Post office and AA branded cards

john1002

Just had this email, looks like an interesting development and hopefully should improve the application process, in 2020.

You may have been wondering about the radio silence from Jaja. A lot has been going on behind the scenes which, for confidentiality reasons, we’ve not been able to tell you about. Until now…

We have some very exciting news to share. In fact, it’s a truly game-changing moment for Jaja and one that’s required months of hard work and dedication from our team to make happen.

We’re delighted to announce that an investment group led by Jaja has reached an agreement to acquire the Bank of Ireland’s existing credit card accounts, operating under the Bank of Ireland UK, the AA and Post Office brands. You can read the press release below:
Read press release
This deal is a massive vote of confidence in Jaja and demonstrates that we’re on the right path to growing our platform of brilliantly simple consumer finance products. The Jaja Card will remain Jaja’s flagship product and will continue to pave the way.

Not seen it mentioned but apologies if it’s duplicated.

John

EveryWhere

Seems that you have to apply today in order to get the £10 cashback on your first £10 spend.

https://jaja.co.uk/card/

No cash withdrawal fee and no forex fee.

[Deleted User]

There's a large jaja thread on the Monzo form.

It does seem like good news IMO.

Anyone joining the wait list (I think it's closed now?), don't expect to get it any time soon - I've been number 30 since October!

There are a spate of these companies, "Tymit" are a similar one who basically do the same thing but allow you to move each purchase to "instalment" - pay over say 12 months which retaining interest free on day to day spends.

As Jaja have taken so flipping long, I'm tempted to apply for Tymit rather than them (assuming Tymit email me first, they also said I'm near the top as I gave them a load of queries they said were helpful)

ozaz

Somerset_La_La_La wrote: »

There are a spate of these companies

I'm aware of Jaja, Tandem, and Tymit as the startups aiming to apply the modern features Monzo & Starling have popularized to credit cards.

Are there others?

[Deleted User]

Elfin Market are launching an app & a Mastercard which will effectively act as a credit card (real time P2P loan taken out for each purchase), but no interest-free period - effectively a 'low rate' card, 5.8% rep.

Tymit seem almost identical to what Jaja proposed (with added ability to 'control' payments/instalments which I think would suit me more).

"Bits" will let you access double your security deposit @ 0% & no fees (initially anyway).

I'm sure I've seen more in passing adverts etc - a lot of interest in what is essentially a new industry. Can only be good for consumers in the long run once they all fully launch.

For me, Tymit and Jaja are the ones to watch. Monzo's current lending proposition is poor & expensive so it'd need a big shift even though their app is good.

I've not used Tandem, but their credit doesn't seem amazing - I've read MANY complaints about them and you can't increase your initial limit (certainly not on request, they may auto-increase you) and no eligibility check/soft search which is very poor for a fintech company!

Jaja's latest news gives them a big boost, but their sporadic updates (and telling everyone at the top of the queue "nearly ready" over 6 months ago) have lost them some goodwill IMO. If Tymit and Jaja were to email me on the same day, I'd go with Tymit.

I'll keep an eye on Jaja (and may even end up with a card).

Hopefully the boost & income from £500m+ of balances will help them to grow to something truly unique in the UK - I'd be thinking decent cashback (or points etc.), extended interest free periods or very low APR.

Otherwise, I'm not convinced there is a great deal separating them from Tymit, Elfin or even Monzo (if Monzo ever launch good-priced lending) at the moment.

gt94sss2

ozaz wrote: »

I'm aware of Jaja, Tandem, and Tymit as the startups aiming to apply the modern features Monzo & Starling have popularized to credit cards.

Are there others?

I would expect credit cards from both Monzo & Starling within the next year.

However, only Jaja (in beta) and Tandem have them in the wild at the moment.

gt94sss2

Somerset_La_La_La wrote: »

Tymit seem almost identical to what Jaja proposed (with added ability to 'control' payments/instalments which I think would suit me more).

I believe Jaja will also have an instalments option - it was listed as a future item in their roadmap..

System

gt94sss2 wrote: »

I would expect credit cards from both Monzo & Starling within the next year.

However, only Jaja (in beta) and Tandem have them in the wild at the moment.

I have a feeling that there will be further consolidation - I wouldn't be surprised if Tandem or Jaja merge with Monzo / Starling.

As a side note, with Post Office Money closing current account and their credit cards portfolio - seems BOI is winding down or exiting the JV.

gt94sss2

Heng_Leng wrote: »

As a side note, with Post Office Money closing current account and their credit cards portfolio - seems BOI is winding down or exiting the JV.

I'm surprised the JV lets BoI lets them make changes without the agreement of the post office.

Having said that, I think the PO current/card account was always going to go - as HMG have moved more and more payments to standard bank accounts.

As for the credit card, it seems obvious BoI weren't making money and have thus sold them. Hopefully, Jaja can do a better - shouldn't be hard to design a better online servicing site for one thing!

BoI seem to be concentrating on savings, loans and mortgages - which make them money - along with the f/x operation - via the post office