Zopa credit card

mazzetti

Lloyds do it as well but starling monzo and lloyds are not credit cards and AmEx is an Amex credit card so if you want a MasterCard or visa that does this then as far as I know this is the only one since Tandem's demise.

Agreed there should always be an off switch.

D3xt3r5L4b

mazzetti said:

Lloyds do it as well but starling monzo and lloyds are not credit cards and AmEx is an Amex credit card so if you want a MasterCard or visa that does this then as far as I know this is the only one since Tandem's demise.

Agreed there should always be an off switch.

Just disable notifications for that specific app

Tolqua

mazzetti said:

Does anyone have any feelings on the zopa credit card which looks a bit like the old tandem credit card ie real-time notifications and no fees spending abroad

I am tempted but would like to know if there are any downsides

Like most 'fintech' cards, the app offers real-time notifications and the ability to lock the card instantly.  It also looks cool with a clean face and no embossed numbers like a traditional card (they're usually laser printed into the back, instead), but there are some real drawbacks that appear to be common to all the fintech cards I've seen. 

The biggest drawback for me is that a second user isn't allowed.  It appears that this is because a different system used by these banks and this won't allow a second user to be added.  For some this isn't an issue, but as I've shared bank and spending (credit card) accounts with my wife for over twenty years, this is an instant deal-breaker for me.  I just wish they'd make this sort of thing clear.  I did get a Tandem Journey card for a trip to Australia, only to find out that I couldn't add my wife and had to do another application with very little time to get the card before we left.  

We also had loads of other problems with our Tandem cards when in Australia, most of which could have been avoided if they'd given us some key information about how to use the card down under.  

Another feature I'd taken for granted because it had been a standard feature on my previous credit cards is the ability to download transaction data in QIF/CSV format.  I've managed all our finances with a desktop app for 15 years and assumed that Tandem, being a supposedly tech-savvy company, would offer this as standard, but they didn't which was a major pain.  

The biggest shocker with Tandem, however, was their appalling service, but there's no way to know what this is like 'til you need it.  Our Australia fiasco with Tandem was the worst I've experienced.  Chip savings, another fintech startup, refuses to speak to any customer under any circumstances.  It's the perfect insult when trying to mitigate the impacts of it's dreadful, bug-ridden app, but Monzo and Starling are much better.  Zopa seems good for service, too.  I called them this morning and they confirmed that a second cardholder isn't allowed.  They couldn't answer my question about the transaction download, but said they'd send me an answer by email.   Unfortunately, not being able to share the account with my wife means it's no use to me.  

eDicky

Tolqua said:

mazzetti said:

Does anyone have any feelings on the zopa credit card which looks a bit like the old tandem credit card ie real-time notifications and no fees spending abroad

I am tempted but would like to know if there are any downsides

We also had loads of other problems with our Tandem cards when in Australia, most of which could have been avoided if they'd given us some key information about how to use the card down under.  

What were these problems..?

Alex9384

So it's basically a sub-prime card, right?
I've done an eligibility check and it said the limit can be between £200 and £2000 and APR of 34.9%. Those are sub-prime lenders' figures.

Alex9384

Btw, I don't understand their "representative" APR.
I've always thought a representative APR is the best APR you can get. But Zopa says their representative APR is 34.9% while they also say you can get APR between 9.9% and 34.9%. So it seems to me like the 34.9% is actually the worst APR you can get from them.

cymruchris

Alex9384 said:

Btw, I don't understand their "representative" APR.
I've always thought a representative APR is the best APR you can get. But Zopa says their representative APR is 34.9% while they also say you can get APR between 9.9% and 34.9%. So it seems to me like the 34.9% is actually the worst APR you can get from them.

Representative rate is the rate I believe that over half of applicants will get (51 percent or more) - so in this case you are most likely to get 34.9% - and they probably select 20 people a year and give them 9.9% so that they can say 'Rates between 9.9 and 34.9' to make people think it's 'cheap' and then most of them go on to get the 34.9

northwalesd

I think Barclays explain 'representative APR quite well here: https://www.barclays.co.uk/loans/what-does-apr-mean/

"The clue is in the word ‘representative’. When a loan is advertised with a representative APR, it means that at least 51% of customers receive a rate that is the same as, or lower than, the representative APR – although not everyone within the 51% will necessarily get the same rate."

ryan121

Capital one also has instant notifications and the ability to lock your card via the app.

[Deleted User]

I believe it will be another failed fintech credit card product, most who use fintech banks are aged between 18-35 and overdrafts are unfortunately more common with my age group, im 25 coming 26 next week and most of my friends have already trashed their credit ratings with non-payment of contract phones, bounced direct debits and quick fix provident loans, so probably wouldn't be accepted for it anyway.