![\"Screenshot](\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2019\/04\/tymit_screenshot_1.png\" "\\"Image:")
<\/p>Tymit is a fintech startup that promises to offer \u201cthe credit card, reinvented'\u201d. The card is connected to an app with fancy spending control features and instant notifications. It\u2019s all about helping you keep your balance under control and thus making sure you know if and when you\u2019ll be going into debt, and how much it\u2019ll cost you.<\/p>
It was founded in late 2007 by Mart\u00edn Magnone and Juan Montalvo Bressi and prides itself on not being a bank \u2013 according to its website, Tymit is a \u201ccredit card created by a tech company\u201d.<\/p>
Tymit is open to all applications, which can be done through its app (available in both the iOS App store and Google Play store).<\/p>
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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.<\/p>
You can also bundle multiple purchases together and then pay the total amount using an instalment payment schedule.<\/p>
Tymit comes with the following features:<\/p>
Tymit has a representative APR of 29.9% for a single purchase, a credit limit between \u00a3500 and \u00a320,000 depending on your circumstances and a 42-day interest-free billing cycle<\/a>.<\/p> Tymit is on the Visa network (so there should be no acceptance issues whatsoever) and you\u2019re able to pay the monthly bill by debit card, bank transfer or direct debit.<\/p> 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\u2019t charge a late payment fee at the first missed payment \u2013 it only will \u201cif there are extraordinary late payments after several notices and alerts have been delivered\u201d. This fee will be up to \u00a310 for every late repayment.<\/p> Basically, Tymit only charges you interest (at 29.9%) on purchases that you\u2019ve chosen to spread over more than 3 months.<\/p> \u201cTymit Booster<\/a>\u201c, a separate service Tymit offers to effectively buy your way to a better credit score, costs \u00a39.95 per month.<\/p> Eligibility criteria for a Tymit card includes:<\/p> 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.<\/p> You\u2019ll 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.<\/p> Tymit has received positive reviews overall from customers, according to review sites like Trustpilot. It has an \u201cexcellent\u201d Trustpilot rating, with an overall rating of 4.0 out of 5, based on over 2,700 reviews (updated September 2023). Customers praised Tymit\u2019s innovative approach to repayments and in-app features, but some customers reported issues with their cards not working.<\/p> The Tymit app has also received positive customer reviews, with a rating of 3.9 out of 5 on the Google Play store, based on over 3,100 reviews, and a rating of 4.7 out of 5 on the Apple App Store, based on more than 3,200 reviews (both updated September 2023). <\/p> Tymit Booster (19.4% APR (fixed) was one of a small number of relatively new services (check out Wollit<\/a>, Loqbox<\/a>, Pave<\/a> and Bits<\/a>) which effectively let you pay to boost your credit score<\/a>.<\/p> It was designed for people who don\u2019t have enough of a credit file to be able to borrow money, but want to be able to borrow money in the future.<\/p> You saved however much money you like into your \u201cBooster pot\u201d each month, and Tymit gave you a line of credit equivalent to the same amount. If you used that line of credit responsibly (staying well within your limit and repaying on time), then this was reported back to Experian<\/a> (one of the big three UK credit reference agencies) and your Experian credit score would start to increase after about six months.<\/p> Bear in mind that there was a monthly fee of \u00a39.95 involved. Plus, Tymit was only reporting back to one<\/em> of the three big UK credit reference agencies \u2013 so if you later tried to get a loan from a bank that preferred to use Equifax or TransUnion, Tymit Booster wouldn\u2019t have helped your case.<\/p> At one point, more than 50% of people who checked their eligibility with Tymit only qualified for Tymit Booster and not for Tymit Credit.<\/p> On 20 February 2023, Tymit shut down the Booster product, opting to focus on the card. This won\u2019t have surprised many people, since free equivalents were already popular on the market.<\/p> Tymit isn\u2019t a bank and doesn\u2019t have a banking licence. However, it is regulated by the FCA (Financial Conduct Authority) and authorised to issue credit cards and provide payment services.<\/p> Tymit will ask for a selfie during your on-boarding process, as part of its ID checks.<\/p>![\"Screenshot](\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2019\/04\/tymit_screenshot_2.png\" "\\"Image:")
<\/p>How much does Tymit cost?<\/h3>
Applying for a Tymit card<\/h3>
How do I get a Tymit credit card?<\/h3>
Tymit customer reviews<\/h3>
What was Tymit Booster?<\/h3>
Is Tymit safe?<\/h3>
Sources<\/h3>
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