Tandem issues cash-back credit card as first product
Tandem, the Good Bank, has released a credit card that offers cashback and travel benefits for users.
The cashback card is part of Tandem’s mission to free the world from the stress of banking by putting financial control back into the hands of its customers.
‘It’s your turn to earn’ – Tandem want to make people “life rich” by letting them get on with the things they love. With Mastercard’s leading exchange rate and no fees as you spend abroad, Tandem’s card will appeal to travel loving Brits who are over fees, overseas.
The product will integrate with Tandem’s stress-free, intuitive banking app so that customers receive personalised insights as they spend. The card and app are the perfect partners, who together make up an impressive package of services. People are free to spend abroad with the knowledge that they can track what they spend and won’t be charged any surprise fees.
Tandem chose to launch with a credit card for multiple reasons, and one of these is peace of mind: with a credit card from Tandem, customers get free protection on purchases over £100, so you’re safe in the knowledge that you’ll get your money back if, for example, the retailer goes bust. On top of this, everyone needs some extra cash once in a while. Tandem want to be there when you need some money to cover an emergency cost.
As Tandem is built by non-banky people (Co-Founders) and globetrotters (clearly), customers who sign up to Tandem’s first round of credit cards have four vibrant colours to choose from.
The card has a competitive APR of 18.9%. It’s true some cards charge lower interest on purchases, however Tandem doesn’t encourage customers to spend beyond their means (and incur fees). The ability to borrow is a valuable tool for spenders, but they shouldn’t be dependent on it.
Sven Schindele, Senior Product Manager at Tandem, says, “We took a close look at the lifestyle, values and spending behaviours of our customers and produced a card that helps you earn as you spend, spend abroad without worry, and borrow as it suits you. We hope our customers find the card a helpful companion in all situations in life at home and abroad.”
Tandem aims to support customers in becoming better with their finances and with this new card, partnered with Tandem’s app, they have developed a service that does just that.
Ricky Knox, Tandem’s CEO adds, “With our new banking license, our banking app and our new credit card, 2018 is going to be a great year for Tandem. We are looking forward to getting our colourful cards into the hands of customers – I can’t wait to start seeing customers tapping around town”.