Tymit credit card review 2020

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Tymit is a fee-free credit card that lets you spread your purchases over up to 24 months.

Finder rating: ★★★★★

Representative example: The representative APR for a purchase is 14.9%. For example, if you buy something for £100 and choose to pay it in 3 months, you would pay £102.34 in total (3 payments of £34.13).

0%

Foreign transaction charge

£0

Account fee

£500

Minimum credit limit

Details

NetworkVisa
Annual/monthly fees£0
Purchases12% - 22.7%
Min credit limit£500
Max credit limitSubject to status: £15,000

Expert review

Tom Stelzer

Review by


Tom Stelzer is a writer for Finder specialising in personal finance, including loans and credit, as well as small business and business loans. He has previously worked as a freelance writer covering entertainment, culture and football for publications like FourFourTwo and Man of Many. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney.

Expert review

Tymit is 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 offering 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.

What is Tymit?

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 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 their app (available in both the iOS App store and Google Play store).

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?

Tymit comes 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.

Tymit has 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 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.

How much does Tymit cost?

Tymit is advertised as a fee-free credit card and it looks like it actually 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”.

Basically, Tymit should only charge interest accrued by a spread purchase.

Applying for a Tymit card

Eligibility criteria for a Tymit card includes:

  • Being over 21
  • Owning a smartphone (iOS or Android)
  • Having a UK bank account
  • Living in the UK

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.

How do I get a Tymit credit card?

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.

Pros and cons

Pros

  • Competitive rates.
  • Lets you spread the cost of purchases across different periods.

Cons

  • No perks or rewards.
  • You'll need to be at least 21 years old to apply.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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