I think an interesting aspect for this forum is that the Tandem credit card was a pretty standard offering with nothing to differentiate it from other credit cards in the market.
What would be interesting to know was why they launched the card in the first place.
I loved my Tandem card - it was bright and different and worked well as a credit card. Far fewer problems than I have had with Tymit. It had everything I wanted such as a great app to manage it and instant notifications. Once they started charging £6 a month though it was clear that it would not last. I ditched them and moved to Tymit - just waiting for Tymit to catch up to being as good as Tandem was.
I don’t know why they couldn’t make a credit card profitable - they get a small % for every transaction and the interest from outstanding balances. I would have thought it would be one of the more profitable parts of banking!
Never heard if Tandem anyway!
I paid their £6/m, and a benefited from their service:
Average £6 cash back a month
Average £3 in the saving a month
Saving average £15/m if compared to the rates of other card providers.
Just closed the account and I cant find a similar provider on the market, so have switched to Tymit.
Hopefully Tymit may one day provide a monthly option with cash back and a lower rate.
I dumped my Tandem as soon as they announced the fee, I’d get £3 a month on the cashback, and the fee really only was a benefit if you saved and/or had a large debt balance with them, I did neither so left.
My partner paid the fee because she was advantaged from the zero Apr on the debt, the higher Apr on the savings and made the fee back on cashback so for her, it worked.
Shes now opened a Amex cashback card and a NS&I savings account instead.