Just saw the tymit ad pop up on my Instagram. Very very interesting concept and something I’d potentially have jumped to in the past.
What I’m hoping for is some (presumably biased - but it’s what I’m looking for!) views on how tymit would benefit me.
Me:
always pay cards in full
excellent credit score
have spend in control.
Perks I’m seeing vs counter points
can get interest free for 3 months. Counter - I get 4% cashback on all spend on my other card. My bank account interests rates are crap, so no benefit from tymit, would rather spend the money and get cashback
no travel fx fees. I already have Halifax mastercard which provides better fx than visa. I also have curve and another visa that have higher limit no fee atm withdrawal options
no annual fees etc. Expected.
grouping payments. Cool. But more useful if you’re making use of the spreading payments option.
Am I basically just not a target audience? This is more for people with adverse credit?
If you always pay the card in full why even use a credit card, sort of defeats the point!
What sort of transactions are you making to enable payment in full per month? Unlikely to be substantial ones. Lots of people achieve falsely excellent credit ratings by making lots of very small transactions that are better suited to debit card and paying in full. Doesn’t necessarily give a good credit picture if that same person suddenly makes a large transaction and has to manage that.
Tymit is ideal for spreading a cost across say 3 months with no interest. If paying in full always maybe no point.
No it’s not aimed at those with ‘adverse credit’ as those are unlikely to get approved. The principal of Tymit is to allow managed extended credit situations but with no long term debt, which is easy to fall into with a normal credit card.
So I have had 0% cards in the past that I’ve used for larger purchases - but these are 25, 30 month at 0%. In these situations for larger purchases (multiple 1000s) it can make sense. But for 3 months, I’d definitely rather the 4% cashback I get on the immediate spend and repay - and of course won’t pay for the >3 month options.
People use credit cards for a variety of reasons - it’s not just a tool for those that can’t pay immediately. I get cashback. I get perks. i get miles. I get additional insurance. etc etc. It absolutely does not defeat the point to pay off in full each month - it’s something that you’ll see plastered as a recommendation on moneysavingexpert.
Transactions - it includes business trips, holidays, house shopping, etc. At the least a grand a month, on the higher side can easily hit 5-6 grand a month if I have work travels. A single few day trip to the US can drop 3-4 grand onto the card. That’s £160 cashback for that trip on my current card, which is more attractive than spreading the 3-4 grand out over 3 months which does not benefit me at all, as I’d get the trip cost reimbursed through expenses within a week, and that 3-4 grand would just sit there in a savings account. POTENTIAL upside here is 3 months of 1% interest and 40% tax yielding what, £6-£7 of savings interest?
So no, I don’t have the credit score based on microtransactions.
I can see the market for tymit, it really is a cool concept - I think I’m just not a target customer given my profile… was just hoping someone here would shed some light on a potential use case I hadn’t thought of.
By the sounds of it probably absolutely no benefits using Tymit for you. For the majority credit cards just cost people lots of money in the long term. Tymit is aimed at reducing long term debt. If you’re fortunate as it sounds like you are that’s unlikely a scenario, especially as you’re profiting from using them rather than costing you money!
I use tymit in conjunction with another credit card I have. I basically use tymits 3 month repayment period to keep as much of my money as possible in my interest earning accounts for as long as possible - and that’s about it.
I’ll be very interested to see what Tymit premium would get me!
Tymit is a brilliant concept and highly recommended! From what I have read of your ramblings, I suggest you don’t bother, as I suspect you will always be complaining! As for points, gifts , cash back etc, are these really important to you? Personally, a reliable card, offering flexibility when I need it, and reasonable charges, is all that I need and expect from a card. There are many more important things in life…
Clearly you’re a different use case to me, and that’s fine. I in fact came to these boards to see if there was a use case I was missing, which I’m currently not. I’m in a situation where I prefer what is typically over £1000 in annual cashback rather than getting a paltry 3 months interest free where I can earn next to nothing in savings interest. As mentioned I always spend what I can easily afford on my credit card.
Your pros of your card (reliable flexible reasonable charges) are not unique to this card. I get that and a grand a year+ in cashback. I’d rather that.
It sounds like there wouldn’t really be any benefit to you and your use case. Just out of interest, where are you getting 4% cashback on purchases? I’d be interested in checking that product out to see how it compares for my use.
I think it’s widely advertised that Amex give a very high cashback - but the downside is that not everyone accepts it and it’s Amex! I would rather support an up and coming British business if I can and so would like Tymit to continue to develop and evolve into a great credit card. Hopefully they will get their problems ironed out - but starting to lose patience.
Have had a few declined payments. I have 2 outstanding issues - one was pay at pump not accepted at Tesco - been waiting about 4 months to hear back on this and the latest was a failed payment with Apple (a regular iCloud payment) that switched to my back up card - again, reported a while back and not heard anything about why it failed.
I also would like Apple Pay and pdf statements for download - both of which are on the ‘roadmap’ but with no timeline given.
Certainly interested in Cashback cards but also interested in your declined transactions. Recently had an issue with an online one declined repeatedly, after turning off the option in Notifications & Security for allowing location based security to prevent fraud it worked fine. I know Tymit are investigating this issue. Maybe in future turn that option off in the app temporarily then back on when completed. I always lock the card when not in use also. Total defence then if they do allow a transaction through!
As for points, gifts , cash back etc, are these really important to you? Personally, a reliable card, offering flexibility when I need it, and reasonable charges, is all that I need and expect from a card. There are many more important things in life…