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  • FIRST POST
    • SuiDreams
    • By SuiDreams 8th Jan 20, 1:41 PM
    • 2,387Posts
    • 10,494Thanks
    SuiDreams
    Tandem Cashback ending 9th March
    • #1
    • 8th Jan 20, 1:41 PM
    Tandem Cashback ending 9th March 8th Jan 20 at 1:41 PM
    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.
Page 8
    • Malkytheheed
    • By Malkytheheed 14th Jan 20, 9:05 AM
    • 43 Posts
    • 41 Thanks
    Malkytheheed
    If you shop in B&Q a lot, buy B&Q gift cards from a retailer who takes Amex (Wilko, major supermarkets etc)
    Originally posted by Nick_C
    Also if you shop in B&Q a lot do try screwfix and other shops.
    Can't remember the last time I set foot in B&Q. Everything they stock can be had considerably cheaper in other shops! It's really not a good shop. The irony is that B&Q own screwfix and sell exactly the same stuff for twice the price in B&Q. Madness.
    • seradane
    • By seradane 14th Jan 20, 2:34 PM
    • 44 Posts
    • 40 Thanks
    seradane
    Aqua's Cashback £25 is only available on the Aqua Classic card.
    It's the Aqua Rewards card that offers cashback and no fee overseas purchases
    Originally posted by penners324
    this is what i'm seeing! We have a number of people unfortunately applying for the wrong card and will get a bit of a shock when doing any foreign spend...
    Originally posted by chamelion
    Are you referring to the £25 referral cashback? Or something else? Because the referral is definitely available on the Aqua Rewards card.
    • masonic
    • By masonic 14th Jan 20, 8:46 PM
    • 12,748 Posts
    • 10,249 Thanks
    masonic
    Are you referring to the £25 referral cashback? Or something else? Because the referral is definitely available on the Aqua Rewards card.
    Originally posted by seradane
    Not according to the referrer's board. I checked there before signing up and immediately after signing up got a referral link to share for the Classic card but not the Rewards card (and I'm not going to encourage anyone to sign up to the former).
    • scragend
    • By scragend 14th Jan 20, 10:56 PM
    • 271 Posts
    • 119 Thanks
    scragend
    Not according to the referrer's board. I checked there before signing up and immediately after signing up got a referral link to share for the Classic card but not the Rewards card (and I'm not going to encourage anyone to sign up to the former).
    Originally posted by masonic
    Same. If you sign up for an Aqua Card (any sort), they will give you a referral link to share, but the referral link is for a Classic card only.
    • SnowTiger
    • By SnowTiger 15th Jan 20, 11:46 AM
    • 4,019 Posts
    • 2,996 Thanks
    SnowTiger
    It's difficult to see what Tandem's game plan is.

    IIRC they intended to launch as a, so called, challenger bank along the lines of Monzo and Starling.

    Just checked Wikipedia, which confirms it. Apparently they obtained a banking licence and lost it:

    Tandem originates from Tandem Money, a UK challenger bank that obtained its banking licence in 2015 and subsequently lost it.
    • Nick_C
    • By Nick_C 15th Jan 20, 12:11 PM
    • 5,801 Posts
    • 9,852 Thanks
    Nick_C
    Tandem obtained a banking license but lost it in March 2017 after failing to secure funding.

    https://www.ft.com/content/b1499004-0d7f-11e7-b030-768954394623

    Tandem acquired a further banking license when it bought Harrods Bank in January 2018.

    https://www.finextra.com/pressarticle/72164/tandem-gets-banking-licence-after-closing-harrods-bank-acquisition

    "Tandem is a trading name of Tandem Money Limited, a company registered in England and Wales (company registration number 08628614) and Tandem Bank Limited, a company registered in England and Wales (company registration number 00955491). Registered office address at 40 Bernard Street, London, WC1N 1LE.

    Tandem Money Limited (FRN: 684908) is authorised and regulated by the Financial Conduct Authority.

