

  • You’re going to babysit each purchase: If you’re a fan of finance automation, this aspect of the Tymit credit card might be frustrating. Every time you swipe your card, the app will ask you to slot those purchases into the repayment categories. You need to constantly check your repayments before you make a purchase to remain within budget, unlike with a regular credit card where the monthly payment is around 5% of the total balance.
  • No benefits: After all that fanfare about the low costs, there’s a deathly silence and you’re suddenly aware that that’s where the parade stops. Tymit, in all its effort to make this a great alternative to regular credit cards and even some personal loan products, forgot to add a few benefits to the mix. With delicious extras like cashback offers or bonus airmiles, it might make it tough for some hardy credit card users to jump ship.
  • The smartphone: while we live in an age where the smartphone is hardly a luxury anymore, there are some who prefer not to be tied to it, especially when it has to do with your finances. The Tymit app and card work together hand-in-hand, so be sure to have your phone around to slot those purchases into their categories.

How does Tymit’s offer stack up?

In general, Tymit performs admirably in comparison to its competitors. For example, the card’s representative APR for purchases repaid over 6 to 36 monthly installments is 19.8%, which is competitive with other cards. Furthermore, the card does not charge certain fees such as annual fees, which some cards do.

The ability to spread the cost of your purchases over a number of installments is the card’s main selling point. Tymit is currently the only installment credit card that offers three monthly repayments at no interest.

However, you can also avoid paying interest on your purchases if you use a 0% purchase credit whose interest-free period is also typically longer than three months.

Tymit customer reviews

Tymit has an excellent rating on Trustpilot with its 4.4 out of 5 stars. Some of the customer feedback include, “Easy to control, great value” and “Quick & simple set up process, a competitive interest rate and what’s not to love about the ability to spread any purchase over 3 months interest free? I would highly recommend.”

It also boasts a 4.7 out of 5 stars rating on the Apple App store with customers revelling in the ease of use.

Eligibility criteria for the Tymit credit card

To qualify for the Tymit credit card, you must:

  • Be at least 21 years old
  • Live in the UK
  • Have a UK bank account
  • Own a smartphone

How to apply for a Tymit credit card

  1. Download the Tymit app
  2. Work through the signup process which takes about 3 minutes (have all your financial info on-hand)
  3. Wait for the result, which is usually immediate. If not, you may need to submit additional information

Is the Tymit credit card good for you?

Tymit is great for people who want to track and control their expenses as well as break down the costs of their credit card transactions into manageable monthly payments. The card gives you a level of control over your repayments that you are unlikely to find in many other cards.

Other features such as paying interest only on your instalments rather than the total amount owed, as well as the lack of annual fees, over the limit fees, and reduced cash advance fees, make it difficult not to like this card.

However, if you want to earn rewards and perks like cashback whenever you spend money, you may want to look at other cards.

Alternatives to the Tymit credit card

SafetyNet Credit and Zopa are recommended as alternatives to those who want a similar credit facility to Tymit.

However, if you’re in the market for a credit card, consider the M&S Shopping Plus credit card if you want a longer 0% APR period, plus some fabulous rewards.

 


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The Motley Fool has recommended shares in Lloyds, Tesco and Barclays.

Frequently Asked Questions

Is Tymit safe to use?

Tymit is authorized and regulated by the Financial Conduct Authority (FCA) and is registered with the Payment Services Regulator (PSR). So, in terms of safety, it should be as well protected as possible.

Does Tymit have online banking?

Tymit uses an app to manage its credit card for both iOS and Android users.

Does Tymit offer fraud protection?

Yes, fraud protection is included. If concerned about fraud, customers can block their card immediately on the app and a selfie is required at signup to confirm identity.

Great For: controlling and monitoring spending and repayments

Tymit *

4 stars ?

3 months

0 months

19.8%*

£0

CREDIT RATING REQUIREMENTS:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

OUR BOTTOM LINE

The main feature of this card is that it lets you spread the cost of your purchases over 3, 6, 12, 24 and 36 months. You only pay interest on the purchases you put into instalments, not on your entire balance. The 3-month plan attracts no interest while the others have an APR ranging from 15.1%-29.7%.

HIGHLIGHTS

  • Credit limit of £500-£15,000
  • APRs of 15.1%-29.7% for purchases repaid over 6 to 36 monthly instalments
  • You can manage your instalment plan through the app, and see interest charges or costs in advance
  • Interest is on instalments only and not on entire balance
  • Free spending abroad (no foreign transaction fee)
  • No cash withdrawal fees, up to £200 per month
  • No charges for going over your limit and no penalty for first late payment
  • *The card’s representative APR for purchases repaid over 6 to 36 monthly instalments is 19.8%

KEY SCORES

Perks 3.5/5
Fees 5/5
APR 4/5

REPRESENTATIVE EXAMPLE

Representative rate 19.8% APR (variable)
Purchase rate 0% p.a. (variable)
Assumed credit limit £1,200

* This is an offer from one of our affiliate partners. For more information on why and how we work with partners, click here.

Ready to apply? You can either Check Eligibility or Apply Now!
on Tymit's Secure Website