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Tymit *

By:  Sean LaPointe | Updated: 28th September 2021.

Great for: controlling and monitoring spending and repayments
4 stars question mark

Tymit *

Tymit Credit Card - Visa Credit
    Check Eligibility

Completely free and
will not affect your credit score.

* Affiliate partner

The main feature of this card is that it lets you spread the cost of your purchases over 3, 6, 12, 24 and 36 months. You only pay interest on the purchases you put into instalments, not on your entire balance. The 3-month plan attracts no interest while the others have an APR ranging from 15.1%-29.7%.

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • Credit limit of £500-£15,000
  • APRs of 15.1%-29.7% for purchases repaid over 6 to 36 monthly instalments
  • You can manage your instalment plan through the app, and see interest charges or costs in advance
  • Interest is on instalments only and not on entire balance
  • Free spending abroad (no foreign transaction fee)
  • No cash withdrawal fees, up to £200 per month
  • No charges for going over your limit and no penalty for first late payment
  • *The card’s representative APR for purchases repaid over 6 to 36 monthly instalments is 19.8%

REPRESENTATIVE EXAMPLE

Representative rate 19.8% APR (variable)
Purchase rate 0% p.a. (variable)
Assumed credit limit £1,200

* This is an offer from one of our affiliate partners. For more information on why and how we work with partners, click here.

what we like

  • Ability to spread purchases over up to 36 months
  • 0% interest on purchases paid in less than 3 months
  • No annual and foreign transaction fees
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    19.8%*
  • INTRO OFFER:

    N/A

KEY SCORES:

  • 3.5/5 Perks
  • 5/5Fees
  • 4/5APR

HIGHLIGHTS

  • Credit limit of £500-£15,000
  • APRs of 15.1%-29.7% for purchases repaid over 6 to 36 monthly instalments
  • You can manage your instalment plan through the app, and see interest charges or costs in advance
  • Interest is on instalments only and not on entire balance
  • Free spending abroad (no foreign transaction fee)
  • No cash withdrawal fees, up to £200 per month
  • No charges for going over your limit and no penalty for first late payment
  • *The card’s representative APR for purchases repaid over 6 to 36 monthly instalments is 19.8%

REPRESENTATIVE EXAMPLE

Representative rate 19.8% APR (variable)
Purchase rate 0% p.a. (variable)
Assumed credit limit £1,200

* This is an offer from one of our affiliate partners. For more information on why and how we work with partners, click here.

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 many 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 installment plan. 

There are no annual fees or over-limit fees, nor are there any foreign transaction fees or cash withdrawal fees (up to £200 cash per month) on the card. You will also not be penalized for your first late payment.

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 installments. You will pay no interest if you repay in 3 monthly installments. 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 categorize 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 installment 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 charged for the change.
  • 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 and other fees removed or reduced: This card has no annual fees, up to £200 cash may be withdrawn each month with no ATM withdrawal fees. 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: Fee-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 purchases repaid over 6 to 36 monthly installments is 19.8%, which is competitive with other cards. Furthermore, the card does not charge certain fees such as annual fees, which some cards do.

The ability to spread the cost of your purchases over a number of installments is the card’s main selling point. Tymit is currently the only installment 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 help 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 good for you?

Tymit is great 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 reduced 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, you may want to look at other cards.


The Motley Fool receives compensation from some advertisers who provide products and services that may be covered by our editorial team. It’s one way we make money. But know that our editorial integrity and transparency matters most and our ratings aren’t influenced by compensation. Also, while we aim to feature some of the best products available, we do not review every product on the market. Learn more here. Any opinions or statements in this article belong to the author, and may be shared by The Motley Fool, however they were not provided or endorsed by our affiliate partners, unless expressly indicated.

The Motley Fool has recommended shares in Lloyds, Tesco and Barclays.

Great for: controlling and monitoring spending and repayments
4 stars question mark

Tymit *

Tymit Credit Card - Visa Credit
    Check Eligibility

Completely free and
will not affect your credit score.

* Affiliate partner

The main feature of this card is that it lets you spread the cost of your purchases over 3, 6, 12, 24 and 36 months. You only pay interest on the purchases you put into instalments, not on your entire balance. The 3-month plan attracts no interest while the others have an APR ranging from 15.1%-29.7%.

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • Credit limit of £500-£15,000
  • APRs of 15.1%-29.7% for purchases repaid over 6 to 36 monthly instalments
  • You can manage your instalment plan through the app, and see interest charges or costs in advance
  • Interest is on instalments only and not on entire balance
  • Free spending abroad (no foreign transaction fee)
  • No cash withdrawal fees, up to £200 per month
  • No charges for going over your limit and no penalty for first late payment
  • *The card’s representative APR for purchases repaid over 6 to 36 monthly instalments is 19.8%

REPRESENTATIVE EXAMPLE

Representative rate 19.8% APR (variable)
Purchase rate 0% p.a. (variable)
Assumed credit limit £1,200

* This is an offer from one of our affiliate partners. For more information on why and how we work with partners, click here.

what we like

  • Ability to spread purchases over up to 36 months
  • 0% interest on purchases paid in less than 3 months
  • No annual and foreign transaction fees
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    19.8%*
  • INTRO OFFER:

    N/A

KEY SCORES:

  • 3.5/5 Perks
  • 5/5Fees
  • 4/5APR

HIGHLIGHTS

  • Credit limit of £500-£15,000
  • APRs of 15.1%-29.7% for purchases repaid over 6 to 36 monthly instalments
  • You can manage your instalment plan through the app, and see interest charges or costs in advance
  • Interest is on instalments only and not on entire balance
  • Free spending abroad (no foreign transaction fee)
  • No cash withdrawal fees, up to £200 per month
  • No charges for going over your limit and no penalty for first late payment
  • *The card’s representative APR for purchases repaid over 6 to 36 monthly instalments is 19.8%

REPRESENTATIVE EXAMPLE

Representative rate 19.8% APR (variable)
Purchase rate 0% p.a. (variable)
Assumed credit limit £1,200

* This is an offer from one of our affiliate partners. For more information on why and how we work with partners, click here.