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Fintech bank Tandem launches credit card

Fresh off the acquisition of Harrods Bank, Tandem goes live with its first product.


Tandem has launched a credit card that offers users cashback on all purchases. The new card, which is the first UK product launched by Tandem, combines cashback deals with no overseas transaction fees, the Mastercard exchange rate and real-time spending updates.

It will carry an APR of 18.9 per cent, which Tandem acknowledges is not the cheapest option on the market. But the newly-licenced bank says that it will not encourage customers to spend beyond their means (thus incurring fees). It sees the ability to borrow as a useful tool – but not one that should be depended on.

The card is interest-free for up to 56 days (including a 25 day grace period). Interest will be charged on purchases if a customer fails to repay their full statement balance on their payment due date, which falls 25 days after their statement date. If a customer falls behind payments in this way, they will continue being charged interest on all purchases, including new purchases, until they’ve been repaid in full. While behind on payments, the grace period does not apply. Cash withdrawals will be charged interest on from the day of the withdrawal – but these do not affect the grace period on purchases. 

“We took a close look at the lifestyle, values and spending behaviours of our customers and produced a card that helps you earn as you spend, spend abroad without worry, and borrow as it suits you,” said Sven Schindele (pictured), senior product manager at Tandem. “We hope our customers find the card a helpful companion in all situations in life at home and abroad.”

Customers will earn 0.5 per cent cashback on all purchases on a monthly basis. They will also receive free protection on purchases of over £100 – protecting them in case of, say, a retailer going bust.

The card is also closely integrated with the Tandem app, allowing users a good oversight of their spending whether at home or abroad. The cards are available in four vibrant colours for the first wave of sign-ups. Vibrancy of colour is, it would seem, as typical of neo-bank cards as the absence of overseas transaction fees.

Tandem finally got over the hump that is becoming a fully-fledged bank in January when it announced the acquisition of the 125 year old Harrods Bank. The splurge gave Tandem £80m of equity capital, as well as a £375m mortgage book, over £400m of deposits and more than 10,000 new accounts.

The app-based banking service thus became fully equipped to begin accepting deposits and lending out money (it had previously had to cancel plans for accepting deposits when a planned fundraise fell through). 

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