Tandem - Feedback, Thoughts and Chat

#41

Yes - you need to have a credit card account before you can make use of the app. Below is a refer-a-friend link to apply for one of their credit cards in case you’re interested.

#42

That used to be the case. The tandem website now says you have to apply in-app though

(Andrew Buckland) #43

Found it in the end hidden away in the app, not obvious.

(Daniel James) #44

You’re right that we’ve hidden the cashback card in the app. :wink:
We’ve actually done that to slow down sign-ups for it.
And to learn about in-app applications.
Journey card applications are still through the website: tandem.co.uk/journey-card
And the refer-a-friend scheme applies exactly the same to either card: tandem.co.uk/mention-me

Out of interest - did you set up any of the other features while applying for your card (aggregation/spending money/autosavings)?

#45

Applying through the app, you need your friend’s full name and email address… :pensive:

The application isn’t actually in app - opens in a browser. Messy

(Andrew Buckland) #46

No just the card, an alternative to my american express cash back card when it’s not accepted.

#47

I’ve had my tandem card for over 12 months now and always paid the balance off in full every month.
Recently had a chat with CS re my fixed saver and enquired about a credit limit increase because I’d had the card over 12 months.
Disappointed to learn that they will not be offering credit limit increases at all for the foreseeable.
I was hoping to get rid of my legacy bank credit card which has a much higher (more useful) credit limit but alas , I cant at the moment because its required for bigger purchases like family holidays.

3 Likes
#48

Just throwing it out there, but wouldn’t it be worthwhile applying for something like the Virgin Money credit card with 28 months interest free credit? or Sainsburys credit card? When I got my VM credit card, they furnished me with a pretty good credit limit at the start, enough to buy a decent annual holiday and plenty of time to make the repayments interest free.

1 Like
#49

Depends what you’re trying to achieve. I have the Sainsbury’s card which I only use for large or largish purchases that I want to spread over several months (e.g. annual insurance premiums). When the interest free period is up, I will cancel and replace with another one.

But I personally wouldn’t use this type of card as my day-to-day credit card.

#50

Agreed, I only use the VM card for expensive purchases I want to spread out over the interest free period then like you, I dump the card and apply for another. I’ve been doing that for absolutely years, hence why I’ve never paid a single penny in credit card interest.

For everyday spending, I use my BA Amex card, for the points. I just pay the statement every month in full.

2 Likes
#51

Very disappointing. Was under the impression that credit limits would phase in during 2019.

1 Like
(Grant MacGregor) #52

Just a heads-up for Tandem users. You can sign up to their Mention Me scheme and receive a unique referral link: cough cough.

For every person you get to sign up, both of you will receive a £10 Amazon gift-card.

#53

I had a chat session with support this week asking about a credit raise (from my initial £1,000) to about twice that (still much lower than what I’ve had with other cards). Have been told that “it’s on the roadmap” :neutral_face:

Considering that payment for a given month is taken 3 weeks after the statement issue, that realistically gives me about £600/month of spending to not exceed my limit unless I make an extra payment (which destroys the convenience of a credit card and just makes working out budgets harder). £600/month is most people’s typical spending on food, car fuel and daily essentials, never mind occasional expenditures like insurance, clothing etc.

@DanTandem - it’s disappointing to search for others with this issue and to find that Tandem have had a long meeting with a 17 point list of outcomes about card design but don’t have a facility to raise a customer’s credit limit yet. Not quite sure Tandem have focused on the implementing the essentials of a fully-functional credit card company before adding the “nice extras”! (I had overlooked the Apple Pay feature when I signed up as it appears it’s being worked on - although I have my doubts about how quickly it will be delivered).

I’ll have to make do for now, but if Apple Card launches in the UK this year with the same features as the US then I imagine I’ll be leaving Tandem pretty quickly as their card is backed by Goldman Sachs and I think they might allow people to do radical things like increase their credit limit.

4 Likes
#54

Is Tandem still hard search only?

(Grant MacGregor) #55

I presume they are considering it’s credit.

If you’re after their savings options, I’m sure that’s only going to trigger a soft search.

#56

@DanTandem

You might want a glance at that credit limit post! Can we get an ETA?

P.S. When is that saving/spending credit card coming that I enquired about? (that you’d save money preemptively to spend, so your limit would be whatever the savings had)

#57

That’s extremely unlikely to happen though: firstly there are regulatory hurdles. Then there is precedent (look at apple pay cash which still isn’t avaliable over here). Then there is the fact that in my opinion the current uncertainty makes it very unattractive for an international business to start a financial product like this in the UK a the moment: we just don’t know what sort of regulatory environment we are gonna have in a few months time.

And finally the market in the UK is very different from the US market. Even if and when apple card makes it to the UK, its extremely unlikely to be the same thing (thinking particularly of cashback here, which would almost certainly be far lower).

1 Like
#58

They are using the card as a loss-leader, and don’t care to increase people’s spend - my Tandem card limit is many times more than your’s, but still about 10% of my Amex limit!
Can you pay the card off during the month to spend more? i.e. send Tandem whatever you spent last week, to reset your credit amount back to £1,000?

#59

Yes, that’s certainly feasible - a bit inconvenient, but no other option really! :man_shrugging:

@nanos Yes, I imagine Apple will want to let the “Brexit dust” settle before confirming the final details. I don’t think any UK regulations will affect delivery - Apple seem quite good at managing their finances and tax affairs (some would say too good :neutral_face: ). If they don’t know then Goldman Sachs certainly will!

What we don’t know about Apple is what fees they charge for processing payments through their card. Considering the privacy/security features of the card/Apple Pay I imagine they have factored in far lower fraud costs and card re-issuing fees as it’s virtually impossible to clone or have the details leaked through a data breach. That’s probably giving them some leverage to offer higher cashback amounts. The offered %APR is obviously another way to make up the difference in lost fees.

#60

At the current moment in time, until they get further venture capital (for funding working capital + balance sheet lending), I suspect they will maintain the max cap at £1,200, as over-exposure to unsecured lending (credit cards) to any particular borrower is more risky than lending small parcels to a large group.