Fintechs (a combination of the words finance and technology) have disrupted the banking industry and are changing the world of finance for consumers. Most recently, fintechs have entered the credit card market. We take a closer look at what\u2019s on offer.<\/p>
A fintech credit card is often one that\u2019s issued by a neobank, or challenger bank, that waves goodbye to hefty fees, offers innovative features including perks and rewards, and can usually be managed via an app. Perks can include creative reward programmes, no fees for foreign transactions, and the opportunity to build your credit rating.<\/p>
Below is a list of the top fintech consumer credit cards in the UK and how they work:<\/p>
You can apply for the Zopa credit card<\/a> online and use an instant eligibility check which won\u2019t impact your credit score. Once accepted, you can manage your credit card via the app, including downloading statements and seeing what you\u2019ve spent where. You\u2019ll get instant payment notifications and can also use the credit cushion feature to set aside some of your available balance for when you really need it. There are no fees for using your card abroad and it\u2019s easy to freeze your card if you spot any unusual transactions. Interest rates vary depending on your circumstances.<\/p> The Jaja credit card<\/a> can be managed via the app which will help you track your spending, categorise your transactions, and freeze and unfreeze your card with ease. There are no annual fees and no fees for using your card abroad either. At the moment, Jaja is not accepting new customers for its credit card. But the company partnered with Bank of Ireland in 2019 and acquired its existing credit card portfolio, including credit cards from the AA and Post Office.<\/p> Tymit Credit is designed for those with medium to high credit scores, and lets you choose how you want to pay for purchases. If you pay over 3 monthly instalments, there is no interest to pay. Alternatively, you can spread the cost over 6, 12, 24 or 36 monthly instalments at an interest rate of APR. There are no annual or foreign exchange fees. Tymit Booster, on the other hand, is designed for those looking to build their credit score. You save however much you want into a booster pot and you\u2019ll get a line of credit equivalent to that amount. Used responsibly, your credit score will start to increase. There\u2019s a monthly fee.<\/p> Bip<\/a> offers cardless credit which means you can access a line of credit without needing to use a physical card. Instead, you can manage your credit account entirely from your phone. There are no annual fees, no late payment or overlimit fees, and no additional fees for using Bip abroad. You can also cap your own spending and see instant balance updates. You can make online purchases by using your Bip number, expiry date and CVV, or you can choose to make payments online or instore with Google and Apple Pay.<\/p> Keebo is designed for those looking to build their credit score who may have been turned away by traditional high street banks. The card is \u201cinvite-only\u201d but you can request an invitation for access on its website. Keebo uses open banking to link all of your bank accounts to give a better picture of your finances and determine your affordability. Once you\u2019re accepted for the card, you can set up autopayments and monitor your spending via the app. Every transaction you make with the card goes towards getting you Keebo<\/a> points which can help build credit. There are no annual fees.<\/p> If you\u2019re searching for a rewards credit card, take a look at Yonder<\/a>. With the Yonder membership \u2013 costing \u00a315 per month \u2013 you\u2019ll earn 5 points per \u00a31 spent and points can be redeemed at selected restaurants, bars and events. Yonder is also a good option for those without a UK credit score who want to build up their credit rating, such as expats and immigrants. It uses open banking to view your banking data and check your income and expenses to assess your affordability. Provided you make your monthly repayment on time, your credit rating should improve. Note there is a high interest rate of 65.1% APR.<\/p> If you\u2019re looking for a fintech credit card for your business, take a look at the ones below:<\/p> Juni offers digital and virtual business credit cards<\/a> (technically charge cards) with custom spend limits which you can adjust with ease via the app. The Juni card<\/a> will give you access to credit lines of up to and cards are available in sterling or euros, with US dollar cards coming soon. Transactions that match the currency of your card are completely free, but you may be charged foreign exchange fees by Visa if currencies do not match. You\u2019ll also benefit from up to cashback on your card spend, with no annual fee.<\/p>Jaja<\/h4>
Tymit<\/h4>
Bip<\/h4>
Keebo<\/h4>
Yonder<\/h4>
Top fintech business credit cards<\/h3>
Juni<\/h4>
Jeeves<\/h4>