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Will buy now, pay later products ultimately replace credit cards? Tymit takes on one of the largest questions in the credit industry with its two credit builder credit cards.
Minimum credit limit
Foreign transaction charge
|Minimum credit limit||£500|
|Maximum credit limit||Subject to status: £15,000|
|Doing its job||★★★★★|
|Overall Finder rating||★★★★★|
Chris Lilly is a publisher at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.
Targeting a fairly young demographic, Tymit is taking on “buy now pay later” services like Klarna by letting you spread any purchase over 3 months, interest-free. You can also spread purchases over a longer timeframe if you want (6, 12, 24 or 36 months), in which case you’ll incur interest – at 22.9%.
Tymit is great if you really want to take control when you spread repayments. You can set up different repayment plans for every purchase (Halifax’s now-defunct FlexiCard used to do something similar). If your bill’s looking a bit high, then you can adjust the repayment schedules for chunky purchases to give yourself breathing room.
The theory behind Tymit is that you won’t get caught in what Tymit describes as “the minimum payment trap”. That’s where you just run on autopilot, paying just the minimum required each month, but overall end up paying a fortune in interest (because generally speaking, the longer you borrow for, the more it costs).
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.
But you will need to be quite engaged with the app – checking in when a notification lands, deciding how long to spread this or that purchase for – in order to get the most out of it. You get to take control… but with great power comes great responsibility!
Tymit is a fintech startup that promises to offer “the credit card, reinvented'”. The card is connected to an app with fancy 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 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”.
Tymit is open to all applications, which can be done through its app (available in both the iOS App store and Google Play store).
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.
Tymit comes with the following features:
Tymit has a representative APR of 22.9% 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 is on the Visa network (so there should be no acceptance issues whatsoever) and you’re able to pay the monthly bill by debit card, bank transfer or direct debit.
Tymit is advertised as a fee-free credit card and, for the most part, it is. 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”. This fee will be up to £10 for every late repayment.
Basically, Tymit only charges you interest (at 22.9%) on purchases that you’ve chosen to spread over more than 3 months.
“Tymit Booster“, a separate service Tymit offers to effectively buy your way to a better credit score, costs £9.95 per month.
Eligibility criteria for a Tymit card includes:
Like most card issuers, Tymit carries out a credit check to assess your application and will report to the credit reference agencies if you fail to meet the minimum repayments.
You’ll need to do this through the Tymit app, available to download via both the App Store and Google Play. You can then sign up for the card in less than 3 minutes using your phone.
Tymit has received positive reviews overall from customers, according to review sites like Trustpilot. It has an “excellent” Trustpilot rating, with an overall rating of 4.5 out of 5, based on over 1,800 reviews (updated April 2022). Customers praised Tymit’s innovative approach to repayments and in-app features, but some customers reported issues with their cards not working.
The Tymit app has also received positive customer reviews, with a rating of 4.3 out of 5 on the Google Play store, based on over 2,600 reviews, and a rating of 4.7 out of 5 on the Apple App Store, based on more than 2,700 reviews (both updated April 2022).
Tymit Booster (19.4% APR (fixed)) is one of a small number of relatively new services (check out LOQBOX, Pave and Bits) which effectively let you pay to boost your credit score.
It’s designed for people who don’t have enough of a credit file to be able to borrow money, but want to be able to borrow money in the future.
You save however much money you like into your “Booster pot” each month, and Tymit gives you a line of credit equivalent to the same amount. If you use that line of credit responsibly (staying well within your limit and repaying on time), then this gets reported back to Experian (one of the big three UK credit reference agencies) and your Experian credit score should start to increase after about six months.
Bear in mind that there’s a monthly fee of £9.95 involved. Plus, Tymit’s only reporting back to one of the three big UK credit reference agencies – so if you later try to get a loan from a bank that prefers to use Equifax or TransUnion, Tymit Booster won’t have helped your case.
More than 50% of people who check their eligibility with Tymit qualify for Tymit Booster rather that Tymit Credit.
Representative Example: Representative APR 19.4% (fixed) based on a borrowing of £1,200 over 12 months with a £9.95 monthly fee
Tymit isn’t a bank and doesn’t have a banking licence. However, it is regulated by the FCA (Financial Conduct Authority) and authorised to issue credit cards and provide payment services.
Tymit will ask for a selfie during your on-boarding process, as part of its ID checks.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Approval for any credit card will depend on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.
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