    Tandem Bank Limited (FRN: 204479) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority."

    https://www.tandem.co.uk/

    https://register.fca.org.uk/shpo_searchresultspage?search=tandem&TOKEN=3wq1nht 7eg7tr
    • seradane
    • By seradane 15th Jan 20, 1:12 PM
    • 44 Posts
    • 40 Thanks
    seradane
    Not according to the referrer's board. I checked there before signing up and immediately after signing up got a referral link to share for the Classic card but not the Rewards card (and I'm not going to encourage anyone to sign up to the former).
    Originally posted by masonic
    Same. If you sign up for an Aqua Card (any sort), they will give you a referral link to share, but the referral link is for a Classic card only.
    Originally posted by scragend
    Ohh, right. Well that's awfully sneaky of them...
    • Occam's Razor
    • By Occam's Razor 17th Jan 20, 9:56 AM
    • 3 Posts
    • 0 Thanks
    Occam's Razor
    Used my Tandem card to book some hotels booked for a USA trip in April. Is it wise for me to not sign up to the ‘new’ Tandem deal and allow the account to expire, or cough up the £12 required to keep the card open until the end of my trip?
    • Gerry1
    • By Gerry1 17th Jan 20, 10:56 AM
    • 1,230 Posts
    • 787 Thanks
    Gerry1
    As long as you have a foreign friendly card, there seems to be no good reason to waste money by paying rip-off fees to Tandem.

    But beware of ATM fees imposed by the owner of the machine. The US is very parochial in this respect, and ATM withdrawals are usually chargeable except for the bank's own customers. Some machines state that other US cardholders will be charged, without making clear how UK cardholders will fare. I was once charged $2.00 just for making a balance enquiry !
    • JamJar
    • By JamJar 17th Jan 20, 4:09 PM
    • 39 Posts
    • 7 Thanks
    JamJar
    For me they never quite fully delivered on the cash back card as it was still refused at some retailers and things like pay-at-pump services.

    Off to another cash back card I go.

    JJ
    • Nessie23
    • By Nessie23 17th Jan 20, 5:14 PM
    • 242 Posts
    • 140 Thanks
    Nessie23
    A little feedback on the Aqua Reward card application for those thinking of applying for the card. From being approved (instant online application) to receiving it took 1 week for the the card to arrive, card received is a contactless card.

    App does not give instant notification like Tandem, however if you log into the app or their website transactions are shown pretty much instantly.

    Credit limit is acceptable, however I had been a customer with them years ago so that might have had a positive effect on the credit limit. Compared to their offering 5 years sgo the website is a lot more functional and polished. Haven't dealt with customer services yet but TBH can't be worse than Tandem! This will be a backup card for places that don't accept Amex and for overseas spending in my case. Proof will be in the pudding, but so far no complaints.


    PS - If you do apply for the Aqua card make sure you go for the Aqua Reward version, as the others have no cashback and/or will charge your foreign transaction fees.
    Last edited by Nessie23; 17-01-2020 at 5:21 PM.
    • chistery
    • By chistery 17th Jan 20, 5:25 PM
    • 48 Posts
    • 120 Thanks
    chistery
    Used my Tandem card to book some hotels booked for a USA trip in April. Is it wise for me to not sign up to the ‘new’ Tandem deal and allow the account to expire, or cough up the £12 required to keep the card open until the end of my trip?
    Originally posted by Occam's Razor
    If you do change to a new card, try and follow up with the hotel to let them know. With Hilton for example, if you update your booking on the web site, the hotel can't see the new card details, and may threaten to cancel your booking if they validate it a few days before you arrive.
    • csgohan4
    • By csgohan4 18th Jan 20, 10:26 AM
    • 6,878 Posts
    • 4,715 Thanks
    csgohan4
    Aqua is only worth it if you spend max 2000 pounds in 1 year as their cashback is capped a £100 a year.
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
    • Gerry1
    • By Gerry1 18th Jan 20, 10:31 AM
    • 1,230 Posts
    • 787 Thanks
    Gerry1
    Aqua is only worth it if you spend max 2000 pounds in 1 year as their cashback is capped a £100 a year.
    Originally posted by csgohan4
    You've got your sums wrong !
    • csgohan4
    • By csgohan4 18th Jan 20, 10:40 AM
    • 6,878 Posts
    • 4,715 Thanks
    csgohan4
    You've got your sums wrong !
    Originally posted by Gerry1
    looks like i missed a 0, 20000 it seems for the year, indeed you are correct

    but your not going to get 20K credit limit, Best i could get was 1500, so your going to get less than £10 cashback for the year most likely anyways

    the Amex everyday looks a good bet but it's not accepted everywhere sadly
    Last edited by csgohan4; 18-01-2020 at 10:47 AM.
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
    • epm-84
    • By epm-84 18th Jan 20, 10:42 AM
    • 1,422 Posts
    • 4,355 Thanks
    epm-84
    Tandem failed / had to Introduce monthly charge (they will fail and I will explain why), because they were so strict with their acceptance policy. They were so risk averse that they only wanted only the best of the best customer with impeccable credit history. Their plan was, offer a class leading product and offset the risk by only accepting top credit customers.

    The problem?
    Because of their strict acceptance policy tandem soon found out that 99.9% of customers were paying off their cards in full every month and getting cashback. Which wasn't making them any money! If you offer a no frills credit card then these people make you money via retailer fees, or if you charge more retailer fees like AMEX then you can still make money this way. But tandem had a customer base of people making them no money. They had written their own downfall by being so strict with their entrance policy. Why will they fail? Because this group of people with impeccable credit histories are typically money savy and not be stupid enough to pay £6 a month for a credit card that's just not worth it. That's the catch 22 for tandem. They created a customer base of customers that made them no money and are too savy to be fooled by a monthly charge.
    Originally posted by Malkytheheed
    I got rejected for a Bank of America managed credit card a few years back despite having a perfect credit history and a regular income.

    I thought the idea was their cashback card was for people with good credit history and their journey card was for people with poor credit history.

    Tandem actually bought Harrod's Bank who had a target market of those with large savings balances. I believe the Harrod's products were discontinued for new customers as soon as Tandem took them over.
    • epm-84
    • By epm-84 18th Jan 20, 10:52 AM
    • 1,422 Posts
    • 4,355 Thanks
    epm-84
    So it begs the question, who is likely to stay with Tandem with those fees? Customers who like the app and card and see changing cards as a faff? I cannot see many people wanting to pay a premium for a previously free service.
    Originally posted by Lumiona
    But doing nothing - the easy option will see your Tandem card being cancelled. You either have to contact them to upgrade to the premium option or apply for a new credit card with someone else. It is unusual for a financial services provider to cancel non-subscription products for existing customers opposed to withdrawing some of the benefits or moving them on to an alternative non-subscription product.

    Perhaps those who stay will be those looking to apply for a mortgage and who don't have another card currently as a new application will be a mark on their credit file. Although, saying that those looking to apply for a mortgage who have 2 or more credit cards might have been looking to cancel one of their cards anyway!
    • Gerry1
    • By Gerry1 18th Jan 20, 10:55 AM
    • 1,230 Posts
    • 787 Thanks
    Gerry1
    but your not going to get 20K credit limit, Best i could get was 1500, so your going to get less than £10 cashback for the year most likely anyways
    Originally posted by csgohan4
    Still wrong ! Your credit limit is not an annual spending limit.
    • epm-84
    • By epm-84 18th Jan 20, 11:29 AM
    • 1,422 Posts
    • 4,355 Thanks
    epm-84
    Your credit limit is not an annual spending limit.
    Originally posted by Gerry1
    Indeed. However, you're unlikely to be able to spend anything near 12 times the credit limit annually if you pay off in full using the direct debit every month.

    Say your statement date was the 15th of the month. If you have a credit limit of £1500 and a balance of £1500 on the 15th January then you won't be able to spend 1p on the card until your direct debit is taken in February.

    Even if you pay the balance in full by making a manual payment from your bank account as soon as your statement is released you're unlikely to be able to spend the full credit limit every month. Even if you spend well over £1500 a month you could be in the situation where you have a balance of £1460 and you need to make a £50 purchase, which then will have to go on another card. Then you might have small temporary holds put on the card, which haven't yet been removed so even if it was a £40 purchase then it may be rejected.
    • Nick_C
    • By Nick_C 18th Jan 20, 12:13 PM
    • 5,801 Posts
    • 9,852 Thanks
    Nick_C
    You can pay your Tandem Credit Card at any time. You don't need to wait for a statement. You can easily spend much more than your credit limit each month if you want to or need to.
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