Booster card be available

Wait … a second

£6.95 to spend my own deposit. Hahaha Wait … a second

@Alastair-PM what’s going on with that mate. That was never in the “Tell us More about Booster” page?

When was this added?
What is the fee for?

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Hi @Jazza, thank you very much for your honest feedback! We hope in future we can offer you a product that meets your needs :slight_smile:

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Hi @Jamesj015, thanks for reaching out!

The Tymit Booster card is a completely interest-free secured credit card, which will help people improve their credit score and give a whole host of other benefits. In the not-too-distant future this will include features like seeing the Experian credit score in the app. The card will have a monthly fee of £9.95/month, which users are not tied into and can cancel anytime.

Please let me know if you have any more questions :slight_smile:

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My question is more of a request. Get rid of the fee. Does the Original Tymit have a fee?

Smart move to include this within the app for this product. I know from working in the finance sector that there are often schemes to improve credit rating without offering financial education or tools to see the impact the scheme says it can have. :exploding_head:

Barclaycard did include Experian credit report access, not sure why they removed it. Quite straight forward to sign up to Experian via their app, free too unless you want the full report. I use that plus ClearScore, both a bit hit & miss, handy to keep an eye on though.

Most likely, because of as you say, it’s easy to get elsewhere. Experian are also the most expensive of the 3 biggest CRAs (from a B2B perspective) so it makes sense to either not offer it or offer the cheaper alternative TransUnion.

I guess once you’ve got a Barclaycard with Experian, most people won’t cancel the card when they cancel the Experian connectivity :joy:

@Alastair-PM
I am fair and honest, I sometimes say bluntly but it’s a true opinion. If the Tymit isn’t to happen for me or my credit profile I’m ok with that.
I like the idea and theory behind your cards, just not the booster cards fee while I would be waiting until I’m classed as responsible enough to move to a less of a secured card basis, and thus eventually be deemed to not have to pay the fee for a booster.
I never pay a monthly fee to have a card, nor one that has a security of my own funds even a very old card of mine for editorial sakes a rival company this was years and years ago now, only secured my card with a £50 deposit for my £200 limit and I got my deposit back around a year later, cards long gone now I got a better provider rates and limit. So I’m not against the concept of secured cards​:credit_card: but the monthly fees a put off, and the undetermined amount of time you have to wait for the offer of a normal or unsecured fee card is a major set off because you are never going to have a set time frame before those fees stop even if it was fees stop than a set time after your deposits than returned also so it’s a phased “we trust you to stop the fee, but not the deposit” then it’s “we trust you here’s the deposit back” too. It becomes more attractive if there’s set time frames as people can accept in themselves whether they want to invest that is it £9.95 or what I saw was £6.95 (either or) for so long to get that stopped and then wait another set period to get the deposit back.:spiral_calendar:
I do wish the booster card to be a success for your company but I do think people will be put off a little without clear time frames and a planned map of events for being loyal and good standing customers.:+1:

@Alastair-PM

Having a Fee for the Booster Card and not having a fee for Standard Tymit is living proof that the company wants to profit from the financially vulnerable or customers looking to build credit. Can you please provide a statement on this?

My personal opinion as I can’t speak for Tymit: A startup needs to make money to survive and we can’t predict how much of the business would be via the Booster card vs the normal Tymit plan.

I work in the area focused on tackling the Poverty Premium but I don’t believe this is an example of it.

This is a service specifically designed to help those to boost their credit score, and that service is chargeable like others.

There are alternatives out there on offer too and obviously some of the few will go towards servicing a product with lower limits that may not make as much profit from transaction fees as standard Tymit. There’s also a cost to providing access to Experian via the app too so that needs to be recovered.

I disagree, You can get free credit builder cards with every company. Aqua, Capital One, Tesco Foundation

There is no risk to the booster product as it is not “real credit”. You have to make a deposit equivalent to the limit you get so your never “actually” lending. Its your own money. The product sounds like a gimmick. Its more expensive to run the original Tymit product

The fee is unlikely anything to do with risk. It’s to cover the costs and make some profit.

Granted there are many other products out there but people are free to choose them, there are many card providers out there not offering them too. Tymit will find out if it works for some or not soon enough.

We wait and see :slight_smile:

They profit from interest. Like every other Finanical Product. If they were in need of profit they would add a fee to the product thats available. Booster isnt even available. Its a deliverate fee to profit of the customers less fortunate of having the “perfect customer” credit file :man_shrugging:

Companies need multiple revenue streams. Card services are super expensive to run, many of the smaller schemes don’t survive based on transaction fees and interest (where their product advertises to avoid it).

I don’t believe it’s a deliberate attempt to profit from those unable to access their standard Tymit product.

I hope you get the understanding on Tymit’s position on this shortly :slight_smile:

Tymit have significant investments, you only need to look on LinkedIn to see all the announcements of additional investors, on a very regular basis. Unfortunately if people are looking for a credit builder card they will vote with their feet if better terms and no fee is offered elsewhere. They’re not likely to raise much from booster card fees in reality, surely?

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More than likely not! I think you’re right.

But… I think they need to be seen to offer a product that has some of the same great features as standard Tymit :slight_smile:

But… I also don’t think Tymit need to make a statement on this when the product MVP isn’t even launched, finalised, or tested. :man_shrugging:

Tymit does have awesome features, especially ones that seriously help reduce the possibility of long term debt. It would be a shame if Tymit knackered their chances before people get the opportunity to benefit from those features whilst improving their own lot at the same time.

I disagree with charging a monthly subscription for something aimed at those with less credit history who are trying to improve that using a very sensible method. Feels like a penalty. Tymit will be making some interest on the security funds being held and transactions.

I don’t see Tymit being registered as a deposit taker having just checked so under their SPI/EMI license, I believe they will likely not be being paid interest on any balances they hold as security. I am unsure if CCA has specific allowances for deposits but I imagine they would be safeguarded which almost certainly won’t pay interest.

All of this demonstrates none of us know what Tymit have planned for this long term, but I agree with you, people will vote with their feet.

I think this is a small market for possible Tymit users so time will tell if it launches and sticks around.

I’m glad I have standard Tymit so it doesn’t affect me, but I’m pleased they are planning to offer something at least.

Why would you pay £10 a month to have a card like this? You might as well just use a bank account and debit card. Maybe I’m missing something but for the people this is aimed at it seems to me like taking advantage of those who are financially illiterate.

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It’s aimed at building a credit rating, you wouldn’t achieve that with a bank account & debit card…