Tymit Credit Card

james_gibson

Has anyone had any experience of Tymit?

Looks like a really interesting concept, I've struggled with the self discipline of paying off my credit cards in the past and these guys seem to be doing fixed instalments.

Just wondered if anyone has a card or is using the app?

Willing2Learn

It looks the same as a thinkmoney card or a 118118 money card.

SnowTiger

Tymit seems to work like a catalogue account.

Pay statement balance immediately or spread the cost of purchases over a period of up to 24 months in fixed instalments.

Unlike other credit cards, it appears you can arrange to pay specific purchases off over a period of time, while new purchases still attract an interest-free period of up to 42 days.

Interest free period of up to 42 days that you control

Traditional credit cards charge you interest on your full balance if you pay less than the total monthly payment. We don't. With Tymit you pay interest only on purchases you choose to spread overtime.

Fee-free pending abroad using the rates set by Visa and Mastercard.

The best exchange rate with no fees

Purchases will convert to GBP at the market exchange rate published by Visa with no mark-ups.

https://tymit.co.uk/

james_gibson

Looks like they have a much better APR than think money, who are more for bad credit users looking to get back on their feet and they are fee free with a bigger credit limit compared to 118118.

I also love the idea of the bundle feature:

"Bundle purchases together easily and customise it (like "Weekend in Paris"). You can then choose to spread the cost overtime as you need"

[Deleted User]

But you pay interest on the stuff that you spread over instalments.

Not worth it.

Willing2Learn

!!! wrote: »

But you pay interest on the stuff that you spread over instalments.

Not worth it.

But on other hand, if you had a standard sub-prime card with typical APR, I think it would cost more to carry a balance with the sub-prime card...

SnowTiger

Willing2Learn wrote: »

But on other hand, if you had a standard sub-prime card with typical APR, I think it would cost more to carry a balance with the sub-prime card...

Tymit hasn't launched. Its website mentions an interest rate of 12% to 19.7%.

I'd hope anyone who is savvy enough to find its website is also savvy enough to search the Interweb for a 0% deal.

Barclaycard offers a similar (not the same) facility called Instalment Plan. It allows punters to convert large purchases to a loan and, for a fee, pay them over a period of up to two years at 0% APR.

[Deleted User]

For many users, I think it probably isn't a great deal (as above). I believe they specifically state somewhere that no 0% promos will be done as other users subsidise the 0%-er's. Clearly those who want 0% will stick to the main banks.

For those with adverse (like me), I think it would be a good shout - up to 24 months at a reasonable APR. The issue is, I don't believe those of us with adverse will get it!

I did have some emails with their CEO & Chief Risk Officer a while back - and while they can't say yes or no to adverse, it follows with that APR, a fair bit of adverse will be straight declined!

They are going to look at making it clearer on their website any "red lines" (e.g. CCJ in 36 months = don't even waste your time). I suggested this and really hope they do, as it's more similar to mortgage criteria and allows everyone to know where they stand without (potentially) making the credit situation worse with extra searches.

Potentially I'd like to think they'd look into "under-served" nearly-prime customers - e.g. lower income or high levels of expensive debt (meaning you'd get bashed out of most mainstream credit scoring), but then it's bordering towards sub-prime which seems a step too far for a new lender.

I think I'll sign up as I like the concept, even when I'm eligible for prime cards next summer. However, with 0% cards available I wouldn't imagine myself using it for anything other than real emergencies that I couldn't get another 0% for quickly enough (and even then, I presume you could BT away!)

james_gibson

Barclaycard offers a similar (not the same) facility called Instalment Plan. It allows punters to convert large purchases to a loan and, for a fee, pay them over a period of up to two years at 0% APR.

If you convert the large purchase into a loan from the card with Barclaycard does it count as a credit search and a separate account on your record?

SnowTiger

james_gibson wrote: »

If you convert the large purchase into a loan from the card with Barclaycard does it count as a credit search and a separate account on your record?

I haven't used the service.

As it forms part of a credit agreement already in place I would guess not.

james_gibson

Got an email yesterday inviting me to the Tymit Community, worth a look if anyones interested in the product - community.tymit.co.uk