Just had an email to say interest rates are increasing. I must say, the level of increase is absolutely outrageous!!
This is very disappointing- I thought Tymit were a bit different to other credit cards but unfortunately the only thing different about them is they are no longer very good.
Wow thatās certainly a hike in interest rate there +7.8% surely that has to be a mistake?
I personally wouldnāt use a card with that kind of interest rate, If I get a similar email Iām out or would only ever use Tymit for the 3 months interest free.
I know, Iām probably going to look for a different card now. Had enough of Tymit.
Still waiting for the promised in app statements!!
Havenāt received anything my end, but shouldnāt affect me as only use for 3 months interest free only and will use my Low APR card for any purchases that I need to spread (6%).
Yes, thatās a pretty big jump.
Some credit card companies have been known to increase interest rates based on their assessment of how you use your card.
Did the wording make it sound like it was an across-the-board change or specific to you?
Iāve not had anything myself, but interest rates donāt really make much difference to me because I only ever use credit if itās interest free, apart from very occasionally my 9%pa overdraft. Even then itās usually just to cover cash flow for a few days here and there, so the interest is only ever pennies.
Ouch. My APR was 19.80% and now 21.90% which doesnāt seem so bad now.
Probably Tymit struggling against competition, really doesnāt really have any USP anymore since Monzo Flex and Curve Flex was released. Iāve stopped using my Tymit card.
If they intend putting everyone on 21.90% they will soon be struggling to retain customers let alone attract new ones.
I mean even if it was a polished product with top notch customer service and fully a functioning app I would still question if itās worth paying 21.90% for the pleasure.
@Martin please could you let us know what youāre intentions are here?
It actually will have little impact on me as I always pay off the balance each month. However, I liked the lower interest rate as a ājust in caseā - you never know.
The new interest rate is higher than other cards I have which I will now probably revert to.
Really they should have kept my interest rate low as now Iām likely to stop using the card altogether.
Iām never going to be paying interest to Tymit, but saying itās to align them to everyone else is a very poor reason.
Got my email today, and my rate is also moving to 21.90% so looks like a blanket rate change. As already mentioned doesnāt affect me, I only use for 3month interest free and have another card with a better rate if required to carry a balance for a short period.
Iām glad for all the people who it wonāt affect but last year I put my van insurance on a 12 month plan. I usually just pay it in full but the interest wasnāt that much and I felt that I was supporting Tymit by giving them some of my money.
Iāve also been moved to 21.90% and my insurance premium is due for renewal next month, at the new interest rate I certainly wonāt be doing the same so itās Tymitās loss.
I might keep the card for the 3 months interest free however even owning a card with +20% interest leaves a bitter taste and Iām not so sure I can live with that.
If Tymit want to charge premium rates they should provide a premium service but they donāt, they should also provide a functional app but they donāt.
They seem to have done very little to sort themselves out and iron out issues yet they have the cheek to hit loyal customers with such a steep rise in interest and expect us all to just accept it.
To say in the email itās āto align ourselves with general interest rates in the marketplaceā is an absolute joke. Who are they aligning with? Aqua or pay day lenders?
The absence of any comments by staff feels disrespectful as well, I tagged @Martin to ask what was going on but nothing, do Tymit actually care about their customers or just want every penny out of us they can get?
You canāt even let us download a statement for goodness sake what on earth makes you think you are good enough to charge us 21.90% for being part of the Tymit experiment?
My interest rate has reduced, pretty happy about that 
Not sure what they are playing at really.
Iām likely going to be using Tymit less now. I have a couple of other credit cards with similar or lower rates, that provide in app statements, one with a much higher credit limit and one that pays out rewards. Iām not sure Tymit provides enough to keep me now. Iām quite sad really as I like to support new, innovative finance companies and have been with Tymit since the start. But not happy about being treated like this 
To 21.9%?
Yes, I also felt the email I received was very poorly drafted and timed - especially as the product is still clearly in beta.
Yes its reduced my interest, hereās my email snippet -
Weāll apply these interest rates to any new purchases you make from 10th July 2022. Purchases paid in full within three months will be unaffected.
Current: 23.70%
NEW: 21.90%
Nothing else is affected by this change, including how we calculate interest or re-planning instalments you already have. You can always find your interest rates in your Tymit App.
Kind regards,
Team Tymit
I have other cards that have went up recently as well. Itās because interest rates are going up and also because under the current circumstances people are more likely to default.
Higher risk means higher interest rates.
Other credit card firms are not making such large changes to their interest rates- in fact as shown above, some customers are actually having their rates cut.
Tymit seem to have just decided to move everyone to 21.9% which is not a competitive rate for most.
