3 instalments are now interest free!

Hi Tymit Community,

We’re excited to share that in addition to not charging interest on purchases paid in full at the end of each month, we’ve now made 3 month instalment plans interest free!

Existing customers who have 3 month plans in place, will have to reset the plan to 0 and back to 3 to update the to 0%. Any new 3 month plans setup, will automatically carry 0% APR without needing to update the app.


Excellent - just in time for my home and car insurance renewals :slight_smile:

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That’s cause for celebration! :partying_face: Time to upgrade me phone :iphone:

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That’s actually a really good USP for this card!

(Wish I had know this yeaterday when purchasing my new jeans :sob:)

This is the sort of thing that will persuade me to use the card. I have a high APR so the idea of spreading the cost at 20% APR was just too much for me, but I will be using the 3 month instalments.

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Roundings and repayments.

The feature of being able to split a transaction into three interest free repayments is great. The problem that arises however is that almost certainly the three instalments will not be equal. Unless the amount spent is exactly divisible by three there will be roundings and it seems that Tymit increases the final payment by a penny or two to account for this.

I bought something for £509 and there are two repayments of £169.66 and one of £169.68. All fine in terms of only repaying the correct total but difficult to set up a repayment schedule with many banks where payments differ.

Certainly direct debit repayments (coming soon I understand) will solve this but confusingly the App doesn’t correctly report the sums due. Against the item it shows “Billed in three months £169.66 /month” which is wrong.(The top of the bills section does however show the correct amounts and that the final payment is different but I’m not sure how clear this would be if more than one instalment plan were running).

A minor niggle I know but the three repayments won’t be the same. If I were to make three instalments of £169.66 as the App suggests I would be 2p short and possibly liable for a late payment fee.

Spreading the cost over an even number of months (say four months) interest free is less likely to produce roundings but may not be viable for Tymit. I’m assuming the “interest free” is covered by interchange and works best for Tymit over short periods and times of low funding costs.

The sooner Direct debit repayments are available though the better. Do we have an ETA for these now please?