Tandem Cashback ending 9th March

SuiDreams

Pealp wrote: »

This was my first reaction, but then I considered the other benefits and it seems quite interesting at face value to be honest.

- Current account at 1.5% AER is pretty good - only Santander and a few others match this as far as I can tell, and they are limited in one way or another. This seems like unlimited at 1.5%?! (it doesn't say unlimited anywhere, but I can't see a limit either - perhaps worth it to confirm)

- 0% interest on purchases is likewise quite tempting. In effect that means an additional 1.5% cashback if you turn all your credit into savings and pay it off slowly enough

There might be downsides that I'm not seeing, but it seems quite good even with the £6 monthly fee.

I really don't see how the benefits out weigh the fee, I always pay my credit cards off in full each month. so wouldn't benefit from the 0%, they gave a very low limit to me £3K, so if I maxed this out at 0% paying the £5.99 fee a month is the equivalent of paying 2.4% interest PA.


The 1.5% interest isn't of interest to me, I have 2x TSB at 3% Lloyds and Tesco at 1% (all with no fee) and offset mortgage and can get a higher rate of interest using regular savers. Definitely not worth the cost.

allan1954

SuiDreams wrote: »

Just had email from Tandem, saying that unless I change to their new membership card costing £5.99 a month (£71.88 per year). My agreement will end on 9th March. Apparently I can continue to use the card and get cashback until then.


Not happy at all especially when told before Christmas that the card would remain as it is. £5.99 per month is a ridiculous cost, no thanks.

just had the same email so that's the end of there credit card for me.

Tragen

I sent them some feedback suggesting they keep the credit card going but without the cashback, as I like the app! Maybe if others do the same they will reconsider scrapping the card.

SuiDreams

Tragen wrote: »

I sent them some feedback suggesting they keep the credit card going but without the cashback, as I like the app! Maybe if others do the same they will reconsider scrapping the card.

Sorry wouldn't keep the card without the cashback, I will use other cards instead of this one, I only spend on cards that give me cashback.

Middle_Sister

I hate this. You invest in them and they go and change the goalposts. I'll be cancelling the card also.

Pizza_Man

djdave wrote: »

Just had that too. They say that in exchange for the fee the interest rate will drop to 0%, which could be handy for many. But I use the card to earn cashback and get s75 protection, and pay the balance in full each month, so it will effectively cost me £72 for nothing. I'll be looking elsewhere, and I don't suppose Tandem care as they can't make any money from my custom.

Same as my strategy. Researching alternatives now.

Tragen

SuiDreams wrote: »

Sorry wouldn't keep the card without the cashback, I will use other cards instead of this one, I only spend on cards that give me cashback.

The notifications are worth more to me than the cashback, but having both was great.

ec9wrr

Marcus pays 1.35% so I can't see that it would be worth getting the savings account for the fee.

SuiDreams

Tragen wrote: »

The notifications are worth more to me than the cashback, but having both was great.

Amex gives cashback and the app gives notifications when you use the card, if you register your cards with google pay that also gives you notification on spending.

Tragen

SuiDreams wrote: »

Amex gives cashback and the app gives notifications when you use the card, if you register your cards with google pay that also gives you notification on spending.

As I mainly use my cards abroad (I'm a remote worker), amex isnt a good choice for me as practically nowhere I go even knows what it is, never mind accepts it.