New interest rates?

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 that’s certainly a hike in interest rate there +7.8% surely that has to be a mistake?

I personally wouldn’t use a card with that kind of interest rate, If I get a similar email I’m out or would only ever use Tymit for the 3 months interest free.

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I know, I’m probably going to look for a different card now. Had enough of Tymit.

Still waiting for the promised in app statements!!

Haven’t received anything my end, but shouldn’t 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, that’s 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?

I’ve not had anything myself, but interest rates don’t really make much difference to me because I only ever use credit if it’s interest free, apart from very occasionally my 9%pa overdraft. Even then it’s 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 doesn’t seem so bad now.

Probably Tymit struggling against competition, really doesn’t really have any USP anymore since Monzo Flex and Curve Flex was released. I’ve 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 it’s worth paying 21.90% for the pleasure.

@Martin please could you let us know what you’re intentions are here?

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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 ‘just in case’ - 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 I’m likely to stop using the card altogether.

I’m never going to be paying interest to Tymit, but saying it’s to align them to everyone else is a very poor reason.

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Got my email today, and my rate is also moving to 21.90% so looks like a blanket rate change. As already mentioned doesn’t 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.

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I’m glad for all the people who it won’t affect but last year I put my van insurance on a 12 month plan. I usually just pay it in full but the interest wasn’t that much and I felt that I was supporting Tymit by giving them some of my money.

I’ve also been moved to 21.90% and my insurance premium is due for renewal next month, at the new interest rate I certainly won’t be doing the same so it’s Tymit’s 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 I’m not so sure I can live with that.

If Tymit want to charge premium rates they should provide a premium service but they don’t, they should also provide a functional app but they don’t.

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 it’s “to align ourselves with general interest rates in the marketplace” 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 can’t 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?

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My interest rate has reduced, pretty happy about that :slightly_smiling_face:

Not sure what they are playing at really.

I’m 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. I’m not sure Tymit provides enough to keep me now. I’m 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 :cry:

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, here’s my email snippet -

Your new Standard Interest Rates

We’ll apply these interest rates to any new purchases you make from 10th July 2022. Purchases paid in full within three months will be unaffected.

Annual Variable Interest Rate

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. It’s 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.

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