MSE News: New fee-free overseas credit card to offer 0.5% cashback

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Former_MSE_Rosie
Former_MSE_Rosie Posts: 105 Forumite
I've been Money Tipped! Newshound! Best Buy Bear
edited 16 October 2017 at 4:47PM in Credit cards
App-based Tandem Bank is launching a top credit card for use abroad, offering fee-free spending and overseas cash withdrawals PLUS 0.5% cashback on all purchases...
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'New fee-free overseas credit card to offer 0.5% cashback'
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  • csgohan4
    csgohan4 Posts: 10,587 Forumite
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    how much can you withdraw overseas cash wise, not clear from the website?
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • Former_MSE_Rosie
    Former_MSE_Rosie Posts: 105 Forumite
    I've been Money Tipped! Newshound! Best Buy Bear
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    csgohan4 wrote: »
    how much can you withdraw overseas cash wise, not clear from the website?

    Hi, according to the draft T&Cs we've seen, you'll be able to withdraw up to 30% of your credit limit (up to a max of £500/day).

    Thanks, MSE Rosie

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  • nomoneytoday
    nomoneytoday Posts: 4,866 Forumite
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    So where are they making their money?


    IMHO, a credit card either makes money from the fx spread, charges, interest or fees.


    If they're offering money back on top of the fx rate, then is it marketing, or will the other costs be higher?
  • stevenhp1987
    stevenhp1987 Posts: 907 Forumite
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    nomoneytoday wrote: »
    So where are they making their money?


    IMHO, a credit card either makes money from the fx spread, charges, interest or fees.


    If they're offering money back on top of the fx rate, then is it marketing, or will the other costs be higher?

    I imagine they'll do what the others (e.g. Monzo, Revolut) are doing/have done.

    That is run a good promotion with the aim of getting lots of customers while making a loss, then change the fee structure with the hope of making a gain.
  • csgohan4
    csgohan4 Posts: 10,587 Forumite
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    stevenhp1987 wrote: »
    I imagine they'll do what the others (e.g. Monzo, Revolut) are doing/have done.

    That is run a good promotion with the aim of getting lots of customers while making a loss, then change the fee structure with the hope of making a gain.



    Fair game I guess, Just annoying having to apply for something new again and cancel the old one
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • redux
    redux Posts: 22,976 Forumite
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    Get early access, says one button, and there is a waiting list.

    Does this actually exist yet? Do the so-called founders have accounts? When is it projected to expand to cover those who start waiting now?
  • Nessie23
    Nessie23 Posts: 245 Forumite
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    Has anyone moved forward within the queue? Is anyone aware of the implementation timeline, thanks?
  • Jolly_Gardener
    Jolly_Gardener Posts: 8 Forumite
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    I received my invitation to apply for the card this morning.
  • gt94sss2
    gt94sss2 Posts: 5,631 Forumite
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    Do you have any idea what number in the 'waitlist' you were? My position doesn't seem to have moved since I signed up months ago..

    Also, do you use the Tandem app?
  • eDicky
    eDicky Posts: 6,575 Forumite
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    I was not looking at waitlist positron but received invitation to apply last week. After a couple of days of "Oops, something's gone wrong, please try later" I successfully completed it and was immediately offered a £2k limit at 21.9%.

    They gave me thirty days to accept, I probably will if I arrive back in UK by then or soon after. I haven't installed the app so far.

    After the application they seemed to be offering me what looked like a current account, with another 'Get early access' button, but when I pressed it I was taken to a description of the credit card again.
    Evolution, not revolution
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