Tandem Cashback ending 9th March

peteduk

Hopefully it won't apply to me but I have been using my card a lot lately and asked about refunds.
I was told I would have to contact them to ensure smooth processing but that it wouldn't be a problem.
I have yet to understand why shops etc insist on refunds to the same card. Does anyone know as a matter of interest?
Cheers

Gerry1

Probably so that they get their fee refunded?

masonic

Presumably it also prevents them having to fight a chargeback/Section 75 claim after they've already refunded by another method.

Tildaplum

From their website:

The Cashback Card, 2018-Today

Cashback earned

£1,388,654

Currencies transacted in

127

Money saved in foreign FX

£2,121,408

Number of transactions

9,659,268

Countries visited

209

(ISO 3166 standard, obviously)

Most popular card colour

Tandem Blue

So, Tandem Membership?

As we grow as a bank, we feel it's important to continue to build products that help solve your money needs. That's why we're working on something new to bring you more helpful features and more value than ever before.

Helping us grow together,
in Tandem.

netloser

I'd be interested to hear if anyone decided to keep their card and why/how?

Having a £8000 credit limit I did see a way to make it work but decided they weren't the place for me.  I place no trust in them after this and it would be too much of a faff to build up debt and place that in their account.  Their offer of 0% on everything and 1.5% in their savings account was again probably too good to be a sustainable long term offer.  This is my belief despite them saying no interest EVER.

Add to that the recent 0.5% interest rate cut and can they realistically sustain 1.5% interest on an instant access account?

Bye Tandem it was good while it lasted.

leodis23

Final statement is in. 22p cashback on a ~£1200 monthly spend. No fees, cash charges etc.  Can’t wait to be rid of this dishonest company. 

peteduk

I'd call and question them because that's not in line with the advice I received.
My bill isn't due until later this week.....

Peter999_2

flergalwit said:

Any idea if refunds can still be processed, given the card is suspended? I'm guessing not. I'm asking because I used my Tandem credit card to pay the registration fee for a conference that has now been cancelled or postponed due to the coronavirus. The conference hasn't talked about refunds yet but I'm guessing it will be on the cards.

I just got a refund this morning from Aviva car insurance to the tandem card and it worked.   It shows as coming in on 15th March.

peteduk

Thanks for the advice Peter999_2,
Looks like I am going to have 2 refunds but Tandem advised (this morning) they will pay out when received, even after my bill.
Fingers crossed

Wings_of_Ambition

netloser said:

I'd be interested to hear if anyone decided to keep their card and why/how?

Having a £8000 credit limit I did see a way to make it work but decided they weren't the place for me.  I place no trust in them after this and it would be too much of a faff to build up debt and place that in their account.  Their offer of 0% on everything and 1.5% in their savings account was again probably too good to be a sustainable long term offer.  This is my belief despite them saying no interest EVER.

Add to that the recent 0.5% interest rate cut and can they realistically sustain 1.5% interest on an instant access account?

Bye Tandem it was good while it lasted.

I kept it, mainly for the 1.5% account (which, weirdly came up at 0.5% to start with, and then when I queried it, has been updated to 1.47%!  Almost there, one more support request should fix it!).

I work as airline crew, so do spend abroad often.  Monthly spend is in the region of £1000-£1500, maybe a third of that abroad.  So I guess cashback of about £2-£3 a month.  I do also withdraw cash abroad, so the zero load and zero interest on cash withdrawals appeals to me.  In terms of the linked savings account, the plan is to max it out.  I already have a Marcus Account (1.3%) and a Shawbrook Account (1.33%).  The difference in interest on £85k versus the Shawbrook is £144 (£85k * 0.17%) which, even after deducting the £72 card fee, still leaves me £72 better off per year (and that's before taking into account the cashback).  If they reduce the 1.5% AER, I'll probably ditch the account, and maybe the card, and look at better options.

I'm sure there are combinations of cards and accounts out there that might have me £100 better off over the course of a year, and being a higher rate taxpayer will no doubt affect my interest in ways I haven't yet worked out, but I like how widely Mastercard is accepted (Amex acceptance issues would annoy me), the instant notifications are very useful (particularly in the USA where standard practice is to take your card away to process the transaction - I often get the notification before they've even brought the receipt to sign), and I like the app in general too.  So Tandem ticks enough boxes for me to be worth keeping.  That's not to say it's perfect, and to those who are happy to put the time in to find better deals, good luck to them.  For me, it's a balance of cost vs stress, and I don't mind paying a few quid more to continue using a service I've so far been quite happy with.