Tymit credit card review February 2020
Currently available by invitation only, Tymit is a fee-free credit card that lets you spread your purchases over up to 24 months.
Finder rating: ★★★★★
Doing its job: 4/5
In a nutshell:
Foreign transaction charge
Minimum credit limit
|Purchases||12% - 22.7%|
|Min credit limit||£500|
|Max credit limit||Subject to status: £15,000|
|Availability||Currently available by invitation only.|
|Additional Criteria||Must have an iOS or Android smartphone and a UK bank account.|
|Foreign usage charge (EU)||0%|
|Foreign usage charge (rest of world)||0%|
What is Tymit?
Still in the very early stages of development, Tymit is a fintech startup that promises to offer ‘the credit card, reinvented’.
Tymit is a credit card connected to an app, with spending control features and instant notifications. It’s all about helping you keep your balance under control and thus making sure you know if and when you’ll be going into debt, and how much it’ll cost you.
It hasn’t officially launched yet, but you can join the waitlist by signing up with your email on Tymit’s website.
It was founded in late 2007 by Martín Magnone and Juan Montalvo Bressi and prides itself on not being a bank – according to its website, Tymit is a “credit card created by a tech company”.
How does Tymit work?
Unlike traditional credit cards, Tymit lets you spread the cost of your credit card purchases over a number of instalments. You can choose to cover the cost of any purchase in 3, 6, 12 or 24 equal instalments.
You can also bundle multiple purchases together and then pay the total amount using an instalment payment schedule.
What benefits can I get from a Tymit card?
Once Tymit is up and running, it should come with the following features:
- Instant notifications and spending control features. Tymit’s credit card is connected to the app, which lets you see how much you spend, notifies you when you make a purchase and categorises your spending for you. You can also assign tags to different groups of purchases to help you calculate how much you’ve spent for a holiday or a weekend of shopping.
- Spread your purchases. Tymit cleverly shifts the perspective on credit. Instead of simply adding interest to your monthly balance, the card lets you spread the cost of single purchases over different periods of time – three months to two years. The basic principle is the same – you’ll still be paying interest on the credit you don’t pay back within the month – but it’ll be easier to keep your debt under control. You can select a purchase on the app, divide its cost into as many instalments as you like (up to 24) and you’ll know from the start how much it’ll cost you.
- Fee-free spending abroad. Tymit won’t charge any foreign currency transaction fees, thus joining the not-so-big club of credit cards that allow fee-free spending abroad.
You can also expect a representative APR of 14.9% for a single purchase, a credit limit between £500 and £20,000 depending on your circumstances and a 42-day interest-free billing cycle.
Tymit will be on the Visa network (so there should be no acceptance issues whatsoever) and you’ll be able to pay the monthly bill by debit card, bank transfer or direct debit.
How much does Tymit cost?
Tymit is advertised as a fee-free credit card, and if it delivers what it promises, it looks like it actually will be. It has no annual fees, no foreign currency transaction fees and it says it won’t charge a late payment fee at the first missed payment; it only will “if there are extraordinary late payments after several notices and alerts have been delivered”.
Basically, Tymit should only charge interest accrued by a spread purchase.
Applying for a Tymit card
You can’t apply yet (only join the waitlist), but eligibility criteria will include:
- Being over 21
- Owning a smartphone (iOS or Android)
- Having a UK bank account
- Living in the UK
Like most card issuers, Tymit will be carrying out a credit check to assess your application and will report to the credit reference agencies if you fail to meet the minimum repayments.
How do I get a Tymit credit card?
Unfortunately, the only way to get access to the Tymit card and app is by invitation. If you’ve received an invitation, you’ll be able to download the Tymit app via both the App Store and Google Play. You can then sign up for the card in less than 3 minutes using your phone.
The bottom line
Tymit looks good on paper, but we’ll have to wait and see what it actually looks like when it launches (and it may still take a while).
It should be especially useful for people who find it hard to keep track of their credit card spending, and who may need to occasionally spread the cost of their purchases. It’s also got something in it for frequent travellers, who can get a decent APR, a nice app and no extra costs when they use the card out of the country – in return for no annual fees.
However, Tymit is only planning to offer a single type of card for now, and it doesn’t come with any extra perks or rewards, so if you want to get some extra treats out of your spending, you may want to look somewhere else.
In the meantime, you may want to compare the Halifax FlexiCard, which also offers the ability to use a payment instalment plan for larger purchases.