Our bottom line
Designed to work both online and in-store, Tymit is a one-of-a-kind card that will give you complete control and transparency over your spending and repayment from planning to execution. The card’s allure is enhanced by the lack of fees and the fact that interest is only paid on transactions that are spread out over time. You can also bundle purchases together into one instalment plan.
There are no annual fees or overlimit fees, nor are there any foreign transaction fees or cash withdrawal fees on the card. You will also not be penalised for late payments – as long as you don’t make this a habit!
What I like about the Tymit credit card
This card is all about giving you more control and visibility to keep you from becoming trapped in a credit card debt cycle.
- Spread the costs of your purchases: This is by far the most significant advantage of this card. Rather than having to make minimum monthly repayments, as you would with a traditional credit card, Tymit’s offering will allow you to spread the cost of your purchases over a number of equal monthly instalments. You will pay no interest if you repay in 3 monthly instalments. If you require more time, you can repay in 6, 12, 24, or 36 months at a transparent rate that is quoted upfront.
- Bundle purchases: Spreading payments is not just available for single purchases. You can also group and categorise purchases together in a bundle, such as ‘Christmas shopping’ or ‘family vacation,’ and apply your preferred repayment plan to it. Those purchases that you do not put on an instalment plan must be paid in full the following month. The good news is that they will not be subject to any interest or fees.
- Adjust your payment schedule: You can adjust your payment schedule at any time, with no penalties or fees.
- Instant notifications and spending control features: The Tymit credit card comes with an app that is compatible with both iOS and Android. The app allows you to track and manage your spending in a variety of ways. For example, you can use the app’s purchase simulator to see and plan how a large upcoming purchase, such as a family vacation, will affect your monthly bills. You’ll also get notifications whenever you make a purchase. Furthermore, the app will send you reminders to your phone to ensure that you never miss a payment.
- No fees abroad or any other kind of fees: This card has no annual fees, no ATM withdrawal fees (up to £200 per month), and no fees for exceeding your limit as long as you don’t do it on a regular basis. Furthermore, if you travel abroad, you will not be charged any foreign transaction fees, allowing you to stretch your money further.
What could be improved?
- There are no rewards: Perhaps the most obvious disadvantage of the card is that it does not include any perks such as cashback or rewards. So if getting more treats for your money is important to you, you may have to look elsewhere.
- Cash withdrawal limit is low: Though there are no cash withdrawal fees, free withdrawals are capped at £200 per month.
How does Tymit’s offer stack up?
In general, Tymit performs admirably in comparison to its competitors. For example, the card’s representative APR for a purchase made in 6-36 monthly instalments is 19.8%, which is competitive with other cards. Furthermore, the card does not charge any fees, such as annual fees, which some cards do.
The ability to spread the cost of your purchases over a number of instalments is the card’s main selling point. Tymit is currently the only instalment credit card that offers three monthly repayments at no interest.
However, you can also avoid paying interest on your purchases if you use a 0% purchase credit whose interest-free period is also typically longer than three months.
The Tymit credit card credit score
Tymit will run a “soft check” on your credit report during onboarding to determine your creditworthiness. A “soft check” means that no record is left on your credit report, so if you are declined, your credit score will not be affected.
If you do not make your required payments, you may be reported to credit agencies. Tymit, however, states that they will make every effort to collaborate with you to ensure that this never happens.
To qualify for the card, you must be at least 21 years old, have a UK bank account, and be a current UK resident.
How do you apply?
You’ll first need to download the Tymit app, which is available on the App Store and Google Play. You can then complete the signup process, which will take you approximately 3 minutes. You’ll need your ID, so make sure you have it ready before you begin.
Is the Tymit credit card right for you?
Tymit is ideal for people who want to track and control their expenses as well as break down the costs of their credit card transactions into manageable monthly payments. The card gives you a level of control over your repayments that you are unlikely to find in many other cards.
Other features such as paying interest only on your instalments rather than the total amount owed, as well as the lack of annual fees, over the limit fees, and cash advance fees, make it difficult not to like this card.
However, if you want to earn rewards and perks like cashback whenever you spend money, other cards may be better suited to your needs.