Tandem Money is a digital banking service set up in 2013 with the purpose of helping users in managing their money easily and conveniently in the palm of their hands. The year of 2016 saw many investors investing in the company including prominent parties like eBay founder (Pierre Omidyar). However, at the end of the year, one of their major contributors Sanpower revoked his investments resulting in the company having to return its banking license.
Tandem is recently launched UK’s digital bank providing limited service after acquiring its license in January 2018. Tandem Bank initially offering Fixed Savers account at 1.90% to 2.40% annual equivalent rate from 1 to 3 years term. It starts from £1,000 minimum deposit.
Tandem is legit, registered with Financial Conduct Authority.
Tandem Credit Card Prominent Features
Tandem Bank initially offered its services by providing a Fixed Savers account at 1.90% to 2.40% annual equivalent rate from 1 to 3 years term with a minimum deposit of £1,000.
Afterwards, they launched their first Credit Card namely Tandem Cashback Credit Card with an extremely attractive package which was popular among the UK residents. Towards the end of 2018 Tandem announced that they will be rolling out another card by the name of Tandem Journey Credit Card which will be aimed towards frequent travellers.
|Journey Credit Card|
|0.5% cash back on all Purchases (Local/Abroad)||Possibly approved with limited credit history|
|Free from fee on International Use||Zero Fee on International Purchases|
|APR 18.9% – variable||APR 24.9% – variable|
|Credit Limit starts from £500||Credit Limit Starts from £150|
|Maximum Credit Limit £12,000||Maximum Credit Limit £1,200|
|Good Credit History required|
|Cash Withdrawals Interest Charged||Cash Withdrawals Interest Charged|
|UK: Min £2.50 or 2.5%||UK: Min £2.50 or 2.5%|
|Abroad: No fee||Abroad: No fee|
|Charges £12 late payment fee||£12 Fee on|
|Direct Debit Failure|
Tandem Cash Back Credit Card
The most prominent feature of Tandem CashBack Credit card is their Zero Foreign Transaction Fees. This means that there would be no interest, fees or taxes cut from your transactions whenever you make any purchases overseas or withdraw your money abroad. In the UK, on the other hand, you will be charged a slight fee of 2.5% whenever you make a cash withdrawal (Ironic right?)
This combined with their outstanding 0.5% cashback rate on minimum £1 purchases and no annual or monthly fees makes it an enticing offer for those users who want to start earning cashback immediately upon their credit purchases.
However, since most companies offer a 0.3% interchange fees – The 0.5% payback rates of Tandem Cashback Credit Card are highly unsustainable and is likely to be reduced in the near future.
The credit limit of CashBack credit card starts from £500 to £12,000 with an interest rate of 18.9%.
Tandem Journey Credit Card
Towards the end of 2018 Tandem rolled out a new card namely: Tandem Journey Card aimed to help build credit for those that do not have a strong credit score. The principle difference between Tandem CashBack Card and Tandem Journey Card is that you will NOT receive any CashBack rewards on using the Journey Card. You can, however, enjoy the same benefit of no fee on international spending with the same fee of 2.5% on the use within UK borders.
The credit limit for Tandem Journey Card is from £150 to £1,200 which is significantly lower than the Tandem CashBack Card. Add to that the higher interest rates of 24.9%, there seems to be no reason for you to go for a Tandem Journey Card if you are eligible for a Tandem CashBack Credit Card.
The differences between the two cards are summarized in the form of a table below
- You must be a minimum of 18 years
- Minimum 3 years of living in the UK (Address History)
- Having minimum taxable £6000 annual income
- Credit History will be checked once applying
Free for all Services
- Monthly / Annual free
- Usage on Abroad (EU)
- Usage on Abroad (World-Wide)
- Duplicate Statement
- Additional Card
Tandem initially started its journey as a smartphone application and it is no surprise that their application is still up and running. Their app is minimalistic at best. Compared with the other applications out there, Tandem app seems primitive in its key features as well as its user interface.
Tandem App offers free alerts to all its customers when they reach to their limit or payment date is coming.
It also shows you remaining credit limit for the month
There are alerts that help you in saving your electricity. Tandem App automatically detects your monthly billing and advice you a better option to switch
Tandem uses encrypted data storage, which means all your data is safe
Tandem uses encrypted data storage, which means all your data is safe. No sensitive information is required to login the app and all the transactions that take place are encrypted with no peaking from Tandem. Additionally, if you happen to lose your phone then their customer service is always there to help you shut down your account instantly. The contact hours are from 8 am to 8 pm all week and can be reached by dialling 0203 307 0970.
Furthermore, Tandem is registered with FSCS meaning in case of the company going down your money will always be secure.
Accidently, if you have lost your card. They clearly states a easy process of dialing 0203 307 0970 and press 1 after connectivity
Unlike others, they are serving weekdays and weekends on App & Over phone 8am to 10pm, and 8pm respectively
0.5% after spending a minimum of £1 in a month. It would be backed up on monthly cycle.
Refer a Friend
Tandem, amazingly offers a £10 Amazon gift card for you and your friend for referring and joining
With the introduction of 0.3% cap on the fees that credit card companies can charge their customers, the number of companies offering cashback incentives has dwindled down in the past 12 months.
The only other free alternative except for Tandem with the same benefits of 0% Foreign Transaction Fees and 0.5% CashBack rates would be Aqua Reward Card. But Aqua comes with its own share of limitations including a higher interest rate of 34.95% (compared to 18.9% of Tandem Credit Card) and a lower credit limit ranging from £250 to £1,200.
If you can afford to pay a little fee of £25 annually then American Express Platinum Card may be the right choice for you with cashback rates of 1% for purchases under £10,000 and increasing to 1.25% afterwards. Furthermore, the card comes with a welcome bonus rate of 5% for the first three months capping at £125.
Tandem has bagged more than 385 reviews and has a 4-star rating out of 5 in Trustpilot.com. A vast majority of customers seemed happy to work with Tandem and complimented its cashback rates and savings account. A significant minority complained about their poor customer service response and lack of proper follow up on complaints. Overall, Tandem seems to have done a remarkable job in serving its customers with a few exceptions here and there.
Tandem Credit Card due to its highly attractive cashback rates and no annual or monthly fees seems to be the best credit card for those who travel a lot abroad and want to take advantage of their current cashback offer and zero foreign transaction fees.
However, if you are an individual who does not travel much and does not mind paying a small fee then the American Express Platinum Cashback might be the right choice for you.