Tymit - death throes

Banking
1

Just had an email from Tymit - unless you close your account (which I have just done), you will be charged £6.99 per month from late April 2024. I seem to remember Tandem doing something similar and lasting a grand total of 3 months thereafter.

Dear Ric,

We will be charging monthly fees

We are writing to let you know that from 24th April 2024, we’re making a change to your Tymit Credit Terms and Conditions. This does not affect your Cardholder Agreement.

Summary of Change
We’re introducing a monthly fee of £6.99 to continue offering the benefits of the Tymit Credit Card.

How will the change affect me?
The monthly fee of £6.99 will be included on your bill starting on 24th April 2024 and will be due for payment on 8th May 2024.

The total cost of this fee over 12 months is £83.88. Any purchases you plan into instalments of 3 months or more will continue to be charged at your standard rate of interest, as detailed in your app.

Make sure your account is right for you
It’s important to review your account to make sure it meets your needs. If you decide that this fee no longer makes your account suitable, you can opt-out of this change by closing your account.

To avoid being charged a fee, reply to this email with ‘opt-out’ now.

By opting out, you’ll no longer be able to use your card for new purchases and you’ll either, need to pay off your balance in full or, continue with your planned repayment schedule each month for your existing purchases. Your account will be closed upon receipt of the final repayment on your balance.

The latest date to opt-out is the 26th May 2024.

Why is this change happening?
We want to continue to offer you the benefits that Tymit Credit Card provides. Due to challenging market conditions, which have seen sustained rises in business costs, we’ve taken the difficult decision to introduce the monthly fee of £6.99 for continued use of the product.

This includes:

  • Control and transparency over your instalments, together with what you pay and how much interest it will cost you for your purchases.
  • Interest free on purchases paid in full.
  • 0% foreign exchange fees on any international transactions; no matter where or when you complete your purchase abroad.

We hope that you continue to support the product and enjoy the benefits the Tymit Credit instalment card offers.

Kind regards,

Team Tymit

1 Like
2

received similar email as well I thought it might be a scam email at first I double checked again but I am honestly sad to let go of the account I started off as Booster account it ended up being free because I referred lots of people and that covered the fees

3

Same here, closing that account for good.
When it start looked promising, when offered 3m 0 interest.
I feel it is not going progress any further charging monthly fees. Don’t know about other people, I joined them in an effort to save a penny on my shopping, don’t have 7 quid laying around to pay fees!

Adios Tymit!

4

They should be telling you the new representative APR.

How on earth they think they can justify a fee for a featureless (save for 0FX) credit card I have absolutely no idea.

1 Like
5

Comically, they state

** Control and transparency over your instalments, together with what you pay and how much interest it will cost you for your purchases.**

Like almost all credit cards…

** Interest free on purchases paid in full**.

Like almost all credit cards…

** 0% foreign exchange fees on any international transactions; no matter where or when you complete your purchase abroad**

Like a large number of neobank cards

They are circling the drain, firstly the withdrawal from credit protection, then no longer issuing new cards, now this.

6

I haven’t received the email yet but thanks for posting about their email. Will keep an eye out and then close the account

7

Not even just Neobank - pretty much every credit card issuer has a fee free 0 FX option in their range. Even Nationwide.

8

I’m getting better for free, 0.5% cashback and free FX

9

I think we all are. If Tymit as a credit card is still here in 6 months I will be very surprised

EDIT: Just received confirmation of closure - the quickest they got back to me ever